2024 ASA NY Fair Value Conference

2024 ASA NY Fair Value Conference

Includes a Live Web Event on 04/25/2024 at 9:00 AM (EDT)

Onsite registration is no longer available. We hope to see you virtually!

ASA Member Price: $295 | Non-Member Price $395

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. Attend in person, or online!

This event offers up to 8 hours of CE/CPE credit and will be recorded. 

Share your participation at the conference. Click to download and post our customized event graphic today!

I'm Attending


NASBA and Continuing Professional Education (CPE) Credit
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ASA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org/.

CPE Credit: Up to eight (8) CPE credits
Program Level: Advanced
NASBA Knowledge Type: Accounting & Auditing, Specialized Knowledge
Delivery Method: Only group-live and group internet-based courses are approved for CPE
Prerequisites: None
Advanced Preparation: None
Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy

Conference Chair
William Johnston, ASA | Empire Valuation Consultants

Conference Sponsors

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8:30am - 9:00am
Registration / Check-In / Breakfast

9:00am - 9:05am
Welcome/Introductions
William Johnston, ASA, CEO & Senior Managing Director | Empire Valuation Consultants

9:05am - 10:35am
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
Andrew Pappania, Principal | PwC


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

10:35am - 10:45am
BREAK

10:45am - 11:55am
Understanding and Measuring Risk

Aswath Damodaran, Professor of Finance | Stern School of Business at New York University

Risk, a central theme in finance and investing, is surprisingly misunderstood and misconstrued. This presentation will provide a different perspective on risk, the various types of risks, and how to best account for them in finance.

11:55am - 12:55pm
LUNCH

12:55pm - 2:10pm
Estimating Technological Obsolescence Part II - A Deep Dive
William Johnston, ASA, CEO & Senior Managing Director | Empire Valuation Consultants

Technology is often valued for financial reporting and other purposes. A technology’s life and obsolescence are critical inputs when determining its value. However, presentations and other guidance regarding technological obsolescence have often proved to be incomplete. This presentation attempts to provide a broad range of considerations and approaches to consider when estimating technological obsolescence.

2:10pm - 3:10pm
Critical Valuation Issues Faced by Alternative Investment Managers

Mark Shayne, ASA, CPA, ABV, CGMA, Sr. Managing Director & Practice Leader, Portfolio Valuation Svs. | Empire Valuation Consultants
Craig Ter Boss, Partner Corporate Finance Group | Eisner Advisory Group LLC
Fizza Khan, Chief Executive Officer | Silver Regulatory Associates LLC
David Fitzgerald, Partner | Sadis & Goldberg LLP


Learn more about key issues alternative investment managers are facing today. Topics to include: SEC regulation and the private fund advisor rule; warehousing of assets and revaluation; in-house v. external valuation; legal challenges to recent SEC regulation and much more.

3:10pm - 3:20pm
BREAK

3:20pm - 4:05pm
ESG and Investor Returns: Why Should We Care?
Carla Nunes, Managing Director | Kroll Inc.

As the ESG regulatory landscape continues to evolve, companies must consider how to comply and respond to these regulatory requirements, while balancing broader stakeholder expectations. The SEC has recently adopted a nearly 900-page rule requiring registrants to disclose climate-related risks. In late 2023, California issued two climate-related bills that require companies of certain size with sales in the state to disclose greenhouse gas emissions and climate-related risks. Sustainability disclosure requirements in Europe and elsewhere in the globe will also impact many U.S. companies. The IVSC has recently revised its International Valuation Standards (IVS 2025), with one of the key changes being the consideration of ESG factors in valuation. Carla Nunes will be discussing the results of Kroll’s “ESG and Global Investor Returns Study” and what this means for investors. Carla will also highlight some of the current ESG and sustainability regulatory developments to watch for and how they may become relevant for valuation professionals. Carla will conclude with a brief discussion on whether ESG can be incorporated in the valuation of a business or investment.

4:05pm - 5:00pm
Valuing Performance Based Incentive Units
Josh Schaeffer, Ph.D., Managing Director | Equity Methods
James Milne, Manager, Valuation Services | Equity Methods


When aligning incentives for management and shareholders, performance-based equity remains critical. Equity Methods will review common award structures, the theoretical underpinnings of award and option valuation models, and Monte Carlo simulation techniques used to value awards. We will use many real-world examples so audience members can understand the equity award structures, key features to look out for, and typical ways to value these awards.

5:00pm - 6:00pm
Networking Cocktail Reception

Agenda subject to change.

Upon completion of this course, participants will be able to:

  • Learn more about the most challenging valuation issues in financial reporting from Big Four firm leaders;
  • Understand more about ESG, including how it can affect valuations;
  • Learn what approaches can be used to estimate technological obsolescence; and
  • Understand the complexities related to valuing performance based incentive units.

Conference Location

(For In-Person Registrants)

EisnerAmper
733 Third Avenue, New York, NY 10017

*Note: ID is required to enter the building.

Group Discounts
A 10% discount off the current, applicable registration fee is available for five or more individuals registering from the same organization. Individuals must be registered as a group to qualify for the discount. For additional details and instructions on how to register, please contact ASA Member Services at +1 800-272-8258 or +1 703-478-2228 or via e-mail at asainfo@appraisers.org.

William Johnston, ASA

Managing Partner

Empire Valuation Consultants

Bill is CEO and a Senior Managing Director of Empire Valuation Consultants, where he has worked since 1994. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers, and one of the first recipients of the American Society of Appraiser's intangible asset designation.

Bill has over 25 years of experience in business and intangible asset valuations. He has managed and prepared numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing and cheap stock  (ASC 718/409a). He is currently a member of the Board of Governors for the ASA and is Past Chair of the ASA’s Business Valuation Committee. He is also past President of the ASA’s New York City Chapter and chaired the first national conference co-sponsored by the ASA covering financial reporting valuations.

Myron Marcinkowski

Managing Director

Kroll Inc.

Myron Marcinkowski joined Duff & Phelps (rebranded to Kroll) in 2006. He is a managing director and North American Valuation Services Leader and part of the firm’s Valuation Advisory Services practice. Myron is also the firm’s Consumer Products and Retail industry leader. He has more than 31 years of experience in providing valuation and financial advisory services.

Manish Choudhary

Partner

Deloitte

Manish Choudhary is a Managing Director in Deloitte Advisory’s Valuation practice in New York.  Manish has supervised and performed diverse valuation engagements for over 20 years involving business enterprises, intangible assets, equipment, and facilities.  Manish manages and performs valuation studies in a variety of industries including technology, telecommunications, media, consumer business, health care, financial services and manufacturing for purchase price allocations, impairment testing, fair value reporting, mergers and acquisition analyses, tax and regulatory compliance, bankruptcy re-organizations and strategic financial planning. 

Josh Putnam

Principal

Ernst & Young LLP

Business valuation professional with extensive experience in the valuation of the business enterprise, equity and intangible assets. These valuations have been used by clients to support allocations of purchase price in corporate mergers and acquisitions (for both accounting and tax purposes), litigation and arbitrations, bankruptcy and reorganizations, estate and gift taxes and planning, and corporate planning and internal restructuring. Industry sectors include Media & Entertainment, Retail and Consumer Products and Private Equity.

Martin Mazin

Partner, Valuation & Business Modeling Services

KPMG

Martin is a partner in the Economic & Valuation Services practice of KPMG LLP. He serves as the New York Metro market leader as well as the National Life Sciences Industry Leader for the valuation practice. Martin is also the former chair of the firm’s Valuation Services Technical Committee. He has approximately 20 years of valuation experience and has been responsible for and involved in a wide range of valuation assignments including, valuations of business and business interests, intangible assets, stock options, and preferred stock.

Andrew Papania

Principal

PwC

Andrew Pappania is a Principal of the PwC in the Deals Practice concentrating in Valuation. Since 1999, he has performed valuations of businesses, both domestic and international, ranging in size from small, closely held businesses to Fortune 50 companies. He has held a variety of industry and leadership positions within PwC, most recently leading the Valuation Services practice in New York. Andrew has an MBA in Finance from Fordham University and a BA in Mathematics from the University of Pennsylvania. He served on The Appraisal Foundation's Business Valuation Resource Panel for 2015 and 2016.

Aswath Damodaran

Professor of Finance

Stern School of Business at New York University

Aswath Damodaran holds the Kerschner Family Chair in Finance Education and is Professor of Finance at New York University Stern School of Business. Before coming to Stern, he also lectured in Finance at the University of California, Berkeley. Professor Damodaran's contributions to the field of Finance have been recognized many times over. 

His skill and enthusiasm in the classroom garnered him the Schools of Business Excellence in Teaching Award in 1988, and the Distinguished Teaching award from NYU in 1990. In addition to myriad publications in academic journals, Professor Damodaran is the author of several highly-regarded and widely-used academic texts on Valuation, Corporate Finance, and Investment Management. Professor Damodaran currently teaches Corporate Finance and Valuation to the MBAs, and his interests lie in disentangling value drivers and understanding market pricing and behavior.

Mark Shayne, ASA, CPA/ABV, CGMA

Senior Managing Director & Practice Leader, Portfolio Valuation Services

Empire Valuation Consultants

Mark is a Senior Managing Director of Empire Valuation Consultants. He is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers, and is a Certified Public Accountant (CPA) and Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants. Mark has over 25 years of valuation experience with operating, real estate and intangible assets. He also has extensive experience in the valuation of business interests and assets for purposes of Fair Value Measurement (ASC 820), Business Combinations (ASC 805), Property, Plant and Equipment (ASC 360-10), financial SEC reporting, fairness opinions, estate and gift tax and litigation. In addition, he has prepared and supervised over 3,000 valuations of direct and indirect investments in debt, equity and real-estate backed assets on behalf of major alternative asset managers, family offices and business owners worldwide. 

Craig Ter Boss

Principal

Eisner Advisory Group LLC

Craig Ter Boss is a Partner in the Corporate Finance Group, with nearly 20 years’ experience providing valuation services to public and private clients. Craig delivers services across a range of industries, including consumer products, apparel, technology, business services, financial services, manufacturing, media, retail and health care. Craig’s depth of experience and skill set is a unique combination, positioning him as a specialist with client-facing concerns as well as an expert in fair value measurement issues for audit engagements. Types of engagements include allocation of purchase price, goodwill impairment, corporate strategic and tax planning, corporate transactions (e.g., mergers, acquisitions), litigation and arbitration.

Fizza Khan

Chief Executive Officer

Silver Regulatory Associates LLC

Fizza Khan is an expert on regulations governing investment advisers, broker-dealers and registered and private funds. As a hands-on leader across the firm’s flagship service lines – Regulatory Compliance, ESG and Due Diligence Preparation – Fizza ensures Silver’s clients are fully prepared to withstand regulator and investor scrutiny. Through leadership positions at compliance consultancies, in-house legal counsel and compliance roles at various financial institutions and law firm practice, Fizza developed an approach for her clients that calibrates best practices with their business realities. Prior to founding Silver, Fizza was the Chief Operating Officer for U.S. Compliance Consulting and a Managing Director at Duff & Phelps. 

David Fitzgerald

Partner

Sadis & Goldberg LLP

David Fitzgerald’s practice focuses on investment funds, securities, joint ventures, regulatory compliance and investment advisers. He regularly structures and organizes hedge funds, private equity funds, funds of funds, separately managed accounts and hybrid funds. Additionally, he advises private fund managers on structure, compensation, employment and investor issues, and other matters relating to management companies. Drawing on his 16 years of experience as an institutional Chief Compliance Officer and General Counsel, David provides ongoing advice to investment advisers on securities law issues, including SEC filings. His practice also involves counseling clients in SEC regulatory matters, including compliance issues related to registered advisers.

Carla S. Nunes, CFA, ABV

Managing Director

Kroll

Carla S. Nunes, CFA, ABV, is a Managing Director in the Office of Professional Practice of Kroll. In addition, Carla is the Global Leader of Kroll’s Valuation Digital Solutions group, which produces cost of capital thought leadership content and data housed in the Cost of Capital Navigator. She has over 25 years of experience in valuation, financial reporting and tax, 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. Carla also has extensive experience working with multinational companies, having addressed complex tax, international cost of capital, and foreign exchange issues. Carla is a contributing author to “Cost of Capital: Applications and Examples,” 5th edition, by Shannon Pratt and Roger Grabowski. She is a co-author of the “Valuation Handbook” series and co-creator of the Kroll Cost of Capital Navigator. She recently co-authored Kroll’s ESG and Global Investor Returns Study and was a contributing author to The Appraisal Foundation’s “The Art of Valuation. Carla is a member of the Education Committee at the iiBV, and just completed her two-year term as Practitioner Director in the Board of FMA International.

Josh Schaeffer, PhD.

Managing Director

Equity Methods

Josh Schaeffer is a managing director and practice leader for Equity Methods’ valuation practice. He leads the delivery of valuation and advisory services related to complex securities. Josh works closely with finance executives across a broad array of public and private firms. His clients range from early-stage, pre-IPO upstarts to some of the largest public companies in the world. He’s a frequent presenter for the National Association of Stock Plan Professionals, the American Society of Appraisers, and other industry organizations. Prior to joining Equity Methods, Josh worked with Deloitte Financial Advisory Services and Cornerstone Research. In these roles, he focused on valuations and statistical analyses of businesses and investments for financial reporting, tax, consulting, litigation, and arbitration purposes.

James Milne

Manager, Valuation Services

Equity Methods

James Milne is a manager for Equity Methods’ valuation practice. He brings a wide variety of practical business experience to the valuation and equity compensation space. James has worked closely with finance executives across a broad range of public and private firms. He manages teams in valuing a wide variety of derivative instruments pertaining to compensation agreements, private companies, partnerships, earn-outs, and guarantees. He has also valued the equity, debt and intangible assets of privately held firms spanning a large number of industries including financial services, real estate, entertainment, and consumer products. Prior to joining Equity Methods, James worked with Deloitte Financial Advisory Services and a number of small valuation firms including Simon Financial, and Cronkite & Kissell. In these roles, he focused on valuations for financial reporting, tax, consulting, litigation, and arbitration purposes.

Components visible upon registration.