Highlights of the September 18 issue:
  • Deal price prevails in yet another Delaware statutory appraisal ruling
  • The pen is mighty as a career builder in BV
  • IRS updates QBI deduction FAQs
  • TAF looking for experts on company-specific risk
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Be the first to know about changes affecting the business valuation profession. The BVWire ezine brings you current news every Wednesday. From the buzz of the latest professional conference or the best new financial research resources, to the impact of last week's tax case or to this week's IRS, FASB or Appraisal Foundation announcement, BVWire guarantees you won't miss a thing. It's free, it's fast to read, and it contains everything you need to know about the evolving business valuation profession.

The pen is mighty as a career builder in BV

In a recent interview, Nancy Fannon (Marcum LLP) advises that one of the ways to stand out in the business valuation profession is to write, whether it be articles or books.

IRS updates QBI deduction FAQs

Under the Tax Cuts and Jobs Act, Section 199A allows taxpayers to deduct up to 20% of qualified business income for tax years 2018 through 2025.

TAF looking for experts on company-specific risk

The Appraisal Foundation (TAF) is seeking subject matter experts (SMEs) to help develop voluntary guidance on company-specific risk premiums, which it has identified as an area that lacks uniformity in practice.

In court, you must appeal to the jury

Do you think you can win over a jury with just your credentials and technical knowledge?

Global BV News: Reminder: Comments due on financial instruments standards

Until now, there has been no effective set of international valuation practice standards for financial instruments that has been generally adopted, according to the International Valuation Standards Council (IVSC).

Global BV News: ASA enhances global collaborations

There was a more-than-usual presence of international attendees at the ASA Joint 2019 Advanced Business Valuation and International Appraisers Conference in New York City sponsored by the American Society of Appraisers.

BV movers . . .

Dave Gaynor has been promoted to managing director in advisory services of Crowe LLP, a public accounting, consulting, and technology firm.

CPE events

Goodwill: A Discussion and a Debate (September 18), with R. James Alerding (Alerding Consulting LLC) and Alan Zipp.

Deal price prevails in yet another Delaware statutory appraisal ruling

Nine days after his ruling in Columbia Pipeline, Vice Chancellor Laster again found the deal price was the most reliable indicator of fair value in a statutory appraisal case involving a publicly traded mining company.

Some takeaways from the ASA Advanced BV Conference

BVWire attended the ASA Joint 2019 Advanced Business Valuation and International Appraisers Conference in New York sponsored by the American Society of Appraisers.

Avoid this inconsistency with the terminal value

Terminal value calculations use a perpetuity model that, when using Gordon growth, assumes cash flows occur at the end of each year.

BV and litigation seminar in New Haven, Conn., September 26

There’s a unique opportunity to hear from a veteran valuation expert with many years of experience in court, and BVWire will be there! Appraiser Jim Alerding (Alerding Consulting LLC), who has testified in over 400 cases, will present a full-day seminar, Business Valuation and Litigation.

AICPA updates practice aid on IP damages

The fourth volume of Calculating Intellectual Property Infringement Damages, an AICPA practice aid, has been issued, and it’s more streamlined and focused than prior editions.

Global BV News: Two reports examine valuation impact of new IFRS 16 lease accounting

Equity values should remain unchanged, but enterprise values increase under IFRS 16 lease accounting rules, which went into effect Jan. 1, 2019, for many companies, according to two new reports from KPMG and Deloitte.

Global BV News: IACVS adds course on China vs. U.S. BV

Later this month, an online CPE course will be presented on the differences in the basic structure between China and the United States in professional valuation systems, procedures, and identification.

BV movers . . .

Brent Sloan, ASA-BV/IA, CEIV, is joining San Diego-based Vantage Point Advisors as managing director to lead the firm’s new office in Seattle.

CPE events

Fairness Opinions and Projections (September 12), with Craig Jacobson (GlassRatner), Jeffrey Rothschild (McGuireWoods), and Richard Peil (GlassRatner).

Unadjusted deal price best represents fair value, Court of Chancery says

In a statutory appraisal case featuring a publicly traded company, the Court of Chancery, after an exhaustive evaluation of the sale process, found the deal price was the best evidence of fair value.

Survey: Most appraisers look backwards for ERPs

The historical approach (ex post) is the preferred approach in estimating the equity risk premium (ERP), according to 76% of respondents to our latest survey.

Questions to ask amid economic jitters

Whatever your feelings about the recent inverted yield curve or downbeat economic surveys, more business owners may be awake at night worrying about an oncoming recession.

PCAOB issues new guidance on fair value

The Public Company Accounting Oversight Board has issued four documents that provide guidance on the new requirements for auditing accounting estimates and the auditor’s use of a specialist, which includes valuation experts.

Appraisers fare best at surviving a Daubert challenge

In 2018, appraisers had the lowest exclusion rate (38%) among all types of financial experts facing a Daubert challenge, reveals the PwC survey, “Daubert Challenges to Financial Experts.”

Cost of capital platforms topline Virginia conference September 19-20

BVWire will be heading to Glen Allen, Va., for the Business Valuation, Fraud & Litigation Services Conference on September 19-20, sponsored by the Virginia Society of CPAs.

Global BV News: Damodaran updates country risk data

These days, it’s very difficult to find a company that is only exposed to domestic risk, according to Aswath Damodaran (New York University Stern School of Business) in his midyear 2019 country risk update that includes free spreadsheets on country risk premiums, sovereign credit default swap (CDS) spreads, corruption scores, political risk scores, and more.

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