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Latest Resources to Help Improve the Valuation of Financial Instruments

A recap of recent resources that have emerged, including some new credentialing, that are designed to improve this area of practice. This is the valuation profession’s response to the concerns of financial regulators and others around the world about the quality and consistency of financial instrument valuations.

BVU News and Trends November 2019

A monthly roundup of key developments of interest to business valuation experts.

Highlights of 2019 Delaware Valuation Decisions

This year to date has been another active period for valuation cases in the Delaware courts. Six cases are reviewed and the predominant theme is that, in arm’s-length transactions, appraisal value continues to be based primarily on the transaction price rather than on discounted cash flow.

Auditors to increase focus on quality of work of valuation experts

In its new standard concerning the use of specialists, the Public Company Accounting Oversight Board (PCAOB) wants auditors to move away from a checklist mentality and use more professional judgment.

Takeaways from the 2019 AICPA FVS conference

There was a healthy turnout of forensics and valuation experts in Las Vegas for the 2019 AICPA Forensic and Valuation Services Conference.

Acquisition Premiums Amid Added Complexity in Market Transactions

In a fair value setting, while the acquisition premium (known also as a control premium) has been identified as a significant variable, its application and value measurement remain less well understood than the traditional components of acquisition finance.

New resources amass regarding valuing financial instruments

The valuation profession is responding to the concerns by financial regulators and others around the world about the quality and consistency of financial instrument valuations.

DCF Modeling for Early Stage Enterprises: A Fair Value Update

In In this panel discussion Antonella Puca, Andreas Dal Santo and Shilpa Chandra will discuss the special characteristics of DCF modeling as they pertain to the valuation of companies that are in the early years of their life and that have yet to become profitable (early stage enterprises or “ESE”s). Learn the relevance of terminal value in driving valuation for ESEs and the dynamic nature of the model, which can be adjusted at subsequent measurement ...

Disconnect in thoughts on PCAOB performance

The Center for Audit Quality (CAQ) reports that 83% of U.S. retail investors are confident that public-company auditors are effective in their investor protection roles, according to its 2019 Main Street Investor Survey.

Possible Change to Goodwill Model Generates Buzz at ASA Fair Value Conference

Unless there’s strong opposition, it appears likely that the FASB will ease the rules that currently require public companies to test annually for goodwill impairment, a process that has become so complex that the costs may be outweighing the benefits.

Columbia Pipeline ruling highlights terminal value flaw in expert’s DCF

In the Columbia Pipeline statutory appraisal action, the Delaware Court of Chancery recently rejected the petitioner expert’s discounted cash flow analysis to determine fair value and, in a short but noteworthy discussion, explained why the court has come to question the usefulness of the DCF in many instances.

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.

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.

Timeline Reveals Advances in Building Trust in Fair Value for Financial Reporting

Business Valuation Update attended the recent RICS Business Valuation Symposium in New York City, during which speakers gave an overview of developments in fair value for financial reporting. One session presented a timeline that strikingly illustrates the remarkable advances the profession has made in this area of practice.

BVU News and Trends August 2019

monthly roundup of key developments of interest to business valuation experts.

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.

AICPA releases final PE/VC guide

The AICPA has released the final version of a new accounting and valuation guide, Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies, which provides nonauthoritative guidance and illustrations regarding the accounting for and valuation of portfolio company investments investment companies hold within the scope of FASB ASC 946.

In re Stillwater Mining Co. 2017 0385 JTL

In statutory appraisal of public company, court relies on deal price; presigning sale process was “suboptimal,” but post-signing market check was “effective”; there was an argument for upward adjustment to deal price based on an increase in the company’s value between merger announcement and deal closing.

Despite Less-Than-Optimal Sale Process, Court Relies on Deal Price for Fair Value

In statutory appraisal of public company, court relies on deal price; presigning sale process was “suboptimal,” but post-signing market check was “effective”; there was an argument for upward adjustment to deal price based on an increase in the company’s value between merger announcement and deal closing.

In re Appraisal of Columbia Pipeline Grp., Inc.

In statutory appraisal action featuring publicly traded company, court relies on deal price for fair value; although flawed, sale process, when compared to process in three key high court decisions endorsing deal price, does not undermine validity of deal price; no adjustment for synergies.

Court Endorses Unadjusted Deal Price as Fair Value Indicator Despite Flaws in Sale Process

In statutory appraisal action featuring publicly traded company, court relies on deal price for fair value; although flawed, sale process, when compared to process in three key high court decisions endorsing deal price, does not undermine validity of deal price; no adjustment for synergies.

BVU News and Trends September 2019

A monthly roundup of key developments of interest to business valuation experts.

CEIV logjam continues

Upwards of 150 individuals have earned the Certified in Entity and Intangible Valuations (CEIV) credential so far, but many more individuals have either enrolled in the program (630 actual enrollees but up to an estimated 800 individuals) or have inquired but not yet enrolled (three to 500 individuals), according to speakers at the recent ASA/USC 14th Annual Fair Value Conference in Los Angeles.

BVU News and Trends July 2019

A monthly roundup of key developments of interest to business valuation experts.

Talk of revising the CEIV MPF

There may be a revision to the Mandatory Performance Framework (MPF) for the Certified in Entity and Intangible Valuations (CEIV), according to Tony Aaron, who is retired from Ernst & Young and is now an adjunct professor at the USC Leventhal School of Accounting.

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