Current Update in Valuations Pre—Conference Symposium

Industry Compliance—Case Law Update, IRS 199A, Tax Cuts and Jobs Act, SSARS 21-24

Wednesday, June 5
8:30 a.m.–10:15 a.m.
2 hours CPE
This session is part of the Current Update in Valuations (CUV) Pre-Conference Symposium—Additional Registration Fee Required (materials will be provided directly to paid registrants and not included here)

This session will present a practical review of recent court cases and valuation issues providing guidance for maintaining compliance with tax code, regulations, and court decisions. It will also address IRS Section 199A which provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. Valuation issues relating to the Tax Cuts and Jobs Act will be addressed along with SSARS 21-24, which focuses on CPAs compliance with standards for reviews, compilations, and engagements when preparing financial statements.

After completing this session, attendees will be able to:

• Information forthcoming

Total CPE: 2 hours
Field(s) of Study: Information forthcoming

Who Should Attend:

Credentialed business valuators (CVA, CBA, ABV, ASA, etc.), and those interested in advancing their valuation skills and developing new business opportunities.

Program Level and Prerequisites:

Update: Learning activity level that provides a general review of new developments.

Advanced Preparation:

None

Melissa Gragg

Melissa  Gragg

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Baria Jaroudi

Baria  Jaroudi

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Garth Tebay

Garth  Tebay

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The Calculation of Value Controversy—More Efficient or Serious Compromise?

Wednesday, June 5
10:30 a.m.–12:15 p.m.
2 hours CPE
This session is part of the Current Update in Valuations (CUV) Pre-Conference Symposium—Additional Registration Fee Required (materials will be provided directly to paid registrants and not included here)

For many practitioners, calculation of value reports is too risky for the courtroom, while their peers may see them as a way to make the process more efficient and affordable. The controversy recently sparked conflicting articles in Business Valuation Update and Financial Valuation and Litigation Expert. This session delves into both sides of the debate, including a survey of the relevant professional standards, trends in the case law, and how they have been accepted/rejected by the courts. Attendees will receive insight on how to recognize the opportunities and threats with these types of cases while protecting themselves along the way.

After completing this session, attendees will be able to:

• Describe the relevant court decisions to understand when calculations of value have been accepted or rejected
• State how to correctly apply professional standards regarding calculations of value
• Recognize the opportunities and threats Inherent with calculations of value engagements
• Identify the key Sections of the Recent AICPA's 48 FAQs on calculation engagements

Total CPE: 2 hours
Field(s) of Study: Business Law—1 hour; Personal Development—1 hour

Who Should Attend:

CPAs, valuators, practitioners who work on matrimonial engagements, attendees who may be required to provide expert testimony.

Program Level and Prerequisites:

Intermediate: Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Advanced Preparation:

None

Jason Pierce

Jason  Pierce

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C. Zachary Meyers

C. Zachary  Meyers

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Buried Treasure—Dig into the Balance Sheet

Wednesday, June 5
1:30 p.m.–3:15 p.m.
2 hours CPE
This session is part of the Current Update in Valuations (CUV) Pre-Conference Symposium—Additional Registration Fee Required (materials will be provided directly to paid registrants and not included here)

Integrating the balance sheet into the analysis is a critical component of a thorough valuation engagement. This session will review the major parts of the balance sheet and how they relate to the valuation in order to provide more complete results and reports. We will provide techniques to estimate the “business valuation working capital”, identify excess operating and non-operating assets, and evaluate the capital structure to better support the assumptions used to develop a conclusion of value. The attendees will be provided with an appreciation of and tools for how the balance sheet can be utilized with other analyses to improve and support their opinions.

After completing this session, attendees will be able to:

• Identify critical components of the balance sheet relative to the subject company industry and economy
• Describe how the balance sheet can be better integrated into their valuation engagement
• Implement simple tools to assess business valuation working capital needs relative to the subject company's growth in revenue
• Identify excess-operating assets that are not evident from an initial review

Total CPE: 2 hours
Field(s) of Study: Personal Development—2 hours

Who Should Attend:

Business valuation professionals who want to improve their analytical skills and support for their results; merger and acquisition professionals looking to expand their understanding of the balance sheet from a valuer's perspective; attorneys who want to increase their understanding of financial analysis and how it relates to business valuation.

Program Level and Prerequisites:

Intermediate: Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Advanced Preparation:

Minimum requirement is to understand how to read and interpret financial statements and income tax returns.

Ronald Rudich

Ronald  Rudich

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Cost of Capital Conundrum

Wednesday, June 5
3:30 p.m.–5:15 p.m.
2 hours CPE
This session is part of the Current Update in Valuations (CUV) Pre-Conference Symposium—Additional Registration Fee Required (materials will be provided directly to paid registrants and not included here)

This session will address the cost of capital options available from the Duff & Phelps Cost of Capital Navigator and how best to interpret and use the results. The presenters will discuss levered cost of capital, unlevered cost of capital, and relevered cost of capital; with an emphasis on when it is appropriate to relever cost of capital and how to apply the results. They will explain when and how to use the regression equation method to calculate the additional size premium for your subject company when it is smaller than the 25th portfolio. They will also discuss company specific risk premium and alternatives to frequently used guestimates. The Cost of Capital Conundrum session will use case study examples from Navigator to help explain the output available from Navigator.

After completing this session, attendees will be able to:

• Information forthcoming

Total CPE: 2 hours
Field(s) of Study: Information forthcoming

Who Should Attend:

Credentialed business valuators (CVA, CBA, ABV, ASA, etc.), and those interested in advancing their valuation skills and developing new business opportunities.

Program Level and Prerequisites:

Update: Learning activity level that provides a general review of new developments.

Advanced Preparation:

None

Melissa Gragg

Melissa  Gragg

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Baria Jaroudi

Baria  Jaroudi

Read Biography

C. Zachary Meyers

C. Zachary  Meyers

Read Biography

Ronald Rudich

Ronald  Rudich

Read Biography

Garth Tebay

Garth  Tebay

Read Biography