Highlights of the July 17 issue:
  • Interesting results from our cost of capital survey
  • is someone peeking at your cost of capital estimates?
  • FASB revisits goodwill impairment testing
  • Final PE/VC guide out soon from the AICPA
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FASB revisits goodwill impairment testing

The issue of annual impairment testing versus amortization of goodwill is being revisited with the Financial Accounting Standards Board (FASB) issuance of an Invitation to Comment (ITC) on how to account for certain identifiable intangible assets acquired in a business combination.

Mercer’s ‘Rule of Three’ for building a practice

One of the techniques that has contributed to the success of Mercer Capital since it was established in 1982 is that founder Chris Mercer uses a “Rule of Three” as part of the firm’s marketing strategy.

Global BV News: P/E multiples rebound in India

The P/E multiples of a majority of industries have improved in the first quarter of 2019, according to the Duff & Phelps “Industry Multiples India Report – Seventh Edition.”

BV movers . . .

Adam Rabinowitz, CPA, CFF, CVA, CFE, has been promoted to forensic, advisory, and valuation services principal at Miami-based Kaufman Rossin.

CPE events

Purchase or Sale of the Closely Held Business (July 17), with R. James Alerding (Alerding Consulting LLC).

Final PE/VC guide out soon from the AICPA

This August or September, you can expect to see a final version of the AICPA’s new Accounting and Valuation Guide Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies.

Is someone peeking at your cost of capital estimates?

If you use one of the new online tools that help you estimate the cost of capital, you may be worried about data security.

Interesting results from our cost of capital survey

A significant number of valuation experts look to the private capital markets when estimating the cost of capital for a private firm, according to a BVWire survey.

New edition of cannabis market research guide

For business appraisers who are valuing firms in the cannabis industry, The State of Legal Marijuana Markets, 7th edition, is now available.

‘We’re killing ourselves!’ with cost of capital complexity

That was the cry of one attendee at the NACVA conference in Salt Lake City during a session titled “The Cost of Capital Conundrum.”

SEC approves PCAOB updates to fair value audit standards

The U.S. Securities & Exchange Commission (SEC) has approved proposed rules by the Public Company Accounting Oversight Board (PCAOB) to revise auditing standards that increase oversight of specialists employed by accounting firms.

New edition of Valuation and Common Sense by Fernandez

The 2019 edition of Valuation and Common Sense by Professor Pablo Fernandez (IESE Business School, University of Navarra) is now available—and it’s gratis.

Tweedie to keynote ASA’s 2019 Advanced BV Conference

Sir David Tweedie will discuss how adoption of international valuation standards (IVS) will impact appraisers in the U.S. when he gives the keynote address at the American Society of Appraisers Joint ASA 2019 Advanced Business Valuation & International Appraisers Conference in New York City on August 25-27.

Global BV News: Salvidio’s global industry betas for 1Q2019

BVR offers a free download (click here) of the 1Q 2019 “Industry Betas” report from Salvidio & Partners, a Rome, Italy-based business valuation firm headed by Ascanio Salvidio.

Global BV News: IACVS seminars of note

The International Association of Certified Valuation Specialists (IACVS) will present a number of interesting CPE seminars in July at various locations.

BV movers . . .

Alex M. Barry, CFA, has rejoined Memphis-based Mercer Capital as a vice president in the firm’s Dallas office.

CPE events

Insurance Agency Valuation and Consolidation Trends (July 11), with Lucas Parris (Mercer Capital).

M&A world converges July 15-17 at the AM&AA summer confab in Chicago

The 22nd Annual AM&AA Global Summer Conference boasts a solid program and a once-a-year networking opportunity for anyone in the deal-making space!

Reminder: Take our cost of capital survey

Our thanks to those of you who took the first in a series of short surveys to investigate how appraisers derive cost of capital in their valuations of private companies.

More than one valuation issue in Kress

Tax affecting is only one issue that makes the federal district court’s opinion in Kress a must-know for valuators, notwithstanding a recent reader comment that it’s doubtful the case would have received much attention had it not been for the tax-affecting angle.

Free download of an improvement to the Gordon growth model

One of the benefits of attending BV conferences in person is that you can also pick up some interesting things outside the formal sessions, such as during networking events, in the exhibit hall, or in the local watering hole after a long day.

Connecticut court’s impermissible double dipping triggers remand

In a noteworthy decision, a Connecticut appellate court recently found the trial court double dipped when it divided the marital assets and calculated spousal support.

Reader comment on Kress case coverage

Responding to the attention the Kress case has received (at BVR and elsewhere), Harry Fuhrman, financial analyst with the Internal Revenue Service, gave us the following comments.

Damodaran posts 2019 edition of ERP paper

The “dean of valuation,” Professor Aswath Damodaran (New York University Stern School of Business) has posted “Equity Risk Premiums (ERP): Determinants, Estimation and Implications—The 2019 Edition.”

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