Highlights of the Sep 28 issue:
  • Another big win for ESOP valuations vs. the DOL
  • Great turnout for the AAML/BVR National Divorce Conference
  • Take a fresh look at your long-term growth rate, says Grabowski
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CPE events

Appraisal Review for Financial Reporting, April 20, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Raymond Rath (Globalview Advisors). CPE credits: 2.0.

Global BV News: Eurozone ERP, risk-free rates unchanged: Kroll

Kroll has left unchanged (until further notice) its recommended German normalized risk-free rate of 1.5% and its current eurozone equity risk premium range of 5.5% to 6.0% (from a German investor’s perspective).

Court tweaks blue-sky method in valuing a car dealer

A Tennessee appellate court recently considered the Chancery Court’s determination of the value of an oppressed minority shareholder’s interest in an “ultra-high-end” car dealership.

Goodwill impairments in U.S. doubled in 2020: Kroll study

Total goodwill impairment in U.S. public companies was $142.5 billion in 2020, more than double the $71 billion recorded in 2019, according to the “2021 U.S. Goodwill Impairment Study” by Kroll.

Gary Trugman shares sample valuation reports

A good selection of eight sample valuation reports is available on the companion website of Gary Trugman’s book, Understanding Business Valuation, 6th edition.

Tennis great Becker convicted of hiding assets in bankruptcy

In London, ex-tennis star Boris Becker has been found guilty of four charges under the UK’s Insolvency Act relating to his 2017 bankruptcy, the BBC reports.

Twitter poll on the size effect

Wes Gray, a Ph.D., financial analyst, and CEO of Alpha Architect, recently conducted a poll on Twitter about the size effect (implicit in traded stocks where returns can be observed).

Keynote announced for NYSSCPA valuation conference

Former federal prosecutor Sharon Cohen Levin, a leading expert in anti-money laundering (AML), Bank Secrecy Act, economic sanctions, and asset forfeiture matters, will give the keynote at this year’s New York State Society of CPAs’ Business Valuation and Litigation Services Conference.

Full agenda for the AAML/BVR divorce conference

The full agenda has been posted for the National Divorce Conference, sponsored by the American Academy of Matrimonial Lawyers (AAML) and BVR.

ASA confab moves to Tampa

Originally announced for Fort Lauderdale, Fla., the 2022 American Society of Appraisers’ International Conference (ASAIC22), will be held in Tampa, Fla., September 10-12 (same dates as before).

Global BV News: VAB6 review on IVSC website

A comprehensive review of Valuing a Business, 6th edition (VAB6) is on the website of the International Valuation Standards Council (IVSC), calling it a “foundational reference for business valuation education worldwide.”

BV movers . . .

KPMG Canada partner Thomas Lee will take over as chair of the Financial Instruments Board of the International Valuation Standards Council (IVSC), taking the reins from Gavin Francis (HSBC Holdings PLC), who steps down after three years in the role.

CPE events

Power Panel: Industry Insights, April 14, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Jay E. Fishman (Financial Research Associates), Don Erickson (Mercer Capital), and Bryce Erickson (Mercer Capital). CPE credits: 2.0.

No proof of personal goodwill in Utah divorce case

In some states, personal goodwill in a business is not part of the marital estate—but you have to have evidence that it exists.

Houlihan Lokey updates its PPA study

Analysts at Houlihan Lokey have released its 2019 and 2020 Purchase Price Allocation Study, which examines key data points of purchase price allocations (PPAs) recorded by U.S. public registrants.

CFO Tech Outlook names top valuation services providers

Two Top 10 lists of valuation services firms are in a special edition of CFO Tech Outlook magazine.

ASA/Pratt Valuing a Business book is delayed

For those of you who have preordered or will order the new sixth edition of Valuing a Business, supply-chain shortages have caused a delay.

Preorders being taken for the 2022 FactSet Mergerstat Review

The 2022 edition of the FactSet Mergerstat Review delivers comprehensive rosters and statistics on mergers and acquisitions between US, UK, and global privately held, listed, and cross-border enterprises.

Global BV News: Cost of capital parameters in Europe as of Dec. 31, 2021

ValueTrust has released the 9th edition of its “European Capital Market Study” that serves as a comprehensive compilation of capital market parameters such as cost of capital and implied as well as historical risk premiums for European countries.

BV movers . . .

Judd Appel, ABV, has been named managing director and national leader of EisnerAmper’s Transaction Advisory Services Group.

Save 34% on a BVR webinar

Take your pick of any one of BVR’s upcoming webinars (except the Houston ASA Energy Conference), and you will receive 34% off.

CPE events

There’s a special 34% discount on either of these webinars (use priority code PRIOR6002) if you purchase by April 8.

Purchase price equals value of business caught up in divorce

In Wisconsin, the valuation opinions of two experts were deemed not credible for a business caught up in a marital dissolution.

DOL proposes change to ESOP prohibited transaction exemption requirements

ESOP appraisers should take note of a proposed rule to amend the Department of Labor (DOL) prohibited transaction exemption procedure, reports the American Society of Appraisers (ASA).

Damodaran updates his implied ERP in wake of Ukraine invasion

In his blog post on how the crisis in Ukraine is playing out in the markets, Professor Aswath Damodaran (New York University Stern School of Business) updated his implied equity risk premium to 4.73% as of March 16, up from 4.24% at the start of 2022.

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