2022 Fair Value Virtual Conference - Winter
- Registration Closed
More About This Event
ASA Member Price: $250 | Non-Member Price $300
Thursday, December 15, 1:00 - 5:30 PM ET
The ASA Fair Value Conference offers a premier educational opportunity, gathering the profession’s thought leaders to spotlight the latest developments and trends in fair value. Check out the Agenda tab for a schedule and detailed list of presentation topics.
This event offers up to 5 hours of ASA CE and CPE credit.
Raymond Rath, FASA
Baker Tilly US, LLP
Conference Session Platform
This virtual conference is being held via Zoom. Please be sure to review Zoom's System Requirements. See the Event Access tab to join the live virtual conference after registering.
The working draft of the AICPA’s Business Combination Accounting and Valuation Guide was released in September. This session will provide an overview of the guide and expand on the content of the five valuation chapters in addition to the appendices to provide insights that may assist those planning on submitting comments on the working draft.
2:10 - 2:20pm
2:20 – 3:20pm
AICPA Cheap Stock Guide - Task Force Update
Amanda Miller, Ph.D., Managing Director | EY
In 2019, the AICPA launched a project to update the Accounting and Valuation Guide, Valuation of Privately Held Equity Securities Issued as Compensation (the Cheap Stock Guide). In this session, one of the co-chairs of the Task Force will provide an update on the project, including changes that may have a significant impact on common stock valuations for some private companies. Please attend to learn more!
3:20 – 4:20pm
Working Capital Adjustments and Treatment of Cash
Charles Sapnas, CFA, ASAManaging Director | Valuation Research Corporation
Valuation specialists may often overlook the degree to which net working capital and cash can influence the results of a fair value analysis. Often times, excess or deficient levels of working capital or cash may be present as of the date of valuation, which can have a material impact on the valuation conclusions if not identified and adjusted properly. The session will address common challenges related to working capital and cash in fair value measurements. The discussion will walk through examples and identify areas in which adjustments to net working capital and cash are appropriate.
4:20 – 4:30pm
4:30 - 5:30pm
SAFE (Simple Agreement for Future Equity) Valuation
Vincent Covrig, Ph.D., CFA, Principal | Crowe LLP
SAFE is a new type of convertible note used for startup companies' financing. Compared to the traditional convertible notes, they include amandatory conversion inot the next round of equity financing at a discounted price. These features trigger derivatives accounting and fair value under GAAP. The presentation will cover different types of SAFE features as well as alternative methods used in the valuation of the embedded derivatives.
Raymond D. Rath
FASA, CEIV™, IA, ARM-BV, CFA
Baker Tilly US, LLP
Raymond D. Rath is managing director at Baker Tilly US, LLP. He has over 40 years of experience in business valuation, specializing in enterprises and intangible assets. Mr. Rath has been a designated member of ASA for 38 years, and an active volunteer with numerous leadership positions, including most notably serving as Vice President of ASA International Board of Examiners, Treasurer of the ASA Business Valuation Discipline Committee, and as ASA’s Los Angeles Chapter Committee President. He was conferred the designation of Fellow (FASA) – the highest honor ASA bestows for his contributions to ASA and the appraisal profession.
CEO/Executive Vice President
Johnnie White, CEO, Chief Executive Officer, is responsible for the oversight and management of the Society’s business office and executing the directives set by the ASA board of governors and its executive committee. Johnnie is an association professional with more than 27 years serving in a variety of management and leadership roles. Most recently he served as Senior Director of the American Academy of Otolaryngology—Head and Neck Surgery, where he managed global affairs for the organization and strategic planning, including overseeing a staff of 17 and an annual event with more than 9,000 attendees. In addition, Johnnie is an adjunct faculty member of Georgetown University where he instructs graduate students in operations and event management. He holds his M.B.A. from University of Maryland University College and his B.S. in Information Systems Management from the University of Maryland. He is a member of the American Society of Association Executives and the Professional Convention Management Association and has received numerous awards and recognitions for his association work, including being named one of the top 40 Trending Association Innovators by DCA Live in 2017.
Gary Roland, CPA, CFA, CEIV
Gary Roland is a managing director at Kroll Inc., working in the Philadelphia office and part of the Office of Professional Practice, which interacts with financial reporting standard setters and regulators, tax authorities, audit firms and professional associations with the objective of supporting client facing efforts throughout the firm. He has more than 25 years of experience in the industry with extensive multinational experience in the valuation of intangible assets and in the valuation of minority and controlling interests in closely held companies. Gary has also served clients from all aspects of the pharmaceutical and life sciences industries. Gary holds an M.B.A. in finance and marketing and a B.S. in civil engineering from the State University of New York at Buffalo. He is a chartered financial analyst and a certified public accountant.
Mark Edwards, CPA, CFA, ABV
Partner, Valuation Services
Mark Edwardsis a partner in Grant Thornton’s Valuation Services practice and serves as the practice leader for the Mid-South market territory. Prior to joining Grant Thornton, Mark served more than 13 years with Arthur Andersen and other national valuation firms. He has extensive experience in the valuation profession, and has worked for more than 20 years with numerous public and private clients on financial reporting, litigation, transaction advisory and strategic planning. In addition to managing the Valuation Services practice, Mark has served as an expert witness in litigation and provided testimony in disputed valuation cases.
Amanda Miller, Ph.D.
Ernst & Young
Amanda Miller, PhD is a Managing Director 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.
Charles Sapnas, ASA, CFA
Valuation Research Corporation
Charles Sapnas is a practice leader specializing in the valuation of domestic and international businesses, intangible assets and liabilities for financial reporting and tax compliance purposes. Specialties include business combinations (ASC 805), impairment testing (ASC 350/360) and share-based compensation (ASC 718) for financial reporting and tax purposes and the valuation of legal entities and intangible assets for domestic and international corporate tax planning and restructuring. Prior to joining VRC, Charles held the position of Vice President at Hempstead & Co. In this capacity, he provided business and intangible asset valuations for numerous purposes including tax and estate planning, employee stock ownership plans, financial reporting, litigation support and fairness opinions. Charles first joined ASA in 2007 and currently holds the designation of Accredited Senior Appraiser (ASA). In addition, he holds the designation of chartered financial analyst (CFA).
Vincent Covrig, PhD, CFA, is a Principal of Crowe LLP. He has over 15 years of experience valuing compensation awards, preferred stock, contingent considerations, embedded derivatives and debt valuation. He has presented at ASA and NACVA conferences, teaches classes at the California State University, and has published more than a dozen papers in top academic and practitioner journals.