2022 ASA NY Fair Value Conference

ASA Member Price: $249 | Non-Member Price $349

ASA’s Fair Value Conference is back in person and online. You have the option to sign up for a virtual or in-person seat when registering. Don't miss this premier educational opportunity, gathering the profession’s thought leaders to spotlight the latest developments and trends in fair value. This event offers up to 9 hours of CE credit.

Conference Location
Ernst & Young | Waterfront Corporate Center II
121 River Street Hoboken, NJ 07030

Conference Chair
William Johnston, ASA | Empire Valuation Consultants

Conference Sponsors

        

Conference Location

(For In-Person Registrants)

Ernst & Young | Waterfront Corporate Center II
121 River Street Hoboken, NJ 07030

8:30am - 8:45am
Welcome/Introductions
William Johnston, ASA, Managing Partner | Empire Valuation Consultants

8:45am - 9:45am
Discussion on Global Valuations with a Focus on the Cost of Capital
Mike N. Moskowitz, Executive Director | TCF-Valuation, Model & Economics | Ernst & Young LLP
Tushar Shah, CFA, Senior Manager, Strategy and Transaction | Ernst & Young LLP

This session will provide an overview of key considerations in estimating the weighted average cost of capital (WACC) in global context. Learn more about certain adjustments to consider when performing valuation of a business in a foreign country, specifically related to the WACC. The session will also provide an overview of various approaches and methods to estimate cost of equity and cost of debt in a global context and discussions on application of country risk premiums, inflation differences, impact of currency exchange rates (forward rates vs spot rate), riskiness of the prospective financial information and sovereign bond/yield considerations.

9:45am - 10:15am
FASB Update
Joy Sy, CPA, MBA, Supervising Project Manager | Financial Accounting Standards Board
Tanya Paul, Post-Doctoral Fellow | Financial Accounting Standards Board 

In this session, Financial Accounting Standards Board (FASB) Supervising Project Manager Joy Sy and Post-Doctoral Fellow Tanya Paul will provide an update on recent activity at the FASB.

10:15am - 10:30am
BREAK

10:30am - 11:45am
Big 4 Leadership Panel
Myron Marcinkowski, Managing Director/North American Leader of Valuation Services | Kroll Inc.
Josh Putnam, Principal | Ernst & Young LLP
Manish Choudhary, ASA , Partner | Deloitte
Martin Mazin, Partner, Valuation & Business Modeling Services | KPMG
Adam Smith, ASA, Managing Director | PricewaterhouseCoopers

This panel will discuss a variety of topics that are currently impacting practitioners.

11:45am - 12:00pm
ASA Update
Johnnie White, CEO/Executive Vice President | ASA

12:00pm - 1:00pm
LUNCH

1:00pm - 1:45pm
Intangible Asset Discount Rate - Update & Discussion
William Johnston, ASA, Managing Partner | Empire Valuation Consultants
Charles Sapnas, ASA, CFA, Managing Director | VRC
Carla Nunes, CFA, Managing Director | Kroll Inc.
Adam Smith, ASA, Managing Director | PricewaterhouseCoopers

The Appraisal Foundation has issued a number of Valuation Advisories authored by Working Groups comprised of subject matter experts from the valuation industry with specific focus on valuations for financial reporting purposes under US GAAP. The Valuation Advisories address topics which require significant judgment and where diversity in practice may exist in valuations for financial reporting purposes. The most recent Working Group, Determining the Appropriate Discount Rate on Intangible Assets, is focused on providing useful guidance and best practice for developing discount rates used in providing fair value measurements for intangible assets. The panelists will provide an update as to the status of the Working Group and discuss key issues and challenges that practitioners face when estimating discount rates for intangible assets. 

1:45pm - 2:45pm
Hard to Value Securities - Panel Discussion
Mark Shayne, ASA, Senior Managing Director and Practice Leader, Portfolio Valuations | Empire Valuation Consultants
Craig TerBoss, Principal | EisnerAmper
Paul Marino, Partner | Sadis & Goldberg LLP
Aarti Karande, Senior Manager, Transactions and Business Analytics | Deloitte
David Fitzgerald, Counsel | Sadis & Goldberg LLP

This session will address current issues in hard to value securties. Learn more about: investing opportunities and pricing in the current volatile economic and geopolitical environment; assessing value within a complex capital structure (including the impact of Secondary transactions); what LP’s, pension funds, and other investors care about when they evaluate funds that invest in Level 3 securities; and SEC proposed rules, reforms and exam priorities.

2:45pm - 3:00pm
BREAK

3:00pm - 4:00pm
Impact of Inflation and the Current Economy on Valuations
Carla Nunes, CFA, Managing Director | Kroll Inc.

In the aftermath of COVID-19, inflation has reached 30 to 40-year highs in the U.S. and other major economies. It will take some time for major central banks to get inflation under control, and there are questions on whether long-term inflation expectations have risen permanently. The Russia-Ukraine War is placing further pressure in global prices. In this session, we will discuss: current economic conditions and recent updates to projected economic growth and inflation; impact of inflation on projected cash flows; selection of long-term growth rates in the terminal year; and highlights of industries that have been most impacted by the rising inflationary environment.

4:00pm - 5:00pm
SPAC Update:  Valuation of SPAC Warrants and Related Securities
Josh Schaeffer, Ph.D., Director, Valuation Services | Equity Methods

Since the SEC released new accounting guidance in April 2021, SPACs have faced increased regulatory scrutiny and have critical valuation needs. In this session, we will discuss some of the securities frequently seen in SPACs and go over valuation, including a deeper dive into modeling the value of SPAC warrants.

5:00pm - 6:00pm
Reception
Join us for cocktails, light hors d'oeuvres and networking at the conclusion of the event.