13th Annual ASA/USC Fair Value Conference:
A BVR Live Webcast

Thursday, May 10, 2018, 8:30am-5pm PST |  KPMG Offices  |  Los Angeles, California  |  Earn up to 8 CPE credits
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BVR is pleased to partner with the American Society of Appraisers and the University of Southern California to present the 13th Annual Fair Value Conference at KPMG in Los Angeles, California. The conference agenda will feature presentations from nationally recognized speakers who are profession leaders, covering a range of fair value measurement and valuation topics, as well as other current and future expected trends regarding the FASB, SEC, and international accounting standards.

Note: Tickets to attend in-person are sold out. Register for the live webcast today!

Attend the conference online

     Why attend?


Timely updates on current topics

The topics represent cutting edge topics selected for their importance to professionals that perform financial reporting valuations.

Nationally recognized speakers

This is an opportunity to obtain insights from many of the leaders in our profession. In all prior years, we've assembled rosters of nationally recognized speakers.



Practitioner focused

Focused on the needs of valuation and accounting professionals involved in the development and audit of fair value estimates, the insights can be immediately employed in your professional practice.

Continuing professional education

Earn up to 8 continuing professional education credits (CPE) - attend only the sessions you're most interested in. This is a timely and cost effective means of obtaining CPE hours for your reaccreditation.




  • Registration and Co-Introduction (8:30am)
    Raymond Rath, ASA, Managing Director (Globalview Advisors)
    Thomas Ryan, Professor (USC Leventhal School of Accounting)

  • Opening Remarks (8:45am)
    William (Bill) Holder, Dean (USC Leventhal School of Accounting)

  • Return Data (9:00am)
    Roger Grabowski, FASA, Managing Director (Duff & Phelps)

    In this session, Roger will examine the status of “QExit” and its impact on the risk-free rate and how the 2017 Tax Cuts and Jobs Act impacts the cost of equity and the WACC. Roger will also discuss issues in estimating the ERP and size premia.  
  • Fair Value Auditors Panel - CEIV/MPF Discussion (10:00am)
    Tony Aaron, Adjunct Professor of Accounting (USC Leventhal School of Accounting)
    Tony Alfonso, ASA, Valuation and Business Analytics National Leader (BDO)
    Leigh Miller, Valuation & Business Modeling Leader (EY)
    Austin Lee, Managing Director (Deloitte)
    James Marshall, Principal (PwC)
    Kevin Voigt, Partner, Tax, National Lead for Valuation Services (KPMG)
    John Ferro, Professional Valuation Practice Leader (Grant Thornton LLP)

    The January 2017 release of two documents pertaining to the Mandatory Performance Framework (MPF) includes minimum performance requirements for the completion of certain fair value estimates. Our panel includes senior valuation personnel from the six largest accounting firms - four of whom are practice leaders within their firms. The panel will provide an update on the MPF and its likely impact on audit reviews. Given the importance of this issue, the size of the panel and the progress being made with inspection related issues pertaining to the CEIV, we’ve budgeted extra time for this session. We’ll also budget significant time for audience questions pertaining to the fair value development and review process.
  • Break (11:15am)

  • Tax Cuts and Jobs Act of 2017 - Impact on Valuation (11:30am)
    William Frazier, ASA, Managing Director (Stout)
    Milind Shah, Principal (KPMG LLP)

    The TCJA has significant implications for appraisers. The TCJA has material insights on all aspects of valuations including expense estimates, balance sheet status, the cost of capital and future growth rates. Our speakers include Will Frazier who is heading the ASA's task force which is working to develop guidance pertaining to the TCJA. At KPMG, Milind Shah provides national technical advice and support for tax-related valuation services for planning, compliance, and litigation purposes. Milind brings a deep understanding of both the tax law and taxes in general as well as deep valuation knowledge.
  • Lunch (12:30pm)



  • Contingent Consideration Update (1:15pm)
    Alok Mahajan, Partner (KPMG, LLP)
    Ron Elkounovitch, FFA, CFA, Senior Manager (Ernst & Young)

    The Appraisal Foundation Task Force developing valuation guidance for contingent consideration released its first exposure draft of their proposed guide on February 28, 2017. Contingencies valuation is one of the most complex and challenging areas of valuation with limited guidance. Although the Task Force is focused on contingent consideration, valuation insights may be helpful for other valuations. Our speakers will provide an update on key issues pertaining to the exposure draft including a possible timeline for the future release of a final document. They’ll also focus on important technical elements of the exposure draft to help enhance our working knowledge of contingencies valuations.
  • Control and Marketability (2:15pm)
    Amanda Miller, Executive Director (EY)

    Many valuation professionals value businesses by using the guideline public company method and then applying a control premium. The Appraisal Foundation and the AICPA have recently issued guidance* that challenge this practice, encouraging professionals instead to think about the fundamental drivers of value. This presentation will discuss:
    • What is a control premium? What does it represent? Why would market participants pay such a premium?
    • What is the appropriate basis of value for valuing securities within a business (e.g. a private equity or venture capital investment, or management interests issued as compensation)?  
    • What are best practices for measuring enterprise value, given this new framework?
    • What are best practices for measuring the value of minority interests in a business, given this new framework?     
    * Appraisal Foundation 2015-2017, The Measurement and Application of Market Participant Acquisition Premiums (“MPAP”) guide; AICPA 2013, Valuation of Privately-Held Company Securities Issued as Compensation (“Cheap Stock”) guide; AICPA 2018-2019, Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies (“PE/VC”)guide.    
  • Break (3:15pm)

  • PCAOB Update (3:30pm)
    George Wilfert, Deputy Director (Public Company Accounting Oversight Board)
    Thomas Ryan, Professor (USC Leventhal School of Accounting)

    Fair value matters continue to be an area where PCAOB Inspection Reports note need for improvement. The PCAOB released draft standards with important implications to auditors and appraisers that perform valuations for financial reporting. The two draft standards include: 1) Proposed Amendments to Auditing Standards for Auditor's Use of the Work of Specialists, and 2) Proposed Auditing Standard – Auditing Accounting Estimates, including Fair Value Measurements and Proposed Amendments to PCAOB Auditing Standards. In a question and answer format with Tom Ryan of the USC Leventhal School of Accounting, George will provide an update on the draft standards and any other recent developments at the PCAOB with a focus on matters impacting fair value determinations.
  • Pepperdine Capital Markets Update (4:15pm)
    Craig R. Everett, Assistant Professor of Finance (Pepperdine University)

    The development of discount rates for business valuations continues to be an area of concern.  Craig will provide an update on the Private Capital Markets Project survey findings.
  • Volatility Measurements for Earnout Metrics (4:30pm)
    Vincent Covrig, Managing Director, Complex Analytics & Professor of Finance (Crowe Horwath)
    Dan McConaughy, Valuation Services Managing Director (Crowe Horwath)

  • Closing (5:00pm)
    Raymond Rath, ASA, Managing Director (Globalview Advisors)