SESSION CONTENT
Monday, October 14, 2013
8:30- 9:30am Keynote Address – Strategic Insights Peter Zeihan President and Founder | Zeihan on Geopolitics Austin, TX
We are on the cusp of one the most significant evolutions in human history. Rapidly changing geopolitical alignments are upending global economics and politics. Demographic shifts are traumatically adjusting all aspects of the global financial system. And the revolution in shale energy is transforming everything about how the United States operates. Zeihan will walk the audience through how these changes will interact with one another, and how they will collectively impact a variety of industries and regions. Don’ t worry, there’ s plenty of good news in with the bad.
9:35- 10:35am Healthcare Reform and the Impacts on Appraisal Practice Jason L. Ruchaber, ASA, CFA Partner | HealthCare Appraisers, Inc. Denver, CO
Healthcare reform has wide reaching implications for the valuation of healthcare related and non-healthcare entities. This session will provide an overview of the Patient Protection and Affordable Care Act and other ongoing healthcare reforms, along with a discussion of the specific valuation considerations all appraisers should consider in their analyses.
Where Are We Heading with Fair Value Measurements in Financial Reporting? Peter F. Lyster Managing Director, Department of Professional Services | KPMG LLP New York, NY
11:05am- 12:05pm How Much is Enough? Determining Adequate Capital in M & A Transactions, Bankruptcy and Litigation Josh Cashman, ASA, JD, CFA Partner | INTRINSIC Denver, CO
Josh Harrison, CPA / ABV, CFE, CFA Partner | INTRINSIC Denver, CO
Evaluating whether a business is adequately capitalized is a critical step in the M & A due diligence process, as well as in other proposed changes in ownership structure. Businesses with insufficient equity cushion often fail in the wake of adverse economic conditions or lulls in the business cycle. All too frequently, leveraged buyouts and other changes in capital structure are not sufficiently scrutinized on the front end due to emphasis on getting the deal done, and determining adequate capital becomes an after the fact exercise in bankruptcy or litigation. This presentation will provide a high level understanding of adequate capital structure, as well as key legal and business considerations in determining whether a business is adequately capitalized.
Valuation of IPR & D: AICPA IPR & D Practice Aid Update Anthony V. Aaron, ASA, CFA, FRICS Principal | Ernst & Young LLP McLean, VA
This session will summarize the background of the IPR & D issue, the first task force, the current task force, and the( at the time of the conference) recently issued and updated IPR & D practice aid from the AICPA. Mr. Aaron served on the original task force and is currently serving as co-chair of the current task force.
Mark Zyla, ASA, CPA / ABV, CFA Managing Director | Acuitas, Inc. Atlanta, GA
In this session, Pete and Mark will provide the latest information on fair value measurements in financial reporting including: history and overview of fair value measurements in financial reporting; recent developments with the PCAOB and SEC; best practices and new guidance from the AICPA and Appraisal Foundation; observations of various issues in actual fair value measurements; and trends and the future of fair value.
Valuation of Privately-Held Company Securities Held by Investment Companies David L. Larsen, CPA Managing Director | Duff & Phelps LLC San Francisco, CA
With increasing scrutiny by investors and regulators, investment companies are under significant pressure to improve the robustness of their periodic fair value estimates. Further, nuanced interpretations of“ unit of account” and overweighting valuation theory at the expense of market participant views may cause unintended valuation consequences. This session will focus on how investment companies pragmatically apply accounting standards and industry valuation guidelines, such as IPEV, in determining the fair value for“ level 3” investments, including debt equity and fund interests.
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