Globalview Advisors will again be sponsoring the 13th Annual Fair Value Conference on May 10, 2018, which will be a joint effort of the American Society of Appraisers (ASA) and the University of Southern California Leventhal School of Accounting. This year’s conference will be held at KPMG’s Los Angeles Office. The popular one day event continues to draw attention from business valuers, accountants, government agencies and educators for its important updates on the latest fair value issues and trends impacting financial reporting; distinguished line up of presenters including internationally recognized accounting and valuation professionals from the Big 4 and other leading accounting and valuation firms, as well as representatives from the FASBIASBPCAOB and the SEC. The conference offers valuable networking opportunities as well as 8 hours of CE/CPE credits.

This year’s conference agenda will feature presentations from nationally recognized speakers who are profession leaders, covering a range of fair value measurement and valuation topics, as well as other current and future expected trends regarding the FASB, SEC and international accounting standards.

Globalview’s own Managing Director, Mr. Raymond Rath, ASA, CEIV, CFA will be the Moderator for the event. Opening remarks will be given by Mr. Bill Holder, Dean of the Leventhal School of Accounting.

See Ray’s video below on the “10 Reasons  to Join the Event (In-Person or Live Webcast).”

The conference’s schedule and topics will be as shown below:

Return Data SessionRoger Grabowski, FASA, Managing Director at Duff & Phelps, LLC. In this session, Roger will examine the status of “QExit” and its impact on the risk-free rate and how the 2017 Tax Cut and Jobs Act impacts the cost of equity and the WACC. Roger will also discuss issues in estimating the ERP and size premia.

Fair Value Auditors Panel—CEIV/MPF Discussion—Tony Aaron, Adjunct Professor of Accounting at the Leventhal School of Accounting; Tony Alfonso, ASA, Valuation and Business Analytics National Leader at BDO; Leigh Miller, Valuation and Business Modeling Leader at EY; Austin Lee, Managing Director at Deloitte; James Marshall, Principal at PwC; Kevin Voigt, Partner, Tax, National Lead for Valuation Services at KPMG; John Ferro, Professional Valuation Practice Leader at Grant Thornton LLP.

The January 2017 release of two documents pertaining to the Mandatory Performance Framework (MPF) includes minimum performance requirements for the completion of certain fair value estimates. The panel includes senior valuation personnel from the six largest accounting firms, four of whom are practice leaders within their firms. The panel will provide an update on the MPF and its likely impact on audit reviews. Given the importance of this issue, the size of the panel and the progress being made with inspection related issues pertaining to the CEIV, we’ve budgeted extra time for this session. We’ll also budget significant time for audience questions pertaining to the fair value development and review process.

Tax Cuts and Jobs Act of 2017—Impact on ValuationsWilliam Frazier, ASA, Managing Director at Stout; and Milind Shah, Principal at KPMG LLP.

The TCJA has significant implications for appraisers. The TCJA has material insights on all aspects of valuations including expense estimates, balance sheet status, the cost of capital and future growth rates. The speakers include Will Frazier, who is heading the ASA’s task force which is working to develop guidance pertaining to the TCJA. At KPMG, Milind Shah provides national technical advice and support for tax-related valuation services for planning, compliance, and litigation purposes. Milind brings a deep understanding of both the tax law and taxes in general as well as deep knowledge valuation knowledge.

Contingent Consideration Update—Speakers include Alok Mahajan, Partner at KPMG, LLP; and Ron Elkounovitch, FFA, CFA, Senior Manager at EY; Partner at KPMG.

The Appraisal Foundation Task Force developing valuation guidance for contingent consideration released its first exposure draft of their proposed guide on February 28, 2017. Contingencies valuation is one of the most complex and challenging areas of valuation with limited guidance. Although the Task Force is focused on contingent consideration, valuation insights may be helpful for other valuations. Our speaker will provide an update on key issues pertaining to the exposure draft including a possible timeline for the future release of a final document. They’ll also focus on important technical elements of the exposure draft to help enhance our working knowledge of contingencies valuations.

Control and Marketability—The speakers will be Amanda Miller, Executive Director at EY. Many valuation professionals value businesses by using the guideline public company method and then applying a control premium. The Appraisal Foundation and the AICPA have recently issued guidance that challenge this practice, encouraging professionals instead to think about the fundamental drivers of value. This presentation will discuss:  What is a control premium? What does it represent? Why would market participants pay such a premium? What is the appropriate basis of value for valuing securities within a business (e.g., a private equity or venture capital investment, or management interests issued as compensation)? What are best practices for measuring enterprise value, given this new framework? What are best practices for measuring the value of minority interests in a business, given this new framework?

PCAOB Update—Speakers will include George Wilfert, Deputy Director at Public Company Accounting Oversight Board; and Thomas Ryan, Professor at Leventhal School of Accounting.

Fair value matters continue to be an area where PCAOB Inspection Reports note need for improvement. The PCAOB released draft standards with important implications to auditors and appraisers that perform valuations for financial reporting. The two draft standards include: 1) Proposed Amendments to Auditing Standards for Auditor’s Use of the Work of Specialists, and 2) Proposed Auditing Standard—Auditing Accounting Estimates, including Fair Value Measurements and Proposed Amendments to PCAOB Auditing Standards. In a question and answer format with Tom Ryan of the USC Leventhal School of Accounting, George will provide an update the draft standards and any other recent developments at the PCAOB with a focus on matters impacting fair value determinations.

Pepperdine Capital Markets Update—The speaker will be Craig R. Everett, the Assistant Professor of Finance at Pepperdine University. The development of discount rates for business valuations continues to be an area of concern. Craig will provide an update on the Private Capital Markets Project survey findings.

ASA and Business Valuation Committee Activities Update—The speaker will be Jeffrey S. Tarbell, ASA, Director at Houlihan Lokey.

ASA and Business Valuation Committee Activities Update—Speakers will include Vincent Covrig, Director at| Crowe Horwath, LLP; and Dan McConaughy, Valuation Services Managing Director at Crowe Horwath, LLP.

Why Attend?

Timely Updates on Topics of Current InterestThe topics represent leading edge topics selected for their importance to professionals that perform financial reporting valuations.

Nationally Recognized SpeakersThis is an opportunity to obtain insights from many of the leaders in our profession. In all prior years, we’ve assembled rosters of nationally recognized speakers.

Practitioner FocusThis conference is focused on the needs of valuation and accounting professionals involved in the development and audit of fair value estimates. Insights can be immediately employed in your technical or business management of your professional practice.

Exceptional Networking OpportunityWith valuation practitioners from the leading accounting firms and top boutique valuation firms, this continues to be an exceptional networking opportunity.

ASA and AICPA Continuing Professional EducationThe conference will provide continuing professional education credit by both the American Society of Appraisers (ASA) and the American Institute of Certified Public Accountants (AICPA). This is a timely and cost effective means of obtaining CPE hours for your reaccreditation.

Competitive PricingASA continues to price the conference at an extremely low cost as a benefit to its membership and the community at large.

REGISTRATION / INFORMATION

For registration, go to http://www.appraisers.org/Education/conferences/annual-fair-value-conference

Cost: $275 Member | $300 Non-Member

Discounts:

USC Students and Alumni Discount: Students and alumni of the University of Southern California save $25 off regular rate, but must call (800) 272-8258).

Group Registration Discount: Register as a group and save $25 per person off regular rate! (For groups of four or more registrants from the same firm – must call (800) 272-8258).

NASBA and Continuing Professional Education (CPE) Credit: The American Society of Appraisers is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website http://www.appraisers.org/Sitefinity/Dialog/www.learningmarket.org.

Questions? For more information, please contact event organizer, Raymond Rath, ASA, CEIV, CFA at rrath@globalviewadvisors.com or (949) 475-2808.