ASA 2017 Advanced Business Valuation Conference - Day 2

The American Society of Appraisers' Advanced Business Valuation Conference is the premier event for valuation professionals. This 2.5 day live web streaming event delivers the best of the Advanced BV Conference featuring industry leaders speaking on key topics that are important to the valuation professional. Register for 1, 2 or 2.5 days.

Monday, October 9, 2017

9:05am - 10:35am - Critiquing a Valuation Report: The Top 20 Errors

Michael A. Paschall, ASA, CFA, JD - Managing Director - Banister Financial, Inc.

This session will attempt to educate participants on how to identify common errors in an opposing expert's valuation report and avoid making the same errors in your valuation report.

11:00am- 12:00pm - Bulletproofing Your Valuation for Tax Court

David D. Aughtry,  Esq. - Managing Partner - Atlanta

Imagine that your firm, a CPA firm, and a trial team are preparing to attack a report.  Now imagine that it is your report.  Expert reports for trial in Tax Court differ from expert reports attached to a return.  We will focus on how to fortify your report, strengthen your credibility and impact, and turn a cross-examination to your advantage.

1:00pm - 2:00pm - Update on IRS Regulations Including S Corp Tax Affecting

William H. Frazier, ASA - Managing Director

The future path of estate and gift tax valuation is uncertain. With the Republicans in control will the estate tax be repealed?  Will it be replaced with a capital gains tax? Will the gift tax remain? Are the proposed changes to section 2704 likely to be finalized? By the end of the summer of 2017, more clarity should exist. The session will be designed to aid appraisers especially with estate planning projects-the effectiveness of which often hinges upon valuation.

2:05pm - 3:05pm - Maintaining Objectivity in your Adjustments and Normalization

James A. Anderson, ASA, CPA/ABV/CFF - Partner - Hemming Morse LLP

Maintaining objectivity in adjustments and normalization is vital. This session will take a closer look at: what are normalization adjustments; differentiating between normalization adjustments and non-recurring expenses; and determining reasonable compensation - arguably the most challenging normalization adjustment in a valuation.

3:30pm - 5:00pm - Top Issues Attracting Scrutiny of ESOP Valuations and Fairness Opinions

Jeffrey S. Tarbell, ASA, CFA - Director - Houlihan Lokey

Appraisers that render ESOP valuations and fairness opinions are well aware that litigation activity has never been higher. Both regulators and plaintiff's counsel are actively pursuing claims against plan trustees for basing their fiduciary decisions on "faulty" valuations. This presentation will describe the major issues raised in recent lawsuits and explore what appraisers can do to help our clients -- and ourselves -- minimize risk by developing ESOP valuations that withstand the scrutiny of DOL investigations and ERISA litigation.

Basic Course Information

*Analyze ways in which cash can be treated in the discounted cash flow method

*Interpret the marginal cost of capital

*Determine methodologies for normalizing owner compensation

*Apply REIT data to effectively employ the Income and Market Approaches

*Recognize methods of forecasting balance sheets and cash flow statements

*Identify common errors in an opposing expert's valuation report

*Compare business models for banks and other financial institutions and how the model differs from that of non-financial institutions

*Asses when forensic accounting is needed to determine or support normalization adjustments differentiating between normalization adjustments and non-recurring expenses and how to use practice aids to save your testimony in front of the judge

*Business Valuation

*Taxation