Highlights of the 31 March issue:
  • Houlihan Lokey anticipates increase in distressed loan valuations
  • Free BVR webinar on business valuation during coronavirus offered 7 April
  • New FRC guidance confirms lack of substantive changes in corporate reporting and audit during Brexit transition period
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Follow the business valuation profession in the United Kingdom and its expanding role in regulatory, fiscal, contentious, and compliance valuations with BVWire–UK. Twice a month, BVWIre–UK delivers news and perspectives from valuation thought leaders, expert practitioners, academics, the High Courts, HMRC, the standard setters, and more. We’ll also keep you current on new business valuation research, methodologies, data tools, and training opportunities from ICAEW, RICS, BVR, and others. Contact us with news items and/or suggestions.


Houlihan Lokey anticipates increase in distressed loan valuations

The ‘coronavirus-triggered economic downturn could lead to many performing loans to become distressed, especially for highly-leveraged companies,’ says a new client advisory from Houlihan Lokey, the global investment bank and valuation firm.

Free BVR webinar on business valuation during coronavirus offered 7 April

BVR will present Extreme Uncertainty: How Valuation Experts Should Respond to Today’s Volatility and Risk, a free webinar, on 7 April.

New FRC guidance confirms lack of substantive changes in corporate reporting and audit during Brexit transition period

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) released FRC/BEIS letter on accounting and corporate reporting during transition period and FRC/BEIS letter for auditors during transition period late last month.

Coronavirus forces cancellation of most of the few available business valuation CPD events

Those searching for business valuation professional training or CPD have few places to turn in the UK at the moment.

Business valuation CPD diary (most events cancelled or postponed)

Extreme Uncertainty: How Valuation Experts Should Respond to Today’s Volatility and Risk (free webinar), 7 April (webcast ...

Business valuation CPD diary

ICAEW Practical Business Valuation, 16-17 March, London; 14 and 26 May, London; 9 and 29 July, London; 9 and 19 November, London ...

New report from PKF International on valuation concerns for the UK (and global) cannabis markets

Several estimates place the growing cannabis market at over £30 bn.

FactSet/BVR release their top transactions report for 2020

The new annual FactSet Mergerstat Review delivers comprehensive rosters and statistics on M&A between UK, U.S., and global privately held, listed, and cross-border enterprises.

Two valuable free video resources available for BVWire—UK readers

Michael Badham, executive director of the International Institute for Business Valuation (iiBV) alerted BVWire—UK that their panel discussion on valuing financial instruments has become their single most popular program, reaching 10,000 views last week.

Exposure draft on valuing inventory open for comments through 30 April

The IVS 230 Inventories Exposure Draft was issued last week and is now in consultation for two months until 30 April.

Pablo Fernandez headlines ICAEW Business Valuation 2020 event on 28 April

Subscribers to BVWire—UK might wish to sign up for the just-announced Business Valuation 2020 programme in two months.

Members of IVSC Europe Board Announced

The IVSC announced its intention to form a valuation board with specific focus on issues related to European practitioners and valuation professional organisations (VPOs) last October.

Two new resources for 2020 UK ERP, risk-free rate, and other indicators

Pablo Fernandez, professor of finance at the IESE Business School, is surveying business valuation professionals in the UK to determine what cost of equity assumptions they are using for 2020.

Business valuation CPD diary

ICAEW Practical Business Valuation, 16-17 March, London; 14 26 May, London; 9 29 July, London; 9 19 November, London HMRC Shares and Assets Valuation Fiscal Forum, 26 March (rescheduled), London ICAEW Business Acquisition Due Diligence, 22 April, 24 September, 25 November, London ICAEW Annual Valuation Conference, 28 April, London N/p 73rd CFA Institute Annual Conference, 17-20 May, Atlanta Advanced Valuation Techniques, 11 June, London; 16 September, London ...

Conflicts of interest—and low cost or automated solutions—plague all the valuation disciplines

Business valuers are required (under the Red Book and IVS standards for instance) to maintain objectivity.

Key issues in valuations for divorce

One of the best attended sessions at last fall’s ICAEW Valuations Conference in London was ‘Valuations in Divorce,’ led by PwC’s Sarah Middleton and Jonny Rodwell. These cases continue to show up in the courts—and in the morning papers.

Current BUM and CAPM cost of capital rates now available from BVR’s Cost of Capital Pro

Year-end 2019 data are now available in BVR’s Cost of Capital Professional.

CFAI argues listed companies cannot afford proposed ‘wasting asset’ treatment of goodwill

BVWire—UK continues to cover the response to early-stage efforts to amortize the world’s goodwill assets.

Business valuation CPD diary

Advanced Valuation Techniques, 17 February, 11 June, 16 September, London ...

More ups and downs for patent valuations in the UK and beyond

Business valuers can expect further changes in the UK landscape for IP creation and commercialisation.

What corporation tax rate should you use in your business valuations now?

The Finance Act 2016 set corporation tax for 2020-21 at 17%, but the Conservative party intends to increase the rate to 19% (and maintain that rate for the rest of the new Parliament).

Fairness opinion provider rankings for 2019

The ‘Global Mergers & Acquisitions Review: Full Year 2019/Financial Advisors’ from Refinitiv (now a subsidiary of the LSEG) was released last week.

What Black-Scholes-Merton modelling inputs should be considered when valuing early-stage enterprises for financial reporting

Option price models help analysts project values, particularly when assets have little history or highly volatile future outcomes.

Analysts, management, and investors all benefit from better information on intangibles

The UK’s FRC is not alone in its expectations for improved reporting on intangible assets, though their discussion paper from February 2019 (‘Business Reporting of Intangibles: Realistic Proposals’) remains front and center as valuation organisations (and IASB/FASB) review current methods.

RICS CPD recordkeeping app returns for valuers

RICS has reminded members—including those with specialities in business valuation—of their obligation to record their CPD activities each year.

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