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Thursday, May 10, 2018
8:00am - 5:00pm

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13th Annual ASA/USC Fair Value Conference—Los Angeles

The American Society of Appraisers and the University of Southern California are pleased to present the 13th Annual ASA/USC Fair Value Conference—Los Angeles to be held on Thursday, May 10, 2018 at KPMG in Los Angeles, California.

Range of Presentation Topics

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.


Thursday, May 10, 2018

  • Registration and Co-Introduction
  • Opening Remarks
  • Return Data
    • Roger Grabowski, FASA
      Managing Director | Duff & Phelps, LLC

      In this session, Roger will examine the status of “QExit” and its impact on the risk-free rate and how the 2017 Tax Cut 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
    • Tony Aaron
      Adjunct Professor of Accounting | Leventhal School of Accounting

      Tony Alfonso, ASA
      Valuation & 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
  • Tax Cuts and Jobs Act of 2017 - Impact on Valuations
    • 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 knowledge valuation knowledge. 
  • Lunch
  • Demystifying Risk Neutral Valuation.
    • 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 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. They’ll also focus on important technical elements of the exposure draft to help enhance our working knowledge of contingencies valuations.
  • Control and Marketability
    • 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
  • PCAOB Update
    • George Wilfert
      Deputy Director │ Public Company Accounting Oversight Board

      Thomas Ryan
      Professor | 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 the draft standards and any other recent developments at the PCAOB with a focus on matters impacting fair value determinations.
  • Pepperdine Capital Markets Update
    • 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.
  • ASA and Business Valuation Committee Activities Update
  • Volatility Measurements for Earnout Metrics
    • Vincent Covrig
      Managing Director, Complex Analytics, Crowe Horwath, LLP, Professor of Finance, C.S.U. Northridge
      Dan McConaughy
      Managing Director, Valuation Services, Crowe Horwath, LLP, Professor of Finance, C.S.U. Northridge                           
  • Fair Value Developments at the AICPA
         Yelena Mishkevich
            Senior Technical Manager, AICPA
  • Closing
            Raymond Rath, ASA
            Managing Director | Globalview Advisors

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.


Can't attend in person? BVR will offer a live webcast of the conference. For more information and to register to attend the conference online, click here.

NASBA and Continuing Professional Education (CPE) Credit:
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. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website

CPE Credit: Up to eight (8) CPE credits in Auditing and Accounting
Program Level: Advanced
Delivery Method: Only group-live courses are approved for CPE
Prerequisites: None
Advanced Preparation: None
Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy

Who Should Attend? Appraisers, accountants, financial professionals and others who are responsible for fair value related valuation and reporting.

View a List of Nearby Hotels and Restaurant here.
Questions? For more information, please contact event organizer, Raymond Rath, ASA at or (949) 475-2808

Thank You to Our Sponsors

 Sponsor Local Sponsor  Local Sponsor  
Media Sponsor  Reception Sponsor 

Sponsorship opportunities available, contact ASA at or (800) 272-8258.