2025 ASA Winter Fair Value Conference (Virtual)

More About This Event

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

Thursday, December 11, 2025, Time: 1:00pm - 5:25pm ET 

Join leading valuation professionals, industry experts, and regulators for ASA’s premier Winter Fair Value Conference, a half-day program focused on the latest developments and practical applications in fair value.

This year’s conference will feature:

• AI Panel Discussion — Explore how artificial intelligence is reshaping valuation practices and risk considerations.
• Tranched Preferred Stock Valuation — A deep dive into challenges and methodologies.
• Hot Topics in the Energy Industry — Insights into the rapidly evolving energy sector and its valuation implications.
• Practical Issues in Debt Valuation — Real-world guidance for navigating complex debt structures.
• Valuation Guide Updates — Stay current with CSRP and intangible discount rate updates from key contributors.

With sessions led by top professionals from firms including PricewaterhouseCoopers, Kroll, Houlihan Lokey, and others, attendees will gain both technical knowledge and practical strategies to apply immediately in their work.

Why Attend?

• Earn up to 5 CPE credits in one afternoon.
• Hear directly from valuation leaders and standard-setters.
• Stay ahead of emerging trends impacting fair value.

Whether you specialize in business valuation, financial reporting, or corporate finance, this conference delivers timely, relevant insights you can’t afford to miss.

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.

Conference Chair
Adam Smith, ASA
Jon Tang, ASA, CFA | Senior Managing Director | Empire Valuation Consultants

NASBA and Continuing Professional Education (CPE) Credit

*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 https://www.nasbaregistry.org/.

CPE Credit: Up to 5 CPE credits
Program Level: Intermediate 
NASBA Knowledge Type: Specialized Knowledge 
Delivery Method: Group Internet Based 
Prerequisites: None 
Advanced Preparation: None 
Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy

Agenda

1:00 - 1:05pm
Welcome
Adam Smith, ASA | Managing Director | Valuation Research Corporation
Jon Tang, ASA, CFA | Managing Director | Empire Valuation Consultants

1:05 - 2:05pm
Panel: AI in Valuation
Chad Morrissey, CFA | Principal | PwC
Marina Arias | Managing Director, Valuation & Business Modeling Services | KPMG
Ryan Citro | Strategy & Transactions Principal | EY
Daniel Peckham | Principal | Deloitte Transactions and Business Analytics LLP

Artificial Intelligence is top-of-mind for everyone - from business leaders and politicians to accountants and appraisers.  On this panel, we'll be speaking with representatives from the "Big 4" accounting/valuation firms about AI and its potential short-term and long-term impacts on the world and the valuation profession.

2:05 - 2:50pm
Understanding Tranche Rights
Tanuj Leekha, CFA | Partner | PwC
Saeed Hadian, PhD, CFA | Sr. Manager | PwC 

Securities purchase agreement that offer a current investor rights to participate in future right to preferred stock issuances are on the rise. Such rights may be contingent on certain subsequent performance or event milestones - such as revenue targets or launching a new product. Valuing such rights can be challenging and need a holistic view of current and possible future outcomes and an in-depth appreciation of option pricing. Join us for a 45 minute discussion on what are these rights and some of the common valuation issues to look out for.

2:50 - 3:35pm
Hot Topics in the Energy Industry
Tim Stuhlreyer, ASA, CPA | Managing Director | PwC

Our presentation will discuss the two main areas of energy valuation, fossil fuel and renewable.  We will then provide input as to the key drivers for change in valuation of each type of company within these two subsections.

3:35 - 3:40pm
BREAK

3:40 - 4:25pm
Practical Issues in Debt Valuation
Owen Uscher, CFA | Senior Manager | Empire Valuation Consultants

This session will cover some of the common methodologies, inputs, and challenges related to debt valuation. During the presentation we will cover the valuation of fixed and floating rate securities, as well as convertible notes.

4:25 - 5:25pm
Valuation Guide Updates (CSRP, Intangible Discount Rates and Cheap Stock)
Elaine Young, ASA, ABV | Director | Kroll, LLC
Charles Sapnas, ASA, CFA | Senior Managing Director | Valuation Research Corporation (VRC)
Roger Grabowski, FASA | Managing Director (retired) | Kroll, LLC

Guidance on the development and support of intangible asset discount rates ("IADRs") is limited and as a result, there is diversity in practice. The Intangible Asset Discount Rate Working Group was established by the Appraisal Foundation to outline best practices in determining IADRs for financial reporting purposes. The leaders of the working group will provide an overview of key concepts and developments.

Agenda subject to change.

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

• Evaluate potential benefits and limitations of AI-driven tools in appraisal practice.
• Apply advanced methodologies to address common challenges in valuing complex equity instruments.
• Recognize key market, regulatory, and technological shifts shaping the energy industry. 
• Identify practical challenges appraisers face when valuing debt instruments. 
• Apply current standards and methodologies to ensure compliance and accuracy in appraisals.