Fair Value Summit: ‘Progress toward a common goal’

BVWireIssue #65-2
February 13, 2008

Bob Siwicki (Siwicki Greenburg LLC, Media, PA) took exception to statements that we attributed to auditors at the Fair Value Summit in last week’s ‘Wire.  In the continuing interest of promoting a “same team” approach to relations between auditors, appraisers, and company clients, we offer Siwicki’s comments, below, and our apologies for any misrepresentations of what was, from our perspective, an incredibly exciting and productive gathering:

I am writing to correct any negative perceptions that may have been conveyed by your February 6th item on the National Fair Value Summit (“Auditors & CFOs: ‘We will not train the valuators’”).  I, a valuator, attended the summit and viewed it as a successful forum where regulators, CFOs, and valuation specialists exchanged their views freely.  Everyone, it appeared to me, was there to make progress toward a common goal.  At no point did I hear anyone say “we will not train the valuators,” and it is beyond me why you chose to lead the story with this headline and then repeat it, without attribution, in the text.  It needlessly calls into question the credibility of valuation specialists, and diminishes the positives generated by this historic event.  Let’s face it: In the nearly seven years since SFAS 141 and 142 were released, we have all made great strides getting at the truth of what fair value means.  Anyone can take a misstep, and I fully expect that your fine e-newsletter will continue to be a reliable source of valuation information in future issues.

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