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BVU News and Trends April 2020

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

Bayou Place Limited Partnership v. Alleppo’s Grill, Inc.

In rent payment dispute, court rejects defendant restaurant’s force majeure claim that devastating hurricane was act of God that interfered with restaurant’s use of property and excused performance where lease did not contain force majeure provision and rent payments stopped before storm.

Defendants’ Force Majeure Defense Related to Hurricane Devastation Does Not Excuse Breach of Contract

In rent payment dispute, court rejects defendant restaurant’s force majeure claim that devastating hurricane was act of God that interfered with restaurant’s use of property and excused performance where lease did not contain force majeure provision and rent payments stopped before storm.

New lease rules jolt stock returns

Stock valuations took a one-time shock in the first quarter of 2019, possibly because of the new lease accounting standards from the Financial Accounting Standards Board, according to an article in the Wall Street Journal.

BVU News and Trends December 2019

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

Global BVU News and Trends December 2019

Business valuation news from a global perspective.

Global BVU News and Trends November 2019

Business valuation news from a global perspective.

Further responses from BVWire—UK’s analysis of the ‘headwind’ effect of IFRS 16

BVWire—UK received a number of responses to the last issue’s coverage of a new study that suggests a possible reduction in forecasted profits as companies adapt IFRS 16.

Do business valuers need to reduce their profit forecasts due to an IFRS 16 ‘headwind’?

IFRS 16, now in effect, has been called many things, and an excellent new analysis by The Footnotes Analyst supports a new conclusion: Lease-heavy companies may increasingly see their profits suffer as they comply, particularly if lease liabilities are inflation-linked.

BVU News and Trends October 2019

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

FASB delays several sets of accounting standards

The FASB has voted to delay the effective dates for private companies and certain other entities for the standards on accounting for leases, credit losses (known as CECL), and hedging.

New lease accounting standards create overlooked challenges for business valuation professionals

Most of the analysis of the IASB’s IFRS 16 rule on lease accounting, which went into effect in January 2019, has been from the audit and accounting side.

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.

New FASB philosophy staggers effective dates

The Financial Accounting Standards Board (FASB) has outlined a new philosophy under which it plans to extend and simplify effective dates for private companies, smaller public companies, not-for-profit organizations, and employee benefit plans.

Blau v. Commissioner (RERI II)

In charitable contribution case involving remainder interest, D.C. Circuit upholds Tax Court’s value-related findings, including that petitioner did not provide qualified appraisal and did not meet substantiation requirements; valuation here is to be based on FMV, not actuarial tables.

D.C. Circuit Upholds Remainder-Interest Valuation in Weird Charitable Contribution Case

In charitable contribution case involving remainder interest, D.C. Circuit upholds Tax Court’s value-related findings, including that petitioner did not provide qualified appraisal and did not meet substantiation requirements; valuation here is to be based on FMV, not actuarial tables.

BVU News and Trends June 2018

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

Firms unprepared for new lease accounting

Only one in five finance, accounting, and other professionals say their companies are “extremely” or “very” prepared to comply with the Financial Accounting Standards Board’s (FASB) and International Accounting Standards Board’s (IASB) respective new lease accounting standards, according to a recent poll from the Deloitte Center for Controllership.

Finch v. Campbell

In partnership dispute, appeals court affirms trial court’s “equitable discretion” not to allow plaintiff to offer valuation of his law firm interest that contradicts valuation plaintiff offered for same asset in his divorce trial, benefitting each time.

Court Finds Plaintiff’s Contradictory Valuation of Law Firm Interest ‘Inequitable’

In partnership dispute, appeals court affirms trial court’s “equitable discretion” not to allow plaintiff to offer valuation of his law firm interest that contradicts valuation plaintiff offered for same asset in his divorce trial, benefitting each time.

Tax Court Introduces Formula to Value Donated Remainder Interest

Tax Court rules for IRS in disallowing deduction for charitable contribution involving remainder interest in leased property; requisite appraisal summary omits vital information, and court’s valuation formula shows donor made gross valuation misstatement.

Tax Court Introduces Formula to Value Donated Remainder Interest

Tax Court rules for IRS in disallowing deduction for charitable contribution involving remainder interest in leased property; requisite appraisal summary omits vital information, and court’s valuation formula shows donor made gross valuation misstatement.

RERI Holdings I, LLC v. Commissioner (RERI I)

Tax Court rules for IRS in disallowing deduction for charitable contribution involving remainder interest in leased property; requisite appraisal summary omits vital information, and court’s valuation formula shows donor made gross valuation misstatement.

Winn-Dixie Stores, Inc. v. Dolgencorp, LLC

Appeals court affirms Daubert exclusion of plaintiff's damages expert because she analyzed the wrong problem and her conclusion did not assist the trier of fact; also, her economic model and regression analysis failed to measure “effect of the violation.”

Estate of Mitchell v. Commissioner

Tax Court sides with estate and holds proper method for valuing 100% leased-fee interests of real property is income capitalization method, rather than lease buyout method proposed by respondent’s expert.

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