This past month marked a whirlwind of partnerships and collaborative activity, the kind association leaders live for.
To start, the American Society of Appraisers, along with eleven other organizations, signed a letter to congressional leaders calling for immediate passage of the Charitable Conservation Easement Program Integrity Act (S.4751). The ending of conservation easement tax deduction abuse and passing the S. 4751 is urgently needed and long overdue. As such, it was important to have ASA’s name associated with such a grave cause.
ASA also partnered with TAF, AI, ASFMRA, RICS, NSREA, and NAR to host an upcoming free symposium on Promoting Trust for Fair and Affordable Housing. This free symposium on 12/9, consists of 3 separate events including two panel discussions that I will be co-moderating in respect to fair housing, racial discrimination, and bias in real estate and mortgage finance and its lingering impacts to the present day; and one forward thinking session that will provide early insights into the housing and economic development agendas of the 117th Congress and incoming Biden Administration as they relate to real estate appraisal.
In a similar effort, ASA has partnered with TAQEEM and other global VPOs to submit a joint message to G20 virtual summit participants. Since the influence and importance of the G20 meetings and discussions can be crucial to the development and growth of the valuation profession in various markets, ASA was happy to contribute to this initiative.
“The American Society of Appraisers stands in support of the G20’s crucial role in empowering inclusive global economic growth. Together our shared goals will help shape and ensure continued opportunities for consumers around the world and the valuation professionals who service them.” —American Society of Appraisers.
In other news, this past month I participated in the OnBoard Leadership Panel, where I and 3 other association executives shared our expertise and advice on how associations prepare for and address uncertainty in upcoming board meetings and planning sessions. Fully understanding our peers’ situations as well as regional differences during the pandemic, will ultimately help Board members strategize and grow as an association. I was honored to be a part of such a well-respected group of executives and appreciated sharing why member connections are so crucial to a leadership Board’s success.
I am also proud to announce that ASA recently made a donation to the International Foundation for Art Research (IFAR) on behalf of the many ASA members who utilize the organization’s educational resources. IFAR bridges a critical gap in the scholarly, legal, and museum worlds. As such, providing financial support will serve as a benefit to our members as well as helping IFAR continue its programs, services and goals.
Lastly, ASA has signed an Emerald Sponsorship Level agreement for the upcoming AGA conference. AGA offers the highest level of education for gemologist. They are up-to-date on the latest trends in the industry and have well-respected individuals as speakers. By being an Emerald Sponsor, ASA’s logo will be featured in all promotional materials; on AGA social media posts before, during, and after the conference; acknowledged during the opening and closing statements; and on the recorded banner that will run during breaks. We are inspirited ASA is sponsoring such a prominent and appreciated conference in the GJ appraisal industry.
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
On Wednesday, November 18th ASA held its highly anticipated Fair Value Virtual Conference – Fall.
With 169 participants, 8 stimulating sessions, and 14 unique session speakers, ASA broke Fair Value Conference attendance records by a whopping 34%!
This compelling conference brought together industry professionals from around the globe and covered 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.
Anchored by thought provoking panel discussions, the conference included a variety of polls to offer insight from attendees on a variety of topics. Kicking off with the Current Issues Panel, headed by Carla Nunes, CFA, Jim Krillenberger,Adam Smith, ASA, and Paul Balynsky, CFA, CPA/ABV, attendees provided input on the continued challenges and impacts of COVID.
Methodology
The COVID-19 outbreak has caused unprecedented turmoil in financial markets and created a global economic recession. The associated heightened level of uncertainty had led many valuation professionals to rethink their valuation assumptions and methodologies.
During the conference, attendees were asked a number of polling questions regarding the assumptions being used and the adjustments being made in the current environment when performing fair value measurements.
The following is a brief overview of the population of survey respondents.
Average number of survey respondents = 109
Majority of attendees were in the United States, but the conference also attracted participants from Australia, Austria, Bermuda, Mexico, Romania, Saudi Arabia and Singapore
The remainder of this report documents the survey results.
“Current Issues” Panel
This session began with an introduction to the current economic environment and the apparent divergence with financial markets. Panelists then discussed a variety of issues that valuation professionals have been facing when developing fair value estimates in a post-COVID-19 environment:
Impact of COVID-19 and U.S. Presidential Elections on fair value measurements related to: 1) goodwill and asset impairments; and 2) fair value updates of portfolio investments
Incorporating uncertainty in cash flow projections: scenario approach and sensitivity analyses versus discount rate adjustments
Impact of COVID-19 on cost of capital inputs: Risk-free Rate, Equity Risk Premium, Beta, Capital Structure, Alphas
When survey participants were asked how long they expect the current economic downturn to last, nearly 60% replied they anticipate the current recession will end in 2020. The responses were in line with the expectation that a vaccine will be widely available in 2021. Some economists still believe that the recovery could be either V- or U-shaped, while eithers point to a K-shaped recovery, meaning that some companies/industries will outperform the overall economy, while others will continue to struggle until social distancing policies are no longer necessary.
Survey respondents use a variety of methods to incorporate the incremental risk created by COVID-19 in their valuations. Almost half of the respondents use a combination of methods. For those relying primarily on a single method, practice seems to be equally divided (at close to 20% each) between those who prefer to use scenario analyses and those who adjust their discount rate with a company-specific risk premium.
About a third of participants has kept the same equity risk premium (ERP) assumption since December 2019 when developing cost of equity estimates, which may reflect a preference by this sub-group to rely on historical ERP measures. Interestingly, almost 40% of respondents (combined) have either decreased their ERP assumption from the March 2020 levels or are considering doing so currently.
COVID-19 has led to an increase of certain types of fair value measurement projects relative to typical levels. On a stand-alone basis, goodwill impairments capture the most common type of projects seeing an increase in frequency, which is not surprising. Following the stock market collapse in March and April 2020, many companies identified triggering events that required an examination of whether their goodwill was impaired. More broadly, about two-thirds of respondents saw a rise in goodwill and long-lived asset impairments, stock-based compensation, and/or market-to-market updates of portfolio investments.
The Same Facts, Different Answers panel led by Bill Johnston, ASA-IA, Ryan Gandre, ASA, CFA, CEIV, Carla Nunes, CFA, Adam Smith, ASA, and Jacquelyn Marsac, CFA offered a reminder that valuation is not an exact science, and perspective can vary between individuals looking at the same economic environment and reviewing similar accounting guidance.
When asked about the risk-free rate assumption used in the current environment, a majority (57%) indicated that the spot yield as of the valuation date is the preferred approach. Some type of normalization, either by computing an average risk-free rate or a different normalizing method, was used by 41% of respondents.
The accounting treatment of operating leases for publicly-traded companies has recently changed in both US GAAP and IFRS. This type of financing is now capitalized as an operating lease liability in companies’ balance sheets under both accounting standards (note that private companies have more time to adopt under US GAAP).
Survey participants were asked whether they treat operating leases as debt equivalents in their fair value measurements. Over half of respondents indicated they remove the effect of operating leases by excluding this liability from total debt, thereby approximating the old accounting rules. Just over 20% of respondents have in effect reflected the new leasing rules in their valuations, while 10% make a distinction when dealing with public vs. private companies.
Thank you to our Sponsor VRC – and thank you to everyone who helped make this virtual conference a success!
For more information about ASA, please visit appraisers.org.
In March of 2020, ASA chapters were faced with the challenge of transitioning their in-person chapter events to virtual settings due to the ongoing pandemic. While the concept of virtual events and conferences isn’t new, the change brought about a variety of technical and logistical problems. However, ASA chapters have done an excellent job of leveraging these online platforms to provide networking and educational opportunities to their members. ASA would like to highlight a few of these outstanding virtual events.
9/24/2020 NorCal Chapter: ABCs of testimony: Attorney Tricks and Witness Traps
10/1/2020 Houston Chapter: “Valuing Wine is easy. Just ask my empty glass!”
10/8/2020 Boston Chapter: How to Qualify an Expert Appraiser and How to Impeach an Expert Appraiser
11/10/2020 Washington D.C. Chapter: Election Analysis Discussion with John Russell
ASA commends all chapters for not only providing virtual educational opportunities but in most cases, opening the events to the entirety of ASA. In addition to strengthening ASA, this has led to the interconnectedness between chapters and members that, under normal circumstances, would not have occurred.
To our ASA chapter officers, thank you. While it certainly hasn’t been easy to adjust, you have made the most of it and have done an excellent job.
You can view upcoming chapter events on the local chapters’ event page by clicking here. Additionally, you may find them in the bi-weekly newsletters.
The ASA Educational Foundation has sponsored its first ever virtual auction hosted at the ASA’s International Conference. The annual auction is always an anticipated event, and year 2020, though virtual, was no exception.
The new virtual fundraiser was very well received by donors. The auction items brought in $3,895, with another $940 from donations, bringing the auction total to $4,835.00.
The charitable contributions were not only tax deductible, but the shipping was simple for our donors and quick for our winners. It was also noted by many how simple it was to make monetary donations. Overall, a big success!
We are so grateful to all of the benefactors and beneficiaries of ASA’s 2020 Auction. At the 2020 ASA International Conference, 15 items were auctioned off, given to the highest bidder. There was a lot of action around the jewelry and software items, as well as a dinner with ASA’s CEO, Johnnie White.
Out of the 15 items auctioned, 13 lucky winners were chosen; including:
Case of Cabernet Sauvignon 2017 Spring Mountain District, Napa Valley –Joseph Noselli
One Virtual Hour with ASA’s CEO, Johnnie White, MBA, CAE, CMP at Mutually Convenient Time/Place – Garrett Schwartz
Admission for One to ASA’s 11th Annual Award Winning Houston Energy Valuation Conference Wednesday May 12, 2021 – Online Entry – Sharon Desfor
AMAZON.COM Gift Card Redeem at Amazon.com Online Stores – Garrett Schwartz
Dinner “ON” the Governor of the Personal Property Discipline Committee- Carol Akers Klug
Instappraise Jewelry Appraisal Software – 1 Year Subscription – George Sonnen
Private Dinner with ASA CEO Johnnie White at Gordon Ramsay Burger during the International Conference at Planet Hollywood Resort & Casino, Las Vegas October 24 to 26, 2021 – Woody Fincham
Best Practices Thought Leadership in Valuation, Damages, and Transfer Price Analysis – Thomas Stewart
AMAZON.COM Gift Card Redeem at Amazon.com Online Stores – Carol Klug
Dinner “ON” the Governor of the Personal Property Discipline Committee – Carol Akers Klug
Two Virtual Hours with David Mitroff, Ph.D., CEO for a Chapter Presentation or Assessment of Your Business Practice + Digital Books An Assessment includes a review of your Practice, formulation of strategies, and action items – Garrett Schwartz
Bobby Hill, Statue of Liberty Signed verso, Stencil w/ Hand Embellishments, 2011 – Roger Logan
California Tasting Room Collection Gift Basket – Joshua George
Hand-Made Silver Moonstone Pendant – Joseph Noselli
Thank you to ASA’s Educational Foundation and our generous bidders and auction donors! For more information visit appraisers.org.
This past month I have been actively working with our staff and organizers on our Fall events and professional development programs.
Starting with the 2020 ASA International Conference, I had the privilege of moderating the opening keynote panel discussion looking at key trends expected to impact the appraisal profession over the next 6-12 months. We also heard critical insights from a panel of three IRS employees that offered information relevant to all session attendees. A complete recap and photos of the session and highly successful event are available online. We are also making this programming OnDemand for those who missed the event. Stay tuned for more details.
Also this past month, I helped facilitate and lead the joining of the major real estate valuation professional organizations to support training and ethics to combat bias. As a result of our efforts a new pledge was made to develop training programs for appraisers covering unconscious bias issues, with the goal of working to increase awareness by connecting the appraisal community with thought leaders on bias and discrimination. An additional result also included each of the organizations committing to take steps to enhance their respective Code of Ethics to more firmly or overtly address bias and discrimination issues with protected classes.
In a similar effort, I also participated in a special Texts to Table conversation about race & leadership, joining an impressive panel of fellow certified association executives and leaders to share and discuss experiences about what it’s like to parent in today’s America.
As well as participated in a special Traveling Podcast interview, entitled “The Mamba Mentality: How to Create the Best Version of Yourself”, where I shared insights and discussed the importance of continuous learning to build skillsets, maximize professional opportunities and make changes to recognize unconscious bias to help influence change globally.
Last, I worked with three specialty providers to form partnerships to help expand ASA’s professional development reach into new markets.
Followed by a partnership with BriteCo to offer ASA’s new fundamentals of Jewelry Appraisal course to the company’s network of jewelry appraisers.
And last, a partnership with Western Washington University to offer ASA’s Principles of Valuation courses for aspiring business valuers.
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
The American Society of Appraisers recently held its 83rd annual International Conference on October 12-13, 2020 in an all-inclusive, first ever, virtual format. In keeping the tradition of providing the highest-level of education for appraisal experts, this year’s conference featured more than 55 sessions of the most comprehensive educational programming available taught by preeminent thought-leaders from all appraisal disciplines.
To see photos of ASA’s 2020 International Conference, click here.
The International Conference kicked off Monday morning with Sunrise Yoga and a virtual 5k walk/run, followed by introductions and welcoming remarks from ASA’s CEO Johnnie White and ASA’s International President Lorrie Beaumont.
Following ASA’s International Conference kick off, the educational sessions began, starting with the Keynote Address: Convergence of the Disciplines: Appraising in the New Normal featuring panelists who represented all 6 disciplines including: Johnnie White as the Moderator; Richard-Raymond Alasko (PP), Randy Barcella (RP), Roger Grabowski (BV), Douglas Krieser (MTS), and J. Mark Penny (ARM).
Next, the discipline-specific sessions commenced, starting with: Big Market Delusion with Bradford Cornell; How to Market Your Professional Designation with Barry Lebow;Modeling… Beyond the Math with Douglas Krieser, ASA; The Gray Market: Valuing Unauthenticated Objects with Megan Noh and Brian Brusokas; and How to Review a Business Economic Damages Report with Robert Schlegel, FASA and Ernest Demba, FASA.
Our first round of sessions were followed by a networking break where attendees could chat amongst each other, visit any of the various exhibit booths we had in our 3D main lobby, or go back and watch presentation recordings that they might have missed.
After break, the late morning sessions began with: You Get What You Pay For: Voting, Non-Voting, and Supervoting Shares with John Taylor, ASA and Yuka Itami, ASA; Why LEAP’s Provide Defendable Discounts for Lack of Marketability (DLOM’s) with Brian Pearson, ASA; Gift and Estate Tax Appraisals: an Estate Planner’s Perspective with Mel Justak; Cell Towers and Cellular Communications Equipment with Ned Persons; Architectural Artifacts: Meaningful and Marketable with Eric Nordstrom; and Using and Misusing Regression Analysis in Valuation with Thomas Hamilton and Mark Munizzo, ASA.
The afternoon got under way with ASA’s Annual International Awards Luncheon. ASA International President Lorrie Beaumont presented the following awards:
ASA’s Chapter Member of the Year Award was given to: Lloyd Werner, IFAS from the ASA_NAIFA Rose City, OR Chapter. The Chapter Outreach Program Award was presented to the Chicago Chapter and both the Chapter Education Event Award and The Chapter of the Year Award was designated for the Houston Chapter.
Following that, Beaumont announced that the Board of Examiners recognized Ray Rath, ASA, for the Examiner of the YearAward.
The NAIFA award winners were then announced. The NAIFA Appraiser-of-the-Year Award was given to Michael Lange Jr., ASA; and the NAIFA Paul Wetzel Award to David Doering.
Next, The Woman Appraiser of the Year Award was designated for Melanie Modica.
The awards section concluded with honoring the Lifetime Achievement Award to Jay Fishman and Paul Roberts.
Following the awards presentation, Beaumont recognized the current past ASA president Douglas Kreiser and the Board of Governors.
To see the full 2020 ASA Awards presentation including award acceptance speeches, please see the video below:
After lunch, sessions touched on topics of: Potential Pitfalls of FCF Forecasting in the Terminal Period with Joseph Thompson, ASA and David Neuzil; Estimating Long Term Growth Rates with Ashok Abbott and Roger Grabowski, FASA;The Compelling Use of Business Valuation Appraisals in Litigation with John Sciacotta and Judge Thomas Mulroy;Valuation of Offshore Exploration and Production Equipment with John Ray; Paintings, Works on Paper and Books: Conservation and Condition Impacting Value with Rustin Levenson and Susan Russick; and Using and Misusing Regression Analysis in Valuation continued with Thomas Hamilton and Mark Munizzo, ASA.
Following the next break where attendees continued to network, visit exhibit booths, and complete other activities to earn points for a ‘Chance to Win’ contest, there were the afternoon sessions consisting of: Update on Valuation Cases in Delaware with Gil Matthews; Valuation Enforcement Cases – SEC and IRS Valuation Controversies with Anthony Kelly and Natalie Hoyer Keller; ASC842: Accounting and Valuation Implications for FASB’s New Lease Guidance with Steve Hills, Brendan Smith, and Troy Szopo, ASA; All Wine Tanks are not Created Equal with Jack Young, ASA; The Tiffany Ceiling: Taking on a Challenging Assignment with Patricia Atwood, ASA; and Appraisal Review: Process vs Technical Knowledge with Raymond Rath, ASA.
Our presentations of the day concluded with: Applying Environmental, Social and Governance Standards to Valuations with John Buley; Early Stage Valuation: A Fair Value Perspective with Antonella Puca; Convergence of Disciplines: Hotel Appraisal with Gary DeClark, Matt Lubawy, and Andrew Ciocca; Valuing Process Plants: Tricks of the Trade with Larry Perdue, ASA; and Appraisers as Liaison: Estate and Tax Planning with Micaela Saviano and Tiffanie Powell.
After a day full of networking and impressive educational productions, day 1 of ASA’s International Conference came to an end with 5 different virtual happy hours. Participants had the choice to join a variety of themed happy hour rooms. Trivia! participants competed for a number of prizes. Cocktails with the CEO offered attendee a chance to catch up with Johnnie White and other ASA HQ, ASA Member Peter Held hosted an hour of Art Appreciation, and the exclusive Rising Stars happy hour brought together our under 40, up and coming valuation professionals.
Moving on to the final day of ASA’s 2020 International Conference, educational sessions began immediately after the Early Riser activities, namely: Popularity: Pricing and Premiums with Roger Ibbotson; Litigation in Valuation withJeffrey Brend,Craig Capilla, and Mark Munizzo, ASA; Exceeding USPAP With Your Report Writing with R. Lee Robinette, ASA; and Signs of Change: Recent Market Milestones in Modern Design with Peter Jefferson.
Our next group of sessions included: International Cost of Capital: Understanding and Quantifying Country Risk with James Harrington, ASA and Carla Nunes; TCJA, Kress, Jones, and Cecil: Where Do We Go From Here with Dan Van Vleet, ASA; Litigation in Valuation continued with Jeffrey Brend,Craig Capilla, and Mark Munizzo, ASA; Valuation Principles for Healthcare Facilities with Jack Beckwith, ASA; and Mineral, Crystal and Lapidary Objects of Substance: Digging in the Market with Cigdem Lule.
Our conference attendees then broke out for lunch before attending the afternoon sessions starting with: The Good, Bad, and Ugly Truths About Valuing Convertible Debt with Anthony Banks, ASA and Taylor Rosanova; FASB Update with Joy Sy;Malpractice Defense & Insurance with Larry Hoellwarth;Research 2020: Sources, Best Practices, & International Considerations with Ryan Kinahan, ASA, and Ray Moran, ASA; and From Creation to Consumption: Fabrication Costs and Considerations with Mike Baur and Eric Stephenson.
Our discipline sessions continued on with: “Volatility Haircut” in Convertible Debt Valuation with Amir Alerasoul and Marina Kagan; Business Valuation After ASC842 with Ryan Gandre; 80/20: Profitability and Growth with Peter Philippi; and The Art of Testifying Remotely with Adam Massey.
During the break, attendees continued to network with one another while participating in ASA’s annual Educational Foundation auction. In lieu of the traditional live auction, the American Society of Appraisers Educational Foundation had launched its first ever virtual auction. This event offered a fresh and innovative experience with 15 unique items being donated. Participants enjoyed bidding from the comfort of their home while supporting a great cause.
Closing out the conference we had a bonus session with an IRS Panel Discussion moderated by ASA staff member John Russell. IRS representatives included Sharyn Fisk, Cheryl Teifer, and Brendan O’Dell.
Though this year looked different than the past, everyone pulled together to create a revolutionary event giving attendees a virtual experience that won’t be forgotten.
ASA would also like to thank the planning committee and advisors for all of their hard work and support, International Conference Chair Lorrie Beaumont, ASA, Terri A. Lastovka, ASA, ARM-BV, Jamie Allen, ASA, William M. Engel, ASA, Lela Hersh, ASA, Mark Munizzo, ASA, Larry Levine, ASA, Roger Grabowski, FASA, Steven Shanker, ASA and Daniel Lynn, ASA.
Lastly, a thank you to everyone who presented or attended; for making this year’s conference as fun, educational, and successful as it was.
Save the Date! Make plans to attend the 2021 ASA International Conference in Las Vegas on October 24-26!
ASA is pleased to announce the ASA Fair Value Virtual Conference – Fall 2020 presenters who will be discussing the latest fair value measurement and valuation topics, as well as other current and future expected trends regarding the FASB, SEC and international accounting standards.
Our current
lineup includes:
Carla Nunes, CFA is a Managing Director at Duff & Phelps LLC. She has nearly three decades of experience in valuation, financial and tax reporting, conducting numerous business and asset valuations for a variety of purposes including purchase price allocations, goodwill and asset impairments, mergers & acquisitions, tax restructuring, debt analysis, and gift and estate tax planning. Ms. Nunes also has extensive experience working with multinational companies, having addressed complex tax, international cost of capital, and foreign exchange issues.
Jim Krillenberger is a Senior Managing Director at ValueKnowledge LLC with more than 25 years of experience valuing business enterprises, equity and debt interests and intangible assets. Prior to founding ValueKnowledge LLC in 2005, Mr. Krillenberger served clients as a partner in the global accounting and consulting firm of PricewaterhouseCoopers, as a partner in the Transaction Advisory Services practice of Ernst & Young LLP, and as a Managing Director in the valuation practice of Standard & Poor’s. Mr. Krillenberger has served as an adjunct instructor at the University of Notre Dame, teaching Mergers and Acquisitions for the Executive MBA program and Intermediate Accounting to undergraduates.
Adam Smith, ASA is a Managing Director at PricewaterhouseCoopers with nearly 20 years of valuation experience. He has performed valuations of businesses, business interests, intangible assets, economic damages, derivatives, and lost profits. Mr. Smith’s experience includes preparing valuations for a wide range of purposes including financial reporting, litigation support, corporate planning and consulting, mergers and acquisitions, estate and gift tax reporting, and employee stock ownership plans.
Paul Balynsky, CFA, CPA/ABV is a managing director in Valuation Research Corporation’s portfolio valuation group with over 15 years of valuation experience. He specializes in valuations of portfolios of privately-held securities primarily for financial reporting purposes. He has performed valuations of securities along the entire capital structure including senior debt, subordinated debt and complex, multi-class equity structures. Mr. Balynsky is a member of the AICPA’s Forensic and Valuation Services Executive Committee, the AICPA’s SSVS/IVS Task Force, and the valuation expert observer of the AICPA’s Financial Reporting Executive Committee (FinREC).
Amanda Miller, PhD is a Valuation Audit Assist Leader at Ernst & Young, LLP with over 15 years in the industry. She also serves as co-chair of the AICPA “Cheap Stock” task force (revising the guide in 2020) and was co-chair of the AICPA PE/VC task force for the guide that was published in 2019. Her projects focus on assisting clients in understanding fair value issues, and on valuing complex securities such as options, warrants, preferred & common stock, performance awards, convertible notes, debt and related embedded derivatives, loan portfolios and contingent considerations.
Whitney Eklund, ASA is a Valuation Senior Manager in Ernst & Young’s Seattle office. Ms. Eklund has over 12 years of experience in the financial services industry, primarily focused on valuations in the technology, consumer products / retail, and life sciences industries. Ms. Eklund also serves as one of the West region audit assist leaders, dedicating a significant amount of time to private, strategic growth clients. Ms. Eklund is a CPA in Washington State, holds the ABV credential from the AICPA, and is an Accredited Senior Appraiser (ASA) in Business Valuation.
Alicia Grosman is Managing Director of Transaction Services at PricewaterhouseCoopers. She has over 20 years of experience in valuation and advisory services, specializing in corporate finance, due diligence, private equity, mergers & acquisitions, investment banking and purchase price allocations. Prior to her present role, she worked for Duff & Phelps and Standard & Poor’s. She received her MBA in Finance from the Leonard N. Stern School of Business at New York University, and is a Certified Public Accountant in the State of New York. Ms. Grosman is also an author and presenter on related valuation and fair value accounting topics.
Anthony Pumphrey, ASA, CFA, , is a Senior Vice President at Valuation Research Corporation. Mr. Pumphrey has nearly 15 years of experience performing business enterprise valuations, purchase price allocations, impairment analyses, and the valuation of claims within complex capital structures for public and private companies under IRC 409a, ASC 350, ASC 360, ASC 718, ASC 805, ASC 820, and ASC 852. Prior to joining VRC, Mr. Pumphrey was with Hempstead & Co., where he provided valuation opinions for estate and gift tax planning, financial reporting, employee stock ownership plans, litigation support, and the issuance of incentive stock options.
Mike Pellegrino is the Founder and President of Pellegrino & Associates, LLC, a boutique IP strategy and valuation consulting firm. He has extensive experience valuing and counselling clients on IP-related matters. He has performed more than 400 company engagements for hundreds of clients, ranging from Fortune 50 companies to start-ups. He has testified in more than 20 matters on issues including bankruptcy valuations, estate tax valuations, fraudulent conveyance claims, copyright infringement claims, trade secret misappropriation claims, patent infringement claims and breach of contract claims. Mr. Pellegrino is the author of the first and second editions of BVR’s Guide to Intellectual Property Valuation, a former board member and treasurer of the LES.
Anna Mazover is a Managing Director in the Economic & Valuation Services (EVS) Group in KPMG‘s New York office. Anna has over 14 years of experience in valuation of businesses, intangible assets and inventory for financial reporting, tax reporting, and management planning purposes. Her experience includes assisting clients with valuations in connection with purchase price allocation, goodwill impairment testing, fresh start accounting, asset or legal entity transfers, tax restructuring, as well as corporate and strategic planning.
Scott Taub has been a Managing Director for Financial Reporting Advisors for 13 years, providing consulting services related to accounting and SEC reporting and litigation support services. Mr. Taub previously was a Deputy Chief Accountant at the SEC, helping to oversee accounting and auditing standard setters and formulate the SEC’s policies on financial reporting matters. He also previously served on the IASB’s IFRS Interpretations Committee, the FASB/IASB Joint Transition Group for Revenue Recognition and the FASB’s Valuation Resource Group. Mr. Taub is the author of the CCH Revenue Recognition Guide and a co-author of CCH’s Financial Instruments Guide. In 2005 he won the SEC’s award for Supervisory Excellence. He is a licensed CPA in Illinois and is a member of the American Institute of Certified Public Accountants.
Bill Johnston, ASA-IA is Managing Director of Empire Valuation Consultants. He has over 20 years of experience in business and intangible asset valuations where he has managed and prepared numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing, cheap stock and Stock Compensation (ASC 718) and 409A. Mr. Johnson has been a designated member of ASA for 19 years, an active volunteer and currently serves on ASA’s Board of Governors Committee as Business Valuation Discipline Governor.
Ryan Gandre, ASA, CFA, CEIV is a Managing Director and Corporate Valuation Advisory Leader at Stout Risius Ross LLC. He has more than 15 years of experience providing a broad range of business valuation and financial advisory services for public and large private enterprises, and specializing in the valuation of debt and equity instruments, enterprise and legal entity valuations, and intangible asset valuations for tax planning and compliance and financial reporting purposes. Mr. Gandre is also well versed in valuation and accounting guidance related to business combinations, impairment testing, stock-based compensation, and other Fair Value measurements.
Carla Nunes is a Managing Director at Duff & Phelps LLC. She has nearly three decades of experience in valuation, financial and tax reporting, conducting numerous business and asset valuations for a variety of purposes including purchase price allocations, goodwill and asset impairments, mergers & acquisitions, tax restructuring, debt analysis, and gift and estate tax planning. Ms. Nunes also has extensive experience working with multinational companies, having addressed complex tax, international cost of capital, and foreign exchange issues.
Adam Smith, ASA is a Managing Director at PricewaterhouseCoopers with nearly 20 years of valuation experience. He has performed valuations of businesses, business interests, intangible assets, economic damages, derivatives, and lost profits. Mr. Smith’s experience includes preparing valuations for a wide range of purposes including financial reporting, litigation support, corporate planning and consulting, mergers and acquisitions, estate and gift tax reporting, and employee stock ownership plans.
Jacquelyn Obert Marsac, ASA, CFA is a Managing Director at Valuation Research Corporation with over 12 years of valuation experience, who specializes in business enterprise valuations and intangible-asset valuations. Additionally, she completes valuations of financial instruments including preferred and common stock in complex structures for publicly and privately held companies and equity derivatives. Ms. Marsac holds the designations of both chartered financial analyst (CFA) and accredited senior appraiser (ASA). In addition, she holds a master’s degree in business administration and a bachelor’s degree in chemical and biomolecular engineering, both from Tulane University.
Don’t miss this
important event. Register online at appraisers.org/fvc or (800)
272-8258.
The Houston Chapter of the American Society of Appraisers partnered with Business Valuation Resources to host its 10th Annual Award Winning and 1st Virtual 2020 Energy Valuation Conference on Wednesday, May 13, 2020 – and yes – Houston won the Best Chapter Education Event again this year!
Event Chair Carol Akers Klug, Sponsor Chair Laurie-Leigh White, Speaker Chair Alan Harp, IT Chair Michael Morgan, Location Chair Paula Lindsey & Treasurer Sumeet Sahnan, provide an overview below. “ASA’s CEO Johnnie White and International President Douglas Krieser addressed 205 attendees who joined from 13 states and 4 countries from Kazakhstan, Brazil to Canada. By Discipline, 59% were ASAs [36% BV; 17% MTS; 6% ARM, RP, PP]; 27% CPAs; 7% CFAs & 2% industry executives.”
SPEAKERS WERE EXCELLENT & WELL-ROUNDED MIX:
“I will say that it was just as top-notch as it gets. The content was superb and the smooth tech operations really made it one of the best virtual events I’ve attended yet. Your speakers and sessions were, truly, spectacular.” On Webcast
“I thoroughly enjoyed the virtual conference – found it to be very informative and right on point given our current social and economic environment. The speakers were excellent and I look forward to attending next year’s conference – virtual or in-person.”MTS Attendee
“It was the best virtual format event I have participated in over the last two months (and honestly, pretty wide gap relative to second best).” EVC Speaker
“Featured speakers were remarkable leaders from all sectors of the energy industry demonstrating a variety of perspectives in all disciplines: Business Valuation, Machinery & Technical Specialties, Appraisal Review & Management, Real Property, among other.”
Can you provide Learning Objectives, Presenters and Topics of the 2020 Energy Valuation Conference? Houston’s Energy Valuation Conference is designed to bring together prominent energy valuation professionals along with exceptional networking opportunities. Featured speakers are remarkable leaders in the energy industry from all sectors demonstrating a variety of perspectives in BV, MTS & RP valuations:
What makes energy valuation so important to appraisers? This very
dynamic and cyclical industry affects all cities across the world from Denver
to Houston to South America. Even if your client isn’t an energy company,
energy can still play a vital role in its performance.
What did attendees take away from 2020 EVC? All gained a better
understanding of the current economic and geopolitical conditions of the
industry, and learned perspectives on challenges faced in energy valuations in
this economic slump and COVID environment, including which sectors will return
and when. EVC is a very holistic and well-rounded conference that attendees
enjoy and learn from – not just appraisers.
ASA’s senior member, Lou S. recently shared his thoughts and experiences on becoming a credentialed aircraft appraiser. As an accredited aircraft appraiser for 14 years, Lou understands that assessing the value of an asset during this pandemic is more difficult than ever. Aside from the theory behind appraising assets, Lou emphasizes that the information ME201-ACS provides is valuable in all segments of the industry. Asset management professionals with a bank or lessor, involved in structuring transactions for business and general aviation aircraft, or an aircraft reseller or an aircraft insurance professional will benefit from this program.
Watch the full video and hear from ASA’s Senior Accredited
Aircraft Appraiser, Lou Seno himself by clicking here.
To learn more about
ASA’s Aircraft Valuation Program, visit ASA online or call (800) 272-8258
ASA’s ME201-ACS
class on 10/28 is designed to introduce students to proper aircraft
appraisal terminology, methods and concepts.
Lou Seno, ASA is Chairman Emeritus and Special Advisor to the JSSI Board of Directors. Lou provides counsel to the JSSI Board and represents JSSI at important business aviation conferences, events and meetings. Prior to joining JSSI, he held senior management positions at the business aircraft units of Boeing Capital Corp. and G.E. Capital Solutions. Lou serves on the Board of Directors of the General Aviation Manufacturers Association (GAMA) and Duncan Aviation. He is a member of the Board of Governors of The Flight Safety Foundation.
Posted in October 7, 2020 ¬ 9:03 amh.adminComments Off on IRS Panel Experts to Discuss Latest Tax Issues Impacting Appraisal Professionals at 2020 ASA International Virtual Conference
The American Society of Appraisers will host a special panel discussion with Internal Revenue Service (IRS) experts on the latest tax issues impacting the appraisal profession. The special bonus closing session will take place at the 2020 ASA International Virtual Conference on Tuesday, October 13 from 3:40-4:40pm CT.
Featured panel experts will include:
John Russell, is Senior Director of Government Relations and Business Development for the American Society of Appraisers, where he is responsible for the advancement of legislative initiatives that benefit members and is responsible for seeking out opportunities to grow ASA’s influence, membership and revenue base in the U.S. and globally. He serves as the staff liaison to ASA’s PAC and Real Property Committee and is ASA’s representative to the Appraisal Foundation Advisory Committee. He has been with ASA for over 8 years. His vast government relations accomplishments along with his educational background and nearly 10 years professional experience, provides ASA with valuable strategic insight on issues that impact the appraisal profession. He has a Doctor of Jurisprudence degree from Syracuse University College of Law and a Bachelor of Art degree in Broadcasting and Mass Communications from State University of New York at Oswego.
Sharyn Fisk, is Director of Professional Responsibility for the Internal Revenue Service. She has extensive experience in the tax community, including having represented thousands of individuals, businesses and corporate taxpayers before the IRS, the Department of Justice Tax Division, federal and state courts and state taxing authorities. Ms. Fisk, a certified tax law specialist with the California State Bar, has also served as an adjunct professor teaching graduate and undergraduate level tax at several colleges and universities and recently concluded a term as a member of the IRS Advisory Council (IRSAC), as well as previously served as an attorney-advisor for the Honorable Maurice Foley, United States Tax Court in Washington, D.C.
Cheryl Teifer, is Director Field Operations Engineering in the Eastern Compliance Practice Area in the Large Business and International (LB&I) Division for the Internal Revenue Service, where she provides executive leadership to a national program with employees who serve as subject matter experts in the area of engineering, with several disciplines, real estate appraisals and valuation. The program provides technical expertise to support IRS compliance strategies. In this position, she coordinates complex tax administration services to meet the needs of large and mid-sized businesses and individuals with international activity. Prior to this assignment, Ms. Teifer served as the Director, Field Operations (Southeast) in the Eastern Compliance Practice Area in the Large Business and International (LB&I) Division.
Brendan O’Dell, is the Promoter Investigations Coordinator within the Office of the Deputy Commissioner, Services and Enforcement for the Internal Revenue Service. Mr. O’Dell is responsible for IRS-wide coordination of efforts to effectively and efficiently address promoters and return preparers of abusive tax schemes. From 2019-2020, Mr. O’Dell was a senior advisor to the Commissioner of the IRS’s Large Business & International Division. From 2016-2019, Mr. O’Dell was an attorney-advisor in the Department of the Treasury’s Office of Tax Policy. Before joining the government, Mr. O’Dell was in the private sector as an attorney practicing tax controversy and litigation in Washington, D.C.
Full conference and single-day registration options available. For more information visit: www.appraisers.org/asaic20 or call 800-272-8258.
ASA also partnered with TAF, AI, ASFMRA, RICS, NSREA, and NAR to host an upcoming free symposium on Promoting Trust for Fair and Affordable Housing. This free symposium on 12/9, consists of 3 separate events including two panel discussions that I will be co-moderating in respect to fair housing, racial discrimination, and bias in real estate and mortgage finance and its lingering impacts to the present day; and one forward thinking session that will provide early insights into the housing and economic development agendas of the 117th Congress and incoming Biden Administration as they relate to real estate appraisal.
In a similar effort, ASA has partnered with TAQEEM and other global VPOs to submit a joint message to G20 virtual summit participants. Since the influence and importance of the G20 meetings and discussions can be crucial to the development and growth of the valuation profession in various markets, ASA was happy to contribute to this initiative.
In other news, this past month I participated in the OnBoard Leadership Panel, where I and 3 other association executives shared our expertise and advice on how associations prepare for and address uncertainty in upcoming board meetings and planning sessions. Fully understanding our peers’ situations as well as regional differences during the pandemic, will ultimately help Board members strategize and grow as an association. I was honored to be a part of such a well-respected group of executives and appreciated sharing why member connections are so crucial to a leadership Board’s success.
I am also proud to announce that ASA recently made a donation to the International Foundation for Art Research (IFAR) on behalf of the many ASA members who utilize the organization’s educational resources. IFAR bridges a critical gap in the scholarly, legal, and museum worlds. As such, providing financial support will serve as a benefit to our members as well as helping IFAR continue its programs, services and goals.
Lastly, ASA has signed an Emerald Sponsorship Level agreement for the upcoming AGA conference. AGA offers the highest level of education for gemologist. They are up-to-date on the latest trends in the industry and have well-respected individuals as speakers. By being an Emerald Sponsor, ASA’s logo will be featured in all promotional materials; on AGA social media posts before, during, and after the conference; acknowledged during the opening and closing statements; and on the recorded banner that will run during breaks. We are inspirited ASA is sponsoring such a prominent and appreciated conference in the GJ appraisal industry.
