American Society of Appraisers (ASA)

This schedule is subject to change.

Monday, October 14
8:00 - 8:30am	Introduction & Opening Remarks
8:30 - 9:30am	Keynote Address Peter Zeihan President and Founder \| Zeihan on Geopolitics Austin, TX A geopolitical strategist and forecaster, Mr Zeihan combines topography, economics, demographics, history and culture to craft the future. He approaches the world from his clients' points of view, distilling global complexities into actionable items, leaving audiences with clear concepts of what cannot happen, what must happen eventually, and what will happen very soon. Mr. Zeihan is a frequent guest on national and international television news shows on CNN, ABC, Fox News, and also is frequently interviewed for radio programs.
9:35 - 10:35am	Healthcare Reform and the Impacts on Appraisal Practice Jason L. Ruchaber, ASA, CFA Partner \| HealthCare Appraisers, Inc. Denver, CO Healthcare reform has wide reaching implications for the valuation of healthcare related and non-healthcare entities. This session will provide an overview of the Patient Protection and Affordable Care Act and other ongoing healthcare reforms, along with a discussion of the specific valuation considerations all appraisers should consider in their analyses.
	Where Are We Heading with Fair Value Measurements in Financial Reporting? Peter F. Lyster Managing Director, Department of Professional Services \| KPMG LLP New York, NY Mark Zyla, ASA, CPA/ABV, CFA Managing Director \| Acuitas, Inc. Atlanta, GA In this session, Pete and Mark will provide the latest information on fair value measurements in financial reporting including: hHistory and overview of fair value measurements in financial reporting; recent developments with the PCAOB and SEC; best practices and new guidance from the AICPA and Appraisal Foundation; observations of various issues in actual fair value measurements; and trends and the future of fair value.
11:05am - 12:05pm	How Much is Enough? Determining Adequate Capital in M&A Transactions, Bankruptcy and Litigation Josh Cashman, ASA, JD, CFA Partner \| INTRINSIC Denver, CO Josh Harrison, CPA/ABV, CFE, CFA Partner \| INTRINSIC Denver, CO Evaluating whether a business is adequately capitalized is a critical step in the M&A due diligence process, as well as in other proposed changes in ownership structure. Businesses with insufficient equity cushion often fail in the wake of adverse economic conditions or lulls in the business cycle. All too frequently, leveraged buyouts and other changes in capital structure are not sufficiently scrutinized on the front end due to emphasis on getting the deal done, and determining adequate capital becomes an after the fact exercise in bankruptcy or litigation. This presentation will provide a high level understanding of adequate capital structure, as well as key legal and business considerations in determining whether a business is adequately capitalized.
	Valuation of IPR&D: AICPA IPR&D Practice Aid Update Anthony V. Aaron, ASA, CFA, FRICS Principal \| Ernst & Young LLP McLean, VA This session will summarize the background of the IPR&D issue, the first task force, the current task force, and the (at the time of the conference) recently issued and updated IPR&D practice aid from the AICPA. Mr. Aaron served on the original task force and is currently serving as co-chair of the current task force.
	Valuation of Privately-Held Company Securities Held by Investment Companies David L. Larsen, CPA Managing Director \| Duff & Phelps LLC San Francisco, CA With increasing scrutiny by investors and regulators, investment companies are under significant pressure to improve the robustness of their periodic fair value estimates. Further, nuanced interpretations of “unit of account” and overweighting valuation theory at the expense of market participant views may cause unintended valuation consequences. This session will focus on how investment companies pragmatically apply accounting standards and industry valuation guidelines, such as IPEV, in determining the fair value for “level 3” investments, including debt equity and fund interests.
1:30 - 1:45pm	Business Valuation Committee Update Robert Morrison, ASA Committee Chair
1:45 - 3:00pm	New Developments in Cost of Capital Roger Grabowski, ASA Managing Director \| Duff & Phelps Chicago, IL Shannon Pratt, FASA, CFA, ARM, ABAR, MCBA, CM&AA CEO \| Shannon Pratt Valuations, Inc. Beaverton, OR
3:30 - 4:00pm	Appraisal Foundation Update David S. Bunton President \| The Appraisal Foundation Washington, DC Mr. Bunton will provide an overview of The Appraisal Foundation, its relationship with ASA and an update on its current projects and activities. He will also discuss the recently created Appraisal Practices Board (APB) and Alliance for Valuation Education.
4:00 - 5:30pm	The Secret Lives of Master Negotiators: To Bid or Not to Bid, That Is the Question Robin L. Pinkley, Ph.D. Professor of Management and Organizations \| Cox School of Business, SMU and Founder M2M Center for Profitable Negotiation \| Southern Methodist University and M2M Center for Profitable Negotiation Dallas, TX For the last twenty years Dr. Robin Pinkley has conducted research to determine what distinguishes the most successful and elite class of negotiators – “Master Negotiators”, from others and applied these secrets to the important negotiations faced by her world class clients. Based on this research and the successful application of these strategies to real-world negotiations, Dr. Pinkley has created the novel Gain-Gain Approach to Profitable Negotiation heralded by many in the press and commercial industry as “a step beyond Win-Win” for its superior ability to enhance negotiator profitability while maintaining or improving relationships. This profitable, yet principled approach has been found to increase effectiveness and efficiency in both personal and professional settings and can be applied to any negotiation in this competitive marketplace including sales, procurement, mergers and acquisitions, or labor contracts. During the presentation participants will be exposed to the state-of-the-art Gain-Gain approach to profitable negotiation and learn: ways to avoid the costly negotiator biases commonly held by expert and novice negotiators; how and why bidding and counter-bidding strategies impact perceptions of value, satisfaction with outcome and willingness to accept an offer; and how real and imagined alternatives have on perceptions of relative power, negotiator strategy and outcome.
Tuesday, October 15
8:00 - 9:00am	Economic Update Richard W. Peach, Ph.D. Sr. VP, Macroeconomic and Monetary Studies Function \| Federal Reserve Bank of New York New York, NY Dick Peach is a Senior Vice President in the Macroeconomic and Monetary Studies Function of the Federal Reserve Bank of New York. He participates in the development of the Bank's forecast for the U.S. economy and oversees the Bank's projections of federal receipts and outlays. His long-term research interests have been primarily in housing and real estate finance topics.
9:05 - 10:05am	ASA Business Valuation Standards, USPAP and the International Valuation Standards: Harmonization? Convergence? Or What? Z. Christopher Mercer, ASA, CFA, ABAR Chief Executive Officer \| Mercer Capital Management, Inc. Memphis, TN Richard Wise, FASA, MCBA, CVA, FCBV, CPA, CA Partner \| MNP LLP Montreal, QC This session will cover recent changes — implemented as well as proposed — to BV standards that are required to be followed by members of ASA, whether emanating from USPAP or the IVS, and the harmonization and/or convergence of ASA, USPAP and IVS Business Valuation standards as they impact the BV profession.
	Financial Instruments Michael Kraehnke, CPA Partner \| KPMG LLP New York, NY This session will provide updates on the FASB and IASB Financial Instruments project as well as recent disclosure requirements and common valuation issues.
	Goodwill in Marital Dissolution Elizabeth (Beth) Husrt, ASA, MBA Managing Director \| Stewart McClean Consulting Houston, TX This session will include a discussion of the elements of personal versus enterprise goodwill. Learn about the management interview with examples of questions, along with formulas for quantifying goodwill through short case studies. Walk away with a better understanding that although there are many “soft” elements of goodwill, Personal Goodwill can be quantified; it is always better to use more than one approach; and that each case is different and the bottom line is always what can be transferred to a new owner.
10:35 - 11:50am	Tax Court Case Update William H. Frazier Managing Director \| Stout Risius Ross Dallas, TX This session will offer a review of recent Tax Court cases and the important implications to business valuation.
	Panel: Understanding What Auditors/Valuation Review Teams Require in Fair Value Appraisals Anthony V. Aaron, ASA, CFA, FRICS Principal \| Ernst & Young LLP McLean, VA Seenu Akunuri Principal \| PricewaterhouseCoopers LLP Houston, TX BJ Orzechowski Partner \| KPMG LLP - Economic and Valuation Services Philadelphia, PA Daniel Peckham, CFA Principal \| Deloitte Financial Advisory Services LLP Dallas, TX This informative panel discussion will highlight key issues in valuations for financial reporting purposes, which are addressed in the financial statement audit setting. Learn more about “hot buttons” that often come up when reviewing the work of external valuation specialists.
	Intangible Asset Economic Damages Methods Robert P. Schweihs, ASA, CBA Managing Director \| Willamette Management Associates Chicago, IL Intangible assets (and particularly intellectual property) can be the subject of both breach of contract and tort claims. This session will summarize the generally accepted intangible asset damages method, including: the lost profits method; the reasonable royalty rate method; and the lost business value/cost to cure method. This session describes each damages measurement method; explains methodological strengths and weaknesses; summarizes relevant data sources; and provides illustrative examples.
1:00 - 2:30pm	Using Market Data to Support Real Estate Partnership Discounts Spencer Jeffries President \| Partnership Profiles, Inc. Argyle, TX James R. Park, ASA Partner \| Munroe, Park & Johnson, Inc. San Antonio, TX Learn how to properly apply the latest empirical data when valuing a non-controlling interest in a family limited partnership owning real estate. Using a case study, this session will feature various data sources to use and explain how to use the data to value an FLP that owns real estate under both the Market Approach and the Income Approach.
	Valuing Customer Relationships and the Distributor Method P. J. Patel, ASA, CFA Managing Director \| Valuation Research Corporation New York, NY Raymond Rath, ASA, CFA Managing Director \| Financial Valuation and Advisory Services Irvine, CA Ray Rath and PJ Patel will discuss the issues around the use of the MPEEM, distributor method, with and with-out method and cost approach to value customer related assets. They will discuss which method to use and when, and discuss the pros and cons of each approach. This session will be presented in case study format.
	Expert Witness Skills: Tips and Techniques to Defend your Position Gary R. Trugman, ASA, CPA/ABV, MCBA, MVS President \| Trugman Valuation Associates Plantation, FL This presentation will be for any business valuer that either works in a litigation setting or whose work could end up in litigation. Whether your appraisal is for commercial litigation, divorce, estate and gift taxes, or for any other purpose, learn how to be prepared, testify and support your opinions in a courtroom. After over 300 court appearances, learn the good, the bad, and the ugly about being an expert witness.
3:00 - 4:00pm	Beyond a Reasonable Doubt – Tips and Techniques to Determine Owner-Employee Compensation Ronald L. Seigneur, ASA, CPA/ABV, CFF, CVA, CGMA Managing Partner \| Seigneur Gustafson LLP Lakewood, CO This session will focus on the appropriate methods resources used to support determinations of reasonable compensation for owner-employees. The session will highlight landmark case law that is instructive in reasonable compensation determinations and identify several sources of empirical evidence that are available to support compensation determinations.
	Finally Final! The 2013 AICPA Cheap Stock Guide – What are the Implications? Amanda Miller, Ph.D. Executive Director \| Ernst & Young LLP Redwood City, CA The final version of the new AICPA Guide, Valuation of Privately-Held Company Securities Issued as Compensation, has finally been released. Join Amanda Miller for a discussion of the implications of the new guide, including: the new framework for evaluating private and secondary market transactions; new discussions on adjustments for control and marketability; and new discussions on highly leveraged entities. The session will also provide the opportunity for a robust discussion to answer your questions.
	Recent Developments in the Use of Put Options to Determine Discounts for Lack of Marketability John D. Finnerty Professor of Finance \| Fordham University New York, NY The presentation will discuss the reasonableness of modeling the discount for lack of marketability as the value of a foregone put option and will compare three such models - the traditional Black-Scholes-Merton put option model, the lookback put option model, and the average-strike put option model. The assumptions underlying each model will be compared. Two examples will be discussed that contrast the values obtained from the three models.
4:05 - 5:05pm	Journey to the Center of SBBI Decile 10 William H. Frazier Managing Director \| Stout Risius Ross Dallas, TX This session will provide an overview of the common misconceptions regarding SBBI Cost of Capital. Learn more about why excess return may not be related entirely to size; why data may not be homogeneous enough for general usage; and how these conditions vary between 10 w., x., y., and z.
4:05 - 5:05pm	Contingent Consideration - Examples from the Trenches Dwight Grant Managing Director \| PricewaterhouseCoorpers LLP San Francisco, CA Three years ago valuing contingent consideration was a novelty. If not now a highly standardized practice, there is at least wide spread experience with respect to the models and methodologies. In this presentation, we will review the evolution of the practice with an emphasis on actual cases that illustrate pitfalls and good practice.
4:05 - 5:05pm	Valuing Sports Franchises and Related Media Assets Donald Erickson, ASA President \| Erickson Partners, LLC Dallas, TX Michael Ozanian Executive Editor \| Forbes New York, NY Transactions and values of major league sports teams have been volatile and counter-intuitive compared to many conventional industries in recent years. This session will explore trends, drivers and pillars of value to these teams including the value explosion attributable to media contracts.
Wednesday, October 16
8:00 - 9:00am	Hot Topics in Business Valuation Jay E. Fishman, FASA Managing Director \| Financial Research Associates Bala Cynwyd, PA James R. Hitchner, ASA, CPA/ABV/CFF Managing Director \| Financial Valuation Advisors, Inc. Ventnor City, NJ Ronald L. Seigneur, ASA, CPA/ABV, CFF, CVA, CGMA Managing Partner \| Seigneur Gustafson LLP Lakewood, CO Don’t miss this lively panel discussion covering today’s hot topics in business valuation. This three part session includes: An Understandable and Supportable Method for Determining the Cost of Equity Capital – It’s Not as Hard as You Think. Learn about data input choices and support; reconciling Ibbotson and D&P data; and easy sanity checks on reasonableness. Next up: An Organized Process for Determining and Supporting a Discount for Lack of Marketability – It Is as Hard as You Think but It Can be Done. Find out what databases, models and methods work and don’t work; levels of reliability; and how to reconcile the results. Finally we’ll discuss How BV Standards Can Either Help You or Hurt You. Get insight into ASA, USPAP and SSVS along with levels of services and types of reports.
9:05 - 10:05am	Oil and Gas Reserves: From Rock to Bank Jim Harden, ASA, CPG Principal, Valuation Services Leader \| Hein & Associates Houston, TX This presentation will examine how a reserve report is developed, then used as basis of value for cash flow analysis. We will also discuss how differing buyers look at properties differently, what market transactions are telling us, as well as what critical sensitivities are often overlooked by appraisers.
	Goodwill Impairment and Fair Value Judgments Dr. Niranjan "Chips" Chipalkatti, PhD, ACA Professor of Accounting \| Seattle University Albers School of Business and Economics Seattle, WA Mark Zyla, ASA, CPA/ABV, CFA Managing Director \| Acuitas, Inc. Atlanta, GA This session will be presented in two parts. In the first part, Mark will provide the latest in best practices in testing goodwill for impairment. He will discuss issues considered in the recent draft of the AICPA’s Guide on Testing Goodwill for Impairment. He will also touch on the PCAOB’s reports on audit deficiencies as they relate to auditing impairments in fair value measurements. In the second part, Chips will provide the results of a study that examines the perspective of valuation professionals regarding goodwill impairment and related fair value judgments. The objective is to provide important insights into the decision-making processes used in fair value judgments. This study was conducted by Dr Niranjan "Chips" Chipalkatti, Dr. Valentina Zamora and Dr. Bruce Koch of Seattle University, Albers School of Business and Economics.
	The Impact of Recent Court Decisions on Patent Valuations Carmen Eggleston, CPA/ABV, CFF, CFE Managing Director \| OverMont Consulting LLC Houston, TX Over the past two years a number of appellate court decisions including, Lucent, ResQNet, Uniloc and Laser Dynamics have made the claim for patent damages more difficult for the holder of patent rights. As a result, improper consideration of these decisions can result in an overvaluation of patent portfolios. Recent court decisions regarding the appropriate royalty structure for patents that are included in an industry standard will be discussed as well.
10:20 - 11:50am	What's New with Control Premiums Carla G. Glass, FASA, CFA Shareholder \| Hill Schwartz Spilker Keller Dallas, TX Jeffrey S. Tarbell, ASA Director \| Houlihan Lokey San Francisco, CA This presentation will cover recent developments in the quantification and application of control premiums in both a financial reporting and traditional FMV context. Appraisers have employed control premiums (and, by implication, minority interest discounts) for years. But our understanding of this issue continues to develop and improve. Topics to be addressed include measurement of the premium; The Appraisal Foundation’s recent efforts; the issue of whether the so called premium is actually for “control”; which valuation inputs are determinative of whether a method produces a minority- or control-level of value; and some of the limitations inherent to observed empirical control premium data.
	Applications of Monte Carlo Simulation G. William Kennedy, Ph.D., CPA/ABV Director \| Berkeley Research Group LLC Boston, MA A Monte Carlo simulation is a highly recognized analytical tool used in a wide variety of research, investment, and business decision making settings. Monte Carlo simulations harness the power of probability and statistical analysis to examine hundreds or thousands of possible combination of variables and potential outcomes and provide a concise assessment of the range of model outcomes. The session will provide an overview of Monte Carlo simulations; discuss how to select among the alternative inputs and variables used in Monte Carlo simulations; provide illustrations of how to construct models; and provide examples of the use of Real Option analysis and Monte Carlo simulation models in valuation, litigation, and corporate decision making.

Monday, October 14
8:00 - 8:30am	Introduction & Opening Remarks
8:30 - 9:30am	Keynote Address Peter Zeihan President and Founder \| Zeihan on Geopolitics Austin, TX A geopolitical strategist and forecaster, Mr Zeihan combines topography, economics, demographics, history and culture to craft the future. He approaches the world from his clients' points of view, distilling global complexities into actionable items, leaving audiences with clear concepts of what cannot happen, what must happen eventually, and what will happen very soon. Mr. Zeihan is a frequent guest on national and international television news shows on CNN, ABC, Fox News, and also is frequently interviewed for radio programs.
9:35 - 10:35am	Healthcare Reform and the Impacts on Appraisal Practice Jason L. Ruchaber, ASA, CFA Partner \| HealthCare Appraisers, Inc. Denver, CO Healthcare reform has wide reaching implications for the valuation of healthcare related and non-healthcare entities. This session will provide an overview of the Patient Protection and Affordable Care Act and other ongoing healthcare reforms, along with a discussion of the specific valuation considerations all appraisers should consider in their analyses.
	Where Are We Heading with Fair Value Measurements in Financial Reporting? Peter F. Lyster Managing Director, Department of Professional Services \| KPMG LLP New York, NY Mark Zyla, ASA, CPA/ABV, CFA Managing Director \| Acuitas, Inc. Atlanta, GA In this session, Pete and Mark will provide the latest information on fair value measurements in financial reporting including: hHistory and overview of fair value measurements in financial reporting; recent developments with the PCAOB and SEC; best practices and new guidance from the AICPA and Appraisal Foundation; observations of various issues in actual fair value measurements; and trends and the future of fair value.
11:05am - 12:05pm	How Much is Enough? Determining Adequate Capital in M&A Transactions, Bankruptcy and Litigation Josh Cashman, ASA, JD, CFA Partner \| INTRINSIC Denver, CO Josh Harrison, CPA/ABV, CFE, CFA Partner \| INTRINSIC Denver, CO Evaluating whether a business is adequately capitalized is a critical step in the M&A due diligence process, as well as in other proposed changes in ownership structure. Businesses with insufficient equity cushion often fail in the wake of adverse economic conditions or lulls in the business cycle. All too frequently, leveraged buyouts and other changes in capital structure are not sufficiently scrutinized on the front end due to emphasis on getting the deal done, and determining adequate capital becomes an after the fact exercise in bankruptcy or litigation. This presentation will provide a high level understanding of adequate capital structure, as well as key legal and business considerations in determining whether a business is adequately capitalized.
	Valuation of IPR&D: AICPA IPR&D Practice Aid Update Anthony V. Aaron, ASA, CFA, FRICS Principal \| Ernst & Young LLP McLean, VA This session will summarize the background of the IPR&D issue, the first task force, the current task force, and the (at the time of the conference) recently issued and updated IPR&D practice aid from the AICPA. Mr. Aaron served on the original task force and is currently serving as co-chair of the current task force.
	Valuation of Privately-Held Company Securities Held by Investment Companies David L. Larsen, CPA Managing Director \| Duff & Phelps LLC San Francisco, CA With increasing scrutiny by investors and regulators, investment companies are under significant pressure to improve the robustness of their periodic fair value estimates. Further, nuanced interpretations of “unit of account” and overweighting valuation theory at the expense of market participant views may cause unintended valuation consequences. This session will focus on how investment companies pragmatically apply accounting standards and industry valuation guidelines, such as IPEV, in determining the fair value for “level 3” investments, including debt equity and fund interests.
1:30 - 1:45pm	Business Valuation Committee Update Robert Morrison, ASA Committee Chair
1:45 - 3:00pm	New Developments in Cost of Capital Roger Grabowski, ASA Managing Director \| Duff & Phelps Chicago, IL Shannon Pratt, FASA, CFA, ARM, ABAR, MCBA, CM&AA CEO \| Shannon Pratt Valuations, Inc. Beaverton, OR
3:30 - 4:00pm	Appraisal Foundation Update David S. Bunton President \| The Appraisal Foundation Washington, DC Mr. Bunton will provide an overview of The Appraisal Foundation, its relationship with ASA and an update on its current projects and activities. He will also discuss the recently created Appraisal Practices Board (APB) and Alliance for Valuation Education.
4:00 - 5:30pm	The Secret Lives of Master Negotiators: To Bid or Not to Bid, That Is the Question Robin L. Pinkley, Ph.D. Professor of Management and Organizations \| Cox School of Business, SMU and Founder M2M Center for Profitable Negotiation \| Southern Methodist University and M2M Center for Profitable Negotiation Dallas, TX For the last twenty years Dr. Robin Pinkley has conducted research to determine what distinguishes the most successful and elite class of negotiators – “Master Negotiators”, from others and applied these secrets to the important negotiations faced by her world class clients. Based on this research and the successful application of these strategies to real-world negotiations, Dr. Pinkley has created the novel Gain-Gain Approach to Profitable Negotiation heralded by many in the press and commercial industry as “a step beyond Win-Win” for its superior ability to enhance negotiator profitability while maintaining or improving relationships. This profitable, yet principled approach has been found to increase effectiveness and efficiency in both personal and professional settings and can be applied to any negotiation in this competitive marketplace including sales, procurement, mergers and acquisitions, or labor contracts. During the presentation participants will be exposed to the state-of-the-art Gain-Gain approach to profitable negotiation and learn: ways to avoid the costly negotiator biases commonly held by expert and novice negotiators; how and why bidding and counter-bidding strategies impact perceptions of value, satisfaction with outcome and willingness to accept an offer; and how real and imagined alternatives have on perceptions of relative power, negotiator strategy and outcome.
Tuesday, October 15
8:00 - 9:00am	Economic Update Richard W. Peach, Ph.D. Sr. VP, Macroeconomic and Monetary Studies Function \| Federal Reserve Bank of New York New York, NY Dick Peach is a Senior Vice President in the Macroeconomic and Monetary Studies Function of the Federal Reserve Bank of New York. He participates in the development of the Bank's forecast for the U.S. economy and oversees the Bank's projections of federal receipts and outlays. His long-term research interests have been primarily in housing and real estate finance topics.
9:05 - 10:05am	ASA Business Valuation Standards, USPAP and the International Valuation Standards: Harmonization? Convergence? Or What? Z. Christopher Mercer, ASA, CFA, ABAR Chief Executive Officer \| Mercer Capital Management, Inc. Memphis, TN Richard Wise, FASA, MCBA, CVA, FCBV, CPA, CA Partner \| MNP LLP Montreal, QC This session will cover recent changes — implemented as well as proposed — to BV standards that are required to be followed by members of ASA, whether emanating from USPAP or the IVS, and the harmonization and/or convergence of ASA, USPAP and IVS Business Valuation standards as they impact the BV profession.
	Financial Instruments Michael Kraehnke, CPA Partner \| KPMG LLP New York, NY This session will provide updates on the FASB and IASB Financial Instruments project as well as recent disclosure requirements and common valuation issues.
	Goodwill in Marital Dissolution Elizabeth (Beth) Husrt, ASA, MBA Managing Director \| Stewart McClean Consulting Houston, TX This session will include a discussion of the elements of personal versus enterprise goodwill. Learn about the management interview with examples of questions, along with formulas for quantifying goodwill through short case studies. Walk away with a better understanding that although there are many “soft” elements of goodwill, Personal Goodwill can be quantified; it is always better to use more than one approach; and that each case is different and the bottom line is always what can be transferred to a new owner.
10:35 - 11:50am	Tax Court Case Update William H. Frazier Managing Director \| Stout Risius Ross Dallas, TX This session will offer a review of recent Tax Court cases and the important implications to business valuation.
	Panel: Understanding What Auditors/Valuation Review Teams Require in Fair Value Appraisals Anthony V. Aaron, ASA, CFA, FRICS Principal \| Ernst & Young LLP McLean, VA Seenu Akunuri Principal \| PricewaterhouseCoopers LLP Houston, TX BJ Orzechowski Partner \| KPMG LLP - Economic and Valuation Services Philadelphia, PA Daniel Peckham, CFA Principal \| Deloitte Financial Advisory Services LLP Dallas, TX This informative panel discussion will highlight key issues in valuations for financial reporting purposes, which are addressed in the financial statement audit setting. Learn more about “hot buttons” that often come up when reviewing the work of external valuation specialists.
	Intangible Asset Economic Damages Methods Robert P. Schweihs, ASA, CBA Managing Director \| Willamette Management Associates Chicago, IL Intangible assets (and particularly intellectual property) can be the subject of both breach of contract and tort claims. This session will summarize the generally accepted intangible asset damages method, including: the lost profits method; the reasonable royalty rate method; and the lost business value/cost to cure method. This session describes each damages measurement method; explains methodological strengths and weaknesses; summarizes relevant data sources; and provides illustrative examples.
1:00 - 2:30pm	Using Market Data to Support Real Estate Partnership Discounts Spencer Jeffries President \| Partnership Profiles, Inc. Argyle, TX James R. Park, ASA Partner \| Munroe, Park & Johnson, Inc. San Antonio, TX Learn how to properly apply the latest empirical data when valuing a non-controlling interest in a family limited partnership owning real estate. Using a case study, this session will feature various data sources to use and explain how to use the data to value an FLP that owns real estate under both the Market Approach and the Income Approach.
	Valuing Customer Relationships and the Distributor Method P. J. Patel, ASA, CFA Managing Director \| Valuation Research Corporation New York, NY Raymond Rath, ASA, CFA Managing Director \| Financial Valuation and Advisory Services Irvine, CA Ray Rath and PJ Patel will discuss the issues around the use of the MPEEM, distributor method, with and with-out method and cost approach to value customer related assets. They will discuss which method to use and when, and discuss the pros and cons of each approach. This session will be presented in case study format.
	Expert Witness Skills: Tips and Techniques to Defend your Position Gary R. Trugman, ASA, CPA/ABV, MCBA, MVS President \| Trugman Valuation Associates Plantation, FL This presentation will be for any business valuer that either works in a litigation setting or whose work could end up in litigation. Whether your appraisal is for commercial litigation, divorce, estate and gift taxes, or for any other purpose, learn how to be prepared, testify and support your opinions in a courtroom. After over 300 court appearances, learn the good, the bad, and the ugly about being an expert witness.
3:00 - 4:00pm	Beyond a Reasonable Doubt – Tips and Techniques to Determine Owner-Employee Compensation Ronald L. Seigneur, ASA, CPA/ABV, CFF, CVA, CGMA Managing Partner \| Seigneur Gustafson LLP Lakewood, CO This session will focus on the appropriate methods resources used to support determinations of reasonable compensation for owner-employees. The session will highlight landmark case law that is instructive in reasonable compensation determinations and identify several sources of empirical evidence that are available to support compensation determinations.
	Finally Final! The 2013 AICPA Cheap Stock Guide – What are the Implications? Amanda Miller, Ph.D. Executive Director \| Ernst & Young LLP Redwood City, CA The final version of the new AICPA Guide, Valuation of Privately-Held Company Securities Issued as Compensation, has finally been released. Join Amanda Miller for a discussion of the implications of the new guide, including: the new framework for evaluating private and secondary market transactions; new discussions on adjustments for control and marketability; and new discussions on highly leveraged entities. The session will also provide the opportunity for a robust discussion to answer your questions.
	Recent Developments in the Use of Put Options to Determine Discounts for Lack of Marketability John D. Finnerty Professor of Finance \| Fordham University New York, NY The presentation will discuss the reasonableness of modeling the discount for lack of marketability as the value of a foregone put option and will compare three such models - the traditional Black-Scholes-Merton put option model, the lookback put option model, and the average-strike put option model. The assumptions underlying each model will be compared. Two examples will be discussed that contrast the values obtained from the three models.
4:05 - 5:05pm	Journey to the Center of SBBI Decile 10 William H. Frazier Managing Director \| Stout Risius Ross Dallas, TX This session will provide an overview of the common misconceptions regarding SBBI Cost of Capital. Learn more about why excess return may not be related entirely to size; why data may not be homogeneous enough for general usage; and how these conditions vary between 10 w., x., y., and z.
4:05 - 5:05pm	Contingent Consideration - Examples from the Trenches Dwight Grant Managing Director \| PricewaterhouseCoorpers LLP San Francisco, CA Three years ago valuing contingent consideration was a novelty. If not now a highly standardized practice, there is at least wide spread experience with respect to the models and methodologies. In this presentation, we will review the evolution of the practice with an emphasis on actual cases that illustrate pitfalls and good practice.
4:05 - 5:05pm	Valuing Sports Franchises and Related Media Assets Donald Erickson, ASA President \| Erickson Partners, LLC Dallas, TX Michael Ozanian Executive Editor \| Forbes New York, NY Transactions and values of major league sports teams have been volatile and counter-intuitive compared to many conventional industries in recent years. This session will explore trends, drivers and pillars of value to these teams including the value explosion attributable to media contracts.
Wednesday, October 16
8:00 - 9:00am	Hot Topics in Business Valuation Jay E. Fishman, FASA Managing Director \| Financial Research Associates Bala Cynwyd, PA James R. Hitchner, ASA, CPA/ABV/CFF Managing Director \| Financial Valuation Advisors, Inc. Ventnor City, NJ Ronald L. Seigneur, ASA, CPA/ABV, CFF, CVA, CGMA Managing Partner \| Seigneur Gustafson LLP Lakewood, CO Don’t miss this lively panel discussion covering today’s hot topics in business valuation. This three part session includes: An Understandable and Supportable Method for Determining the Cost of Equity Capital – It’s Not as Hard as You Think. Learn about data input choices and support; reconciling Ibbotson and D&P data; and easy sanity checks on reasonableness. Next up: An Organized Process for Determining and Supporting a Discount for Lack of Marketability – It Is as Hard as You Think but It Can be Done. Find out what databases, models and methods work and don’t work; levels of reliability; and how to reconcile the results. Finally we’ll discuss How BV Standards Can Either Help You or Hurt You. Get insight into ASA, USPAP and SSVS along with levels of services and types of reports.
9:05 - 10:05am	Oil and Gas Reserves: From Rock to Bank Jim Harden, ASA, CPG Principal, Valuation Services Leader \| Hein & Associates Houston, TX This presentation will examine how a reserve report is developed, then used as basis of value for cash flow analysis. We will also discuss how differing buyers look at properties differently, what market transactions are telling us, as well as what critical sensitivities are often overlooked by appraisers.
	Goodwill Impairment and Fair Value Judgments Dr. Niranjan "Chips" Chipalkatti, PhD, ACA Professor of Accounting \| Seattle University Albers School of Business and Economics Seattle, WA Mark Zyla, ASA, CPA/ABV, CFA Managing Director \| Acuitas, Inc. Atlanta, GA This session will be presented in two parts. In the first part, Mark will provide the latest in best practices in testing goodwill for impairment. He will discuss issues considered in the recent draft of the AICPA’s Guide on Testing Goodwill for Impairment. He will also touch on the PCAOB’s reports on audit deficiencies as they relate to auditing impairments in fair value measurements. In the second part, Chips will provide the results of a study that examines the perspective of valuation professionals regarding goodwill impairment and related fair value judgments. The objective is to provide important insights into the decision-making processes used in fair value judgments. This study was conducted by Dr Niranjan "Chips" Chipalkatti, Dr. Valentina Zamora and Dr. Bruce Koch of Seattle University, Albers School of Business and Economics.
	The Impact of Recent Court Decisions on Patent Valuations Carmen Eggleston, CPA/ABV, CFF, CFE Managing Director \| OverMont Consulting LLC Houston, TX Over the past two years a number of appellate court decisions including, Lucent, ResQNet, Uniloc and Laser Dynamics have made the claim for patent damages more difficult for the holder of patent rights. As a result, improper consideration of these decisions can result in an overvaluation of patent portfolios. Recent court decisions regarding the appropriate royalty structure for patents that are included in an industry standard will be discussed as well.
10:20 - 11:50am	What's New with Control Premiums Carla G. Glass, FASA, CFA Shareholder \| Hill Schwartz Spilker Keller Dallas, TX Jeffrey S. Tarbell, ASA Director \| Houlihan Lokey San Francisco, CA This presentation will cover recent developments in the quantification and application of control premiums in both a financial reporting and traditional FMV context. Appraisers have employed control premiums (and, by implication, minority interest discounts) for years. But our understanding of this issue continues to develop and improve. Topics to be addressed include measurement of the premium; The Appraisal Foundation’s recent efforts; the issue of whether the so called premium is actually for “control”; which valuation inputs are determinative of whether a method produces a minority- or control-level of value; and some of the limitations inherent to observed empirical control premium data.
	Applications of Monte Carlo Simulation G. William Kennedy, Ph.D., CPA/ABV Director \| Berkeley Research Group LLC Boston, MA A Monte Carlo simulation is a highly recognized analytical tool used in a wide variety of research, investment, and business decision making settings. Monte Carlo simulations harness the power of probability and statistical analysis to examine hundreds or thousands of possible combination of variables and potential outcomes and provide a concise assessment of the range of model outcomes. The session will provide an overview of Monte Carlo simulations; discuss how to select among the alternative inputs and variables used in Monte Carlo simulations; provide illustrations of how to construct models; and provide examples of the use of Real Option analysis and Monte Carlo simulation models in valuation, litigation, and corporate decision making.

©American Society of Appraisers	(800) ASA-VALU \| (800) 272-8258
11107 Sunset Hills Road, Suite 310, Reston, VA 20190	www.appraisers.org \| asainfo@appraisers.org

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