Jeffrey Tarbell Represents ASA at International Valuation Conference in Romania

By Sharon Reed

Jeffrey S. Tarbell, ASA

BUCHAREST, Romania — Jeffrey S. Tarbell, ASA represented the American Society of Appraisers at an International Valuation Conference, entitled: “Business Valuation in a Globalised World” in Bucharest, Romania on September 7, 2018. Hosted by the International Valuation Standards Council (IVSC) and the National Association of Authorised Romanian Valuers (ANEVAR), 21 countries were represented at the conference. Anton Lezhja, ASA also participated in the conference.

The IVSC/ANEVAR Conference was “part of the cooperation between the two organizations to develop the valuation profession, enhance professionalism and promote international business valuation standard,” according to ANEVAR.

Representatives of the international valuation professional organizations: IVSC, American Society of Appraisers (ASA), International Association of Certified Valuation Specialists (IACVS), International Institute of Business Valuers (iiBV), as well as Business Valuation Resources (BVR) presented the latest news in the field of business valuation at the conference.

Established in 1992, ANEVAR is a professional not-for-profit organization with public utility which represents all authorized valuers in Romania. Presently ANEVAR includes more than 4100 individuals and 520 companies in Romania. ANEVAR has adopted International Valuation Standards (IVS) since January 1, 2004, according to ANEVAR.

As the sole association representing Romania, ANEVAR is a member of the The European Group of Valuers’ Associations (TEGOVA), which represents qualified valuers in 37 European countries.

Historically Romania was liberated from the communist region after the Iron Curtain fell in 1989. Reforms were made in Romania during the 2000s, including of the democratic system and economy. Romania joined the European Union in 2007.

Jeffrey S. Tarbell, ASA, Chair of ASA’s Business Valuation (BV) Discipline Committee, is Director in the Financial Advisory Services (FAS) practice of Houlihan Lokey in San Francisco, CA.

“There are many differences between the regions and cultures of the 21 countries represented at the conference in terms of how to conduct business valuations,” Tarbell said. “But there is common goal of moving towards harmonized international valuation standards.”

Tarbell has also recently lectured in Belgrade, Serbia and Prague, Czech Republic. “The Central and Eastern European regions are advancing at a rapid pace. This will be a much different place in terms of valuations in five to ten years,” he said.

“In terms of valuation Romania is unique as a hub for knowledge sharing and advanced thinking on what we do and take for granted in the U.S. as appraisers,” Tarbell commented. “ANEVAR is very well respected in Romania. ANEVAR’s The Valuation Journal and Value-whenever it is magazines are comprehensive and well respected. Appraisers in Romania have a lot of resources to support them professionally.”

At the conference Tarbell presented on: “Adjusting Market Pricing Multiples for Incremental Risks.” Included in his presentation was a method for risk-adjusting the calculate risk for market pricing multiples of companies operating in different countries because of divergent financial, economic and political risks.

Tarbell also participated in a panel discussion focused on “How to Support Your Valuation Conclusions.” ASA member Anton Lezhja, ASA, a Director in the Financial Advisory Services of Deloitte Central Europe in Tirana, Albania, discussed “Valuers of All Asset Categories Unite.”

To view the complete conference agenda, click here.