COVID-19 Resources for the Business Valuation Community

We have been receiving emails from valuation experts asking questions about how to address the coronavirus in the valuations they are currently working on. Some of the issues are not unlike those in the wake of the 2008 financial crisis. Of course, the current coronavirus crisis is unlike any time in recent history. Still, valuation experts can glean some insights from those who have experienced an environment of uncertainty and turbulence. Fortunately, business valuation history is right at your fingertips with the search capabilities of the BVResearch Pro platform.

We did a preliminary search and have listed here current news, some past articles and webinars that you may find helpful during these troubled times, and more. Subscribers to the BVResearch Pro platform have full access to all of this material and more. We will be updating this page regularly, and you can also search our site for the most current news and articles.

Poll: Some valuation experts expect an increase in business
BVWire Issue #211-4 (April 22, 2020)
During BVR’s webinar on the valuation impacts of COVID-19, 25% of the audience said they expect business valuation engagements to "increase slightly". Read this and more in the full issue of the BVWire.

COVID-19 Timeline: A Timeline of Events Relating to the COVID-19 Pandemic
Business Valuation Update (May 2020)
Excerpt from an article in the May issue of the Business Valuation Update.

Extreme Uncertainty: How Valuation Experts Should Respond to Today’s Volatility and Risk
Free BVR Webinar (April 7, 2020)
In this town hall-style event Michelle Gallagher, Gary Trugman, Stacy Collins, and Harold Martin talk through key impacts of COVID-19 on valuation issues.

Market Volatility and Its Impact on the Valuation Advisors Pre-IPO Database
Business Valuation Update (April 2020)
During a recent webinar, Brian Pearson (Valuation Advisors) addressed several risks pre-IPO shareholders face.

Legal avenues for businesses coping with COVID-19 disruption and damages
BVWire Issue #211-1 (April 1, 2020)
In Franchising in the Time of COVID-19, an ABA panel recently discussed the scope of the disruption the pandemic has caused for franchisees and franchisors.

Will BV experts see a spike in divorce business?
BVWire Issue #211-1 (April 1, 2020)
Yes, it’s likely if the trend in China spreads to here.

List of links to COVID-19 updates from the valuation community
BVWire Issue #211-1 (April 1, 2020)
Get a list of links to the latest insights, research, and guidance in relation to the COVID-19 pandemic published by various valuation organizations and professional bodies.

EIU: Global economy will contract by 2.2%
BVWire Issue #211-1 (April 1, 2020)

In the wake of the coronavirus outbreak, the Economist Intelligence Unit (EIU) has revised its growth forecasts for all countries across the world, and the picture is “bleak,” it says in a report.

How to deal with COVID-19 for Dec. 31, 2019, valuations
BVWire Issue #211-1 (April 1, 2020)
Several BVWire readers have asked about how to treat the COVID-19 issue when you have a valuation date of Dec. 31, 2019.

Free BVR webinar on business valuation during coronavirus offered 7 April
BVWire–UK Issue #12-2 (March 31, 2020)
BVR presented Extreme Uncertainty: How Valuation Experts Should Respond to Today’s Volatility and Risk, a free webinar, on 7 April.

Coronavirus forces cancellation of most of the few available business valuation CPD events BVWire–UK Issue #12-2 (March 31, 2020)
Those searching for business valuation professional training or CPD have few places to turn in the UK at the moment.

Thoughts and advice on valuations amid the COVID-19 crisis
BVWire Issue #210-4 (March 25, 2020)
As the coronavirus pandemic continues its relentless march across the globe, we have reached out to members of the Business Valuation Update Editorial Advisory Board to begin to gather their thoughts on the impact of the crisis on valuations.

COVID-19 updates and guidance from the valuation community
BVWire Issue #210-4 (March 25, 2020)
Valuation professional organizations, special interest groups, and valuation and accounting firms are issuing updates and guidance amid the coronavirus pandemic.

NACVA, NYSSCPA update BV event plans
BVWire Issue #210-4 (March 25, 2020)
Last week, we gave you a rundown of how the coronavirus was impacting BV events.

Global VPOs issue guidance and support to valuers during crisis
BVWire Issue #210-4 (March 25, 2020)
Valuation experts can look to the latest edition of the International Valuation Standards (under Section 103: “Reporting”) for guidance on valuations during this time of uncertainty, points out Nick Talbot, chief executive of the International Valuation Standards Council (IVSC) in a statement.

BVR offers help during the COVID-19 crisis
BVWire Issue #210-3 (March 18, 2020)
BVR hopes that the entire valuation community will stay safe and healthy—and we are here to support you and your colleagues however you might need us.

COVID-19 impacts BV conferences
BVWire Issue #210-3 (March 18, 2020)
As BV conference season approaches, the obvious question is how the coronavirus is impacting these events.

Coronavirus fallout impacts the valuation community
BVWire Issue #210-2 (March 11, 2020)
The unpredictable coronavirus is disrupting work plans of valuation and accounting firms and impacting the global market.

D&P examines impact of coronavirus on asset values
BVWire Issue #209-2 (February 12, 2020)
Duff & Phelps is monitoring the financial impact of the coronavirus on businesses and asset values across the investment funds sector globally, according to a client alert.

Past articles from Business Valuation Update and other BVR publications

• Business Valuation Update - Special COVID-19 Issue - The August 2020 issue includes a number of articles to support valuation experts in addressing the corona virus in valuations including Cost of Equity and COVID-19.
  
  
• BVR Briefing - The Real Story of COVID-19 For Valuation and Litigation Experts - This BVR Briefing includes a focus on the healthcare sector and cuts through the morass of information offered up by "experts" and goes directly to the source data in various scientific journals and fact-based websites.
  
  
• Business Valuation Update - Special COVID-19 Issue - The May 2020 issue includes a number of articles to support valuation experts in addressing the corona virus in valuations.
  
  
• Management Projections, Always Suspicious, Now Receive Even More Review (July 2009) conference coverage--Jeff Dunn (Capstone Valuation Services); Scott Nammacher (Empire Valuations)
  
  
• How Should You Value Closely Held Businesses During these Crazy Times? (August 2009), Gary Trugman, CPA/ABV, MCBA, ASA, MVS
  
  
• Economic Outlook Update - Monthly and quarterly reports featuring a review of and outlook for the U.S. economy
  
  
• Do Not be Afraid to Take Much Higher Discounts During the Recession (August 2009), Lance Hall, ASA
  

• Wrestling with Guideline Public Market Evidence: What You Need to Know (March 2009), interview with Robert Schlegel ASA, MCBA (Houlihan Valuation Advisors)
  
  
• Adjusting Risk Free Rates Is Not the Best Answer (April 2011), Joel Rakower, CPA/ABV, Nannette Watts, CPA/ABV
  
  
• The Market Approach During Recessionary Times Is a Harbinger of Risk (October 2012), webinar coverage--Rob Schlegel (Houlihan Smith & Co.)
  
  
• Beware of Distortions of Market Multiples During a Recession (May 2013), Alina Niculita, ASA, CFA, MBA

• Valuation Issues in the Coming Wave of Goodwill and Asset Impairments (April 2009), Bala Dharan (CRA International, Inc.)
• Top Ten Issues to Note When Selecting COC Data in Volatile Times (July 2009) – conference coverage; Robert Reilly (Willamette)

Past BVR Webinars (recordings and transcripts available)

• Extreme Uncertainty: How Valuation Experts Should Respond to Today's Volatility and Risk - Part 2 (May 6, 2020), Michelle Gallagher, Gary Trugman, Stacy Collins, Harold Martin. View webinar recording
  
  
• Extreme Uncertainty: How Valuation Experts Should Respond to Today's Volatility and Risk - Part 1 (April 7, 2020), Michelle Gallagher, Gary Trugman, Stacy Collins, Harold Martin. View webinar recording
  
  
• Subsequent Events (May 19, 2009), Jay E. Fishman, FASA, FRICS; James Hitchner, CPA/ABV, ASA; Frank Lewis; Shannon P. Pratt, CFA, ARM, ABAR, FASA, MCBA, CM&AA
  
  
• Subsequent Events: Dealing With the Unknown and Unforeseeable (January 8, 2010), Jay E. Fishman, FASA, FRICS; Z. Christopher Mercer, ASA, CFA,; Chuck Rettig, Attorney at Law
  
  
• Goodwill Impairment in a Troubled Economy (October 19, 2009), R. James Alerding, CPA/ABV, ASA; H. Edward Moris, ASA, CBA, BVAL, CPA/ABV, CFF; R. Brian Steen, CFA, ASA, CIRA
  
  
• The Market Approach Today: Deciphering Messages from Markets, Courts, and Common Appraisal Errors (August 2, 2012), Robert Schlegel (Houlihan Valuation Advisors), Alina Niculita (Morones Analytics), and Chris Treharne (Gibraltar Business Valuations)

• Developing Discount and Cap Rates in a Troubled Economy: New and Emerging Views on Old Issues (October 19, 2009), Donald DeGrazia, CPA/ABV/CFF; Stacy Preston Collins, CPA/ABV, CFF; Ronald L. Seigneur, MBA, CPA/ABV, ASA, CVA, CGMA

• Companies in Distress: Valuing the Impaired and Currently Unprofitable (February 5, 2010), R. James Alerding, CPA/ABV, ASA; James D. Ewart,

Third-Party Resources (all available on BVResearch Pro)

• Problems with Cost of Capital Estimation in the Current Environment—Update, Roger J. Grabowski, FASA, American Society of Appraisers Business Valuation Review™ (Winter 2008)
  
  
• Preliminary Look: Valuation Issues with Bailed Out Companies Donald Sonneman, ASA, American Society of Appraisers Business Valuation Review™ (Summer 2009)
  
  
• The Market Approach—ESOP Employer Stock Valuations During Economic Turmoil (January 21, 2010), Willamette Insights
  
  
• Bankruptcy-Related Valuation and Financial Advisory Services (March 26, 2010), Willamette Insights
  
  
• 2007: A Year to Forget For Banks (May 12, 2008), Mercer Capital's Value Matters

This is just a sliver of the 15,000+ articles (and counting), webinar transcripts, legal digests, and more from the world’s foremost thought-leaders in business valuation. For more information on the BVResearch Pro platform, go to bvresources.com/bvresearch.

External links to CPA firms, valuation firms, VPOs with special webpages, and articles with guidance re: COVID-19 (Note: a portion of this list was originally compiled by the International Valuation Standards Council).

Reports & Articles:

• COVID-19 Timeline (Valuation Products and Services)

• Dealing with Valuation Uncertainty at Times of Market Unrest

• Amazon’s Bezos, Other Corporate Executives Sold Shares Just in Time (WSJ Subscription required)

Firms/Organizations:

• American Bar Association (ABA) - Tax Section
• EY
• Deloitte
• Duff & Phelps
• Grant Thornton
• Houlihan Lokey
• Internal Revenue Service (IRS)
• KPMG
• Marcum LLP
• Mazars
• PwC
• Stout:
  • brief-update-financial-reporting-valuations-during-covid-19-crisis
  • impairment-triggers-crisis
  • is-covid-19-triggering-event-impairment-testing
• Vertical IQ

Valuation Professional Organizations (VPOs):

• American Institute of Certified Public Accountants (AICPA)
  
  
• The Appraisal Foundation
  
  
• American Society of Appraisers
  
  
• Appraisal Institute
  
  
• Appraisal Institute of Canada 
  
  
• CBV Institute 
  
  
• CFA Institute
  
  
• Chartered Accountants of Australia and New Zealand
  
  
• IAAO
  
  
• Institute of Certified Accountants of England and Wales (ICAEW)
  
  
• Malaysian Institute of Accountants
  
  
• Netherlands Register Vastgoed Taxateurs
  
  
• Property Institute of New Zealand
  
  
• RICS
  
  
• Saudi Authority for Accredited Valuers (Taqeem)