It was a notable year for the business valuation profession in 2019, and BVWire was on the scene each and every week covering all the important developments. As we wrap up our last issue of 2019, let’s look back at some highlights:

• Two momentous court decisions emerged in 2019 that may be a lasting victory for tax affecting pass-through entities: the Kress case (federal district court) and the Estate of Aaron Jones case (U.S. Tax Court).
• Valuation professionals have serious concerns over the FASB mulling the idea of moving from goodwill impairment back to amortization or a hybrid approach; over 100 comment letters were received on an Invitation to Comment, and the International Valuation Standards Council (IVSC) weighed in with a paper saying that goodwill is not a wasting asset.
• New or updated valuation guidance was released, including contingent consideration, private equity/venture capital funds, auditing fair value estimates, intellectual property damages, and the cannabis industry.
• The BV profession has made remarkable advances in enhancing the public trust in the area of fair value for financial reporting.
• A new fair value credential was launched, Certified in the Valuation of Financial Instruments (CVFI), and the quality monitoring program was finalized for the Certified in Entity and Intangible Valuations (CEIV) credential.
• In a key ruling on entity goodwill, a Washington appeals court ruled that a professional limited liability company (PLLC) can have goodwill separate from the goodwill of the professionals.
• The Department of Labor kept up its tough stance on ESOP valuations; one notable case was Brundle.
• A number of Delaware rulings embraced the use of market evidence to establish fair value in statutory appraisal matters.
• BVR released its landmark research on valuation firms’ profit drivers and successful practice management strategies.
• The Duff & Phelps Cost of Capital Navigator went head-to-head with the new kid on the block, BVR’s Cost of Capital Professional. The results using a hypothetical company: Both platforms gave similar estimates of the cost of capital.
• A number of new research papers were released in 2019 (including a meta-analysis) that largely support the finding that the size effect has diminished or disappeared since the early 1980s, when it was first documented.
• BVR took over the co-sponsorship of the American Academy of Matrimonial Lawyers (AAML) National Divorce Conference, which attracted a large crowd of attorneys and valuation experts; the next conference will be Sept. 10-12, 2020, at the Venetian in Las Vegas.
• Sir David Tweedie stepped down as chair of the IVSC after making significant accomplishments; over 100 countries have now adopted the group’s International Valuation Standards (IVS).

That’s just some of what happened in BV in 2019. We would like to thank all of our readers for being with us during the year, and we wish all of you a very happy holiday season. We’ll see you in 2020!