Business valuation plays a key role in transactional matters and financial reporting and is crucial in situations involving arbitration or litigation, particularly shareholder disputes or an assessment of damages where valuation principles are often called upon. This book explores all the key aspects of business valuation for transactions, including the concept of valuation and its principles, context, definitions, process, approaches, terminologies and issues. In addition, the authors explain how purchase price allocation works, how acquired intangible assets are valued in a business combination and how an impairment test for goodwill acquired in a business combination is performed. The definition of fair value and the key concepts of fair value measurement framework required by financial reporting standards are also discussed. Essentially, Business Valuation provides readers with an appropriate framework and knowledge base to understand and learn how business valuation is carried out in a practical sense, and to perform a professional valuation analysis that is theoretically acceptable and legally defensible.