Thursday, June 1, 2017
8:00 am - 5:00pm
$275 Member | $300 Non-Member
Special discounts available - see below
Ronald Tutor Campus Center at USC
3607 Trousdale Pkwy
Los Angeles, CA 90089
ASA/USC Annual Fair Value Conference—Los Angeles
The 12th Annual Fair Value conference will be held on Thursday, June 1, 2017. The conference is a joint effort of the American Society of Appraisers and the University of Southern California Leventhal School of Accounting. The popular one day event continues to draw attention from business valuers, accountants, government agencies and educators for its important updates on the latest fair value issues and trends impacting financial reporting; distinguished line up of presenters including internationally recognized accounting and valuation professionals from the Big 4 and other leading accounting and valuation firms, as well as representatives from the FASB, IASB, PCAOB and the SEC. The conference offers valuable networking opportunities and 8 hours of CE/CPE credits.
Range of Presentation Topics and Speakers:
- Fair Value Accounting Update – Adam Smith, Managing Director, PricewaterhouseCoopers, Transaction Services Practice. Accounting guidance on fair value continues to change. Also, a variety of accounting developments including changes to revenue recognition, lease accounting and others impact reported financial results. Our speaker will provide an overview of fair value specific accounting developments. An overview of other accounting developments of interest will also be included.
- CEIV / MPF Update – Tony Aaron, Adjunct Professor, USC Leventhal School of Accounting, retired Partner Ernst & Young, Immediate Past Chair, Board of Trustees, The Appraisal Foundation. Fair value estimates have received significant attention from the SEC and PCAOB. Concerns regarding the quality of fair value estimates have led to the creation of a new designation, Certified in Entity and Intangible Valuations (CEIV). The CEIV designation will include performance requirements (the Mandatory Performance Framework (MPF)), practice review requirements among other features. Tony will provide an update on CEIV / MPF developments.
- Fair Value Auditors Panel – Mike Tully, Partner, KPMG Economic and Valuation Services Group, Austin Lee, Managing Director, Deloitte Valuation and Business Analytics, Amanda Miller, Executive Director, Ernst & Young Transaction Advisory Services, James Marshall, Principal, PricewaterhouseCoopers, Transaction Services. Tony Aaron, Moderator. The January 2017 release of two documents pertaining to the Mandatory Performance Framework (MPF) includes significant new requirements pertaining to minimum performance requirements for the completion of certain fair value estimates. Our panel will provide their reactions to the MPF and its likely impact on audit reviews. We’ll also budget significant time for audience questions pertaining to the fair value development and review process.
- IVSC Update – Kevin Prall, Technical Director, Business Valuation Standards, International Valuation Standards Council, Senior Manager, KPMG LLP, Adam Smith, Managing Director, PricewaterhouseCoopers, Transaction Services Practice. The IVSC has recently issued its 2017 International Valuation Standards and a variety of other documents have been released or are being updated. Adam will provide an update on the activities of the IVSC including IVSC and The Appraisal Foundation efforts to expand their coordination.
- Contingent Consideration Task Force Update –Task Force member to be determined. 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 speaker will provide an update on key issues pertaining to the exposure draft including a possible timeline for the future release of a final document.
- Valuation Dilution – Amanda Miller, Executive Director, Complex Securities Valuation Group, Ernst & Young. Stock price dilution is an important area of concern for appraisers. Public companies present both primary and fully diluted earnings per share. Early-stage development companies often issue additional shares as a result of future financial rounds as well as through periodic option grants. Dilution from future securities issuances can have a potentially significant impact on the values of the existing securities of an entity. Guidance on the determination of valuation adjustments for future dilution is extremely limited. Amanda will provide an update on thinking on valuation dilution and best practices in this area.
- Prospective Financial Information – Dave Dufendach, Managing Director, Alvarez & Marsal Valuation Services. Historically, appraisers have often included language in valuation reports stating that management projections have been accepted as provided without review or any other procedures applied. Despite this significant qualification, appraisers have developed discount rates to apply to these “unreviewed” projections and concluded on fair value estimates based on the Discounted Cash Flow Method. Auditors have frequently expressed concern on this language and the quality of prospective financial information. The Mandatory Performance Framework includes significant performance requirements for appraisers pertaining to PFI. Dave will provide a detailed discussion of best practices for handling PFI.
- Abbreviated Presentations – As energy levels tend to wane at the end of the day, our final presentation slot will include several abbreviated presentations to help keep your energy and interest levels high.
A. PCAOB Update – George Wilfert, Deputy Director, Public Company Accounting Oversight Board. Fair value matters continue to be an area where PCAOB Inspection Reports note need for improvement.The PCAOB is presently working on standards pertaining to 1) auditing accounting estimates and fair value measurements, and 2) using the work of specialists. George will provide an update on recent developments at the PCAOB with a focus on matters impacting fair value determinations.
B. SEC Insights – Austin Lee, Managing Director, Deloitte Transactions and Business Analytics. Austin was a valuation specialist at the SEC for two years and recently returned to Los Angeles.Austin will provide his insights on his time with the SEC.We’ll budget time for Austin to answer audience questions on possible future developments at the SEC.
C. Pepperdine Capital Markets Survey Update – Craig Everett, Assistant Professor of Finance, Director, Private Capital Markets Project Graziadio School of Business and Management,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.
8 HRS. ASA CE and CPE* credits will be offered for attending the conference.
*ASA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE sponsors.
Thursday, June 1, 2017
7:30am - 8:15am - Registration
8:15am - 12:00pm - Morning Sessions
12:00pm - 1:00pm - Lunch
1:00p - 5:00pm - Afternoon Sessions
Why Attend? Timely Updates on Topics of Current Interest -
The topics represent leading 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 Focus - This conference is focused on the needs of valuation and accounting professionals involved in the development and audit of fair value estimates. Insights can be immediately employed in your technical or business management of your professional practice.
Exceptional Networking Opportunity - With valuation practitioners from the leading accounting firms and top boutique valuation firms, this continues to be an exceptional networking opportunity.
ASA and AICPA Continuing Professional Education - The conference will provide continuing professional education credit by both the American Society of Appraisers (ASA) and the American Institute of Certified Public Accountants (AICPA). This is a timely and cost effective means of obtaining CPE hours for your reaccreditation.
Competitive Pricing - ASA continues to price the conference at an extremely low cost as a benefit to its membership and the community at large. Use Code ASAFVCLA17 and receive $25 off registration before May 1, 2017.
Cost - $275 Member | $300 Non-Member
- Individuals may use code ASAFVCLA17 to receive $25 off registration before May 1, 2017;
- USC Students and Alumni may use code ASAFVCLA17USC to receive special rate of $250;
- Groups of four or more registrants from the same firm may receive discounts of $25 off registration. - call (800) 272-8258.
Continuing Professional Education - Conference qualifies for CE & CPE credits. The American Society of Appraisers is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE sponsors. CPE hours in the area “Auditing and Accounting” will be provided.
Who Should Attend? Appraisers, accountants, financial professionals and others who are responsible for fair value related valuation and reporting.
View attendees from past conferences.
For more information contact Raymond Rath, ASA at firstname.lastname@example.org.
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Sponsorship opportunities available, contact ASA at email@example.com or (800) 272-8258.