The article analyses the problems of the determination of the fair value of a multifunctional family farm using the method of discounted cash fl ow, presents a model of determination of the fair value of a multifunctional family farm and tests it for a selected family farm. The specifi city of the cash fl ows in a multifunctional family farm is related to the cash fl ows from fi nancial support, different value drivers of the earnings before interests and tax and their calculation methodology, and the value of created public goods and externalities. Two types of discount rates are used to determine the value of a family farm: marketbased and social discount rate (SDR). It is appropriate to use the SDR to discount the cash fl ow of investment, the economic and social benefi ts whereof are distributed among present and future generations. The stages of the determination of the fair value of a farmer's farm include: value drivers' decomposition; differentiation of cash fl ow and discount rates and measuring value drivers; forecasting cash fl ow and discount rate value drivers; value drivers' composition; determination of the terminal value; and cash fl ow discounting.
The purpose of this research is to design a production company fitted full product cost calculation model following analysis of Activity Based Costing (ABC), its modifications and LEAN accounting system principles. The study is based on analysis and comparison in ABC, Time Driven Activity Based Costing (TDABC), Service-Based Costing (S-BC), Duration Based Costing (DBC) and LEAN accounting. The designed innovative full product cost calculation model integrates the following management system elements: LEAN value streams, ABC activities, TDABC time driver, S-BC customer rating, and DBC production duration factor, and has been adapted to a company producing large and complex unique articles. Applicability analysis of the model has involved data systematization, grouping, collection of additional data under the interview method, data interpretation, summarisation, logical conclusion making. Applicability of this model and more efficient control of the pricing decisions at the company, ensuring its greater competitive ability, have been justified by financial calculations. In formation of the full cost calculation model, both the quantitative and qualitative research elements were used: analysis of the modern cost accounting systems was performed; applicability, implications and limitations of the designed model were tested using actual data of the selected industrial company.
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