AICPA National Business Valuation Conference AICPA National Business Valuation Conference tackles all aspects of critical business ... (SFAS 141R), and will address the ... 1:30 pm

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Hotel cut off date: 10/6/2010

AICPA National Business Valuation Conference

November 7-9, 2010 Washington HiltonWashington, DC

Pre-Conference Value-Added WorkshopsSunday, November 7th

Save 75 by 9/23/10

Early Bird Registration

$

George F. Will addresses the current political argument

Get a comprehensive look at the complex issues shaping today’s business valuation landscape

Register by 9/23/10 SAVE $75!2

George F. WillGeorge F. Will, syndicated by The Washington Post since 1974, is today’s most widely read columnist, appearing in about 400 newspapers in the U.S. and Europe. His wealth of experience comes with impressive credentials, including winninga Pulitzer Prize, being a founding panel member of ABC-TV’s This Week, a former Washington editor of National Review magazine, as well as former Senate staff member, political philosophy professor and published author. Mr. Will brings the authority and perspective of a true Washington insider –not to mention an abiding passion for baseball!

Aswath DamodaranAswath Damodaran, Ph.D., Kerschner Family Chair Professor of Finance, Stern School of Business, New York University, teaches the corporate fi nance and equity valuation courses in the MBA program. He received his MBA and Ph.D. from the University of California at Los Angeles. His research interests lie in valuation, portfolio management and applied corporate fi nance. He has published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies.

Ric RosarioRic Rosario is a Certifi ed Fraud Examiner with experience in public accounting and private industry. He has 19 years experience with CPA liability at CAMICO, where his duties included executive oversight of underwriting, claims, loss prevention and program development for the company. Rosario’s public accounting background is in the audit division of the regional fi rm of John F. Forbes & Co. He later joined a start up real estate venture as controller and completed his tenure there as chief fi nancial offi cer. He has also lectured part time on accountingat Notre Dame de Namur University in Belmont, California. He earned a Bachelor’s degree in Accounting at Saint Mary’s College in Moraga, California. Several of his articles have appeared in national publications, and he co-authored the CCH-published books CPA’s Guide to Loss Prevention Practices and CPA’s Guide to Effective Engagement Letters, 8th Edition. Rosario is also active with many state society and AICPA committees.

Chair

Members

Carol Carden, Pershing Yoakley & Associates, P.C., Knoxville, TN

Harold Martin, Keiter, Stephens, Hurst, Gary & Shreaves, P.C., Glen Allen, VA

Steering Committee

AICPA Staff

Christine Fox, Program Management, Durham, NCJon Campos, Hotel Logistics, Durham, NCEddy Parker, Technical Liaison, Durham, NC

Jim Andersen, Burr Pilger Mayer, Inc., Santa Rosa, CAChristine Baker, Willamette Management Associates, Arlington, VAEd Dupke, Clifton Gunderson LLP, Phoenix, AZRon Seigneur, Seigneur Gustafson LLP, Lakewood, COGary Trugman, Trugman Valuation Associates, Inc., Plantation, FL

Vice Chair


Hands-on valuation training to advance your knowledge

and grow your practice. Register today!

Customized Learning.

Choose from a wide range of concurrent sessions in a fl exible four-track program that best meet your needs. Two casestudies within the Financial Reporting and Fundamental tracks deserve particular attention. Rounding out the agenda are the Litigation and Advanced Issues tracks to ensure that all interests and skill levels – from beginner to advanced – are covered.

Take advantage of pre-conference workshops to further advance your learning and gain additional credits. Special Sunday session – focus on relevant, business-building strategies.

Business valuation expertise covers a broad range of practice disciplines, from risk management to fi nancial reporting, from forensic accounting to business or divorce litigation. Set against the challenges of evolving standards, a recovering economy, and complex debates surrounding this niche practice, it is imperative that CPAs stay up to date, now more than ever.

The AICPA National Business Valuation Conference tackles all aspects of critical business valuation, covering the most important trends and topics, for a content-rich agenda with the most current guidance and practical applications. It’s the wise investment to enhance your skills and benefi t your practice.

Who Should AttendBusiness valuation analysts at all levels, including appraisers, CPAs and other fi nancial professionals.

Maximum Networking.Take advantage of unparalleled opportunities to network with peers and colleagues at the welcome reception, the coffee connection sessions with town hall discussions, as well as lunch, daily breakfasts and breaks. Special group dine-arounds add to the experience and let you sample some of DC’s best food, too!

Fair Value Measurements Case Study

Effective Risk Management Positioning the Closely Held Business for Transition & Sale

The Expert Witness & Valuation Valuation of Distressed Companies in a Recovering Economy

M&A Strategies in the Current Economy

Hot Topics

Overcome today’s challenges, strengthen your skills, and improve the strategic

direction of your business valuation practice.

Washington, DC

The Washington Hilton, in the heart of the nation’s capital, is centrally located; close to all the District has to offer, including historic monuments, trendy neighborhoods and the very best in dining hot spots.


Conference Agenda

PRE-CONFERENCE SUNDAY, NOVEMBER 7 / VALUE-ADDED WORKSHOPS (additional fee)

7:00 am - 6:05 pm Registration & Message Center Open8:00 am - 11:00 am Pre-Conference Value-Added Workshops 101 The Importance of Business Development, Selling & Marketing MKT

Troy Waugh, CEO, CPA, MBA, Rainmaker Academy/Rainmaker Consulting Group/Enterprise Worldwide, Nashville, TN Marketing & Business Development for Business Valuation & Litigation Partners You will learn about marketing budgets, plans and how marketing activities and sales work together to produce a sustainable stream of profitable business for your firm, including: • Why “pull” selling is better than “push” selling• A strategy to gain “impact” prospects• How to close more of your opportunitiesPower of the Pyramid: Building a Marketing/Sales System for Your Practice Firms who build their business development programs around the pyramid are the fastest growing and most long-lasting. You will learn the building blocks necessary to structure a successful business development program using the pyramid approach.Five Star Client ServiceGourmet restaurants achieve high service quality by following a 7-step process and leaving nothing to chance by understanding, improving and managing client perceptions. You will learn how to:• Develop the highest level of quality service• Understand client needs and wants• Improve collections and reduce the billing cycle• Increase firm efficiency• Keep services on track, on time, and on budget• Overcome clients’ price resistance and anxiety

CASE STUDIES

FIELDSOF

STUDY

TRACKS

Select OneConcurrent Workshop

Sessions in this track will be part of a 4-session Fair Value Measurement case study of the acquisition method in accordance with FASB ASC 805 – Business Combinations (SFAS 141R), and will address the entire life cycle of the project from planning the project to the reconciliation of the WACC and WARA, and also include current best practices in valuations in financial reporting.

Sessions in this track will be part of a 7-session fundamental case study of a company that manufactures and distributes valves used in industrial settings and will address the business valuation process from the initial engagement consideration and engagement letter, to the application of the various approaches to value and wrap up with a reconciliation of the different methods used.

A-Accounting CS-Computer Science MAS-Management Advisory Services

MKT-Marketing RE-Regulatory Ethics SKA-Specialized Knowledge & Applications

Litigation: For a look into the nature of valuation or economic damage cases in the context of litigation, including the impact of technology on the litigation process.

Advanced Issues: For the more experienced practitioner who wishes to explore more complex valuation topics and issues.

Financial Reporting: These sessions focus on current and emerging FASB, SEC and financial reporting-related issues.Fundamental: For individuals with limited valuation experience or those who wish to revisit the basics, including common errors and do’s and don’ts.


8:00 am - 11:00 am 102 Business Exit Planning and Merger & Acquisition Opportunities in the Current Economic Environment SKA

Jim Andersen, CPA/ABV/CFF, ASA, Shareholder, Burr Pilger Mayer, Inc., Santa Rosa, CA Ron Seigneur, CPA/ABV/CFF, ASA, CVA, Managing Partner, Seigneur Gustafson LLP, Lakewood, CO This workshop will focus on the evolving opportunities for business appraisers to play a larger role in business transitions, extending well beyond the traditional appraisal aspects. Participants will be exposed to the best practices, strategies and tactics that have been employed by the discussion leaders to increase the emphasis of their practices in this growing niche. This interactive workshop will include examples from actual engagements where merger and acquisition principles are in play, and will explore the following questions: • What is the current marketplace for merger and acquisition activity with

small to midsized closely held businesses? • How has the recent recession and recovering economy affected values?• What does the future look like? • Comparing and contrasting internal and external deals: What are creative

ways to transfer ownership of a business and how do taxes impact decisions?• How best to consider alternatives such as SBA loans, 401(k)/IRA funding

mechanisms, ESOP plans and beyond • What are my licensing considerations and how do I go about building an

exit planning emphasis in my practice? 103 Developing Discount and Capitalization Rates SKA

Gary Trugman, CPA/ABV, MCBA, ASA, MVS, Trugman Valuation Associates, Inc., Plantation, FL This workshop is intended to cover a variety of ways to develop discount and capitalization rates. It will start with some theory and will discuss:• The build up method • CAPM• Butler-Pinkerton • Duff & Phelps studies• Morningstar SBBI • CCQ publications

MAIN CONFERENCE SUNDAY, NOVEMBER 7 / DAY ONE

12:00 pm Main Conference Begins12:00 pm - 12:15 pm Welcome & Introduction

Carol Carden, CPA/ABV, ASA, CFE, Shareholder, Pershing Yoakley & Associates, P.C., Knoxville, TN

12:15 pm - 1:30 pm Keynote Presentation 1 The Political Argument Today SKA

George F. Will, America’s Foremost Political Columnist, The Washington Post, Washington, DC America’s foremost political commentator and columnist, Mr. Will presents penetrating and incisive commentary on the Washington political scene, offering a glimpse into what the future holds for public affairs, public policy and American society.

1:30 pm - 2:00 pm Refreshment Break in the Exhibit Hall2:00 pm - 3:15 pm Concurrent SessionsLitigation 2 Maximizing Your Effectiveness as a Testifying Valuation Expert in a Business Divorce Litigation

Robert Reilly, CPA/CFF, Managing Director, Willamette Management Associates, Chicago, ILNicholas San Filippo IV, Lowenstein Sandler PC, Roseland, NJNicole Bearce Albano, Lowenstein Sandler PC, Roseland, NJ The success of a business divorce litigation often rests in the hands of the testifying valuation expert. Proving or disproving oppression, the existence and/or extent of misappropriation of business assets and opportunities, and/or the applicability of discounts is often decided as a result of a battle between the valuation experts. This session will focus on techniques to maximize your effectiveness as a valuation expert. Highlights include: • Common pitfalls made by testifying valuation experts on and off the witness

stand • The applicability of marketability and minority discounts as well as the “bad actor” discount

Select One Concurrent Workshop (continued)

Select One Concurrent Session


Conference Agenda2:00 pm - 3:15 pm 3 Factors in Forecasting Cash Flow and Estimating Cost of Capital Advanced Issues in Healthcare SKA

Mark Dietrich, CPA/ABV, Mark O. Dietrich, CPA, PC, Framingham, MA Carol Carden, CPA/ABV, ASA, CFE, Shareholder, Pershing Yoakley & Associates, P.C.,Knoxville, TNAs a result of Healthcare Reform, there has not been a time in recent history with as much uncertainty regarding the financial stability of companies that operate in the healthcare industry. This session will focus on helping the valuation analyst in assessing risk and creating a cash flow projection that is reasonable and attainable. In particular, attendees will: • Gain a better understanding of the issues that drive risk for a healthcare

company including those associated with the reform legislation • Learn about sources that can help the analyst in assessing risk factors• Understand some of the common mistakes in projecting cash flows for a

healthcare company and how to avoid them • Gain an understanding of the myriad of assumptions that combine to

create a cash flow projection for a healthcare companyFinancial Reporting 4 Fair Value Measurements Case Study: Introduction to Fair Value in Business Combinations A

Mark Edwards, CPA/ABV, CFA, Partner, Grant Thornton LLP, Charlotte, NC Mark Zyla, CPA/ABV, CFA, ASA, Managing Director, Acuitas, Inc., Atlanta, GAThis session will be the first of a four part case study on the current best practices in fair value measurements in a business combination. The case study will be presented in an interactive manner, which allows participants to ask specific questions about issues they see in practice. In this first introductory session, the presenters will discuss: • Introduction of the case study • The acquisition background• Brief discussion of company and background • Summary financial information• Identification of intangible assets acquired • Fair value of consideration• Overview of the acquisition method under ASC Topic 805, Business Combinations• Practical issues in valuation in financial reporting• Fair value of contingent considerations (earnouts)• Fair value of the acquired entity• Comparison of the IRR of the acquisition to the WACC• Initial planning meeting with client and their audit team• Preliminary methods to measure the fair value• Collecting preliminary information

Fundamental 5 Defi ning The Engagement SKAGary Trugman, CPA/ABV, MCBA, ASA, MVS, Trugman Valuation Associates, Inc., Plantation, FL The session will discuss the start of the engagement process including, but not limited to:• Gathering the information necessary to properly define the engagement

for use in the engagement letter • Staffing requirements • Fees • Conflicts of interest and the applicable standards to follow in defining

the assignment

“ ”I enjoyed the various discussions that several speakers had addressing the economy & its effects on valuation.

Walter Kero, CPA/ABV, Junkermier, Clark, Campanella, Stevens PC, 2009 attendee

Select OneConcurrent Session(continued)


3:25 pm - 4:40 pm Concurrent SessionsLitigation 6 Merger & Acquisition Disputes: Addressing Earnout Issues and Assessing Damages SKA

Bob Gray, CPA/ABV/CFF, CFE, Partner, ParenteBeard LLC, Dallas, TX Kevin Kreb, Partner, PricewaterhouseCoopers LLP, Chicago, IL James Nelson, Partner, Head of Texas Litigation Group, DLA Piper LLP (US), Dallas, TX Some acquisition agreements contain a post closing earnout provision that requires the buyer to pay additional money subsequent to the close of the purchase if a target company meets certain, predetermined goals. Similar to indemnity claims, earnout adjustments can result in economic damages of fixed amounts or measures “at the multiple.” Participants will benefit by hearing war stories from this panel of experts as they discuss the nuances for forensic accountants who participate in this niche industry. Specifically: Components of Earnout Payments:• Benchmarks • Thresholds• Payment formulas • Floor & ceiling• Earnout period • Reporting & financial statements• Dispute resolution processConsiderations in Negotiating the Earnout/Accounting Issues to Consider:• Measuring & defining earnings • Buyer’s concerns• Reporting & financial statements • Seller’s concerns• Issues that may lead to disputeTax Issues to Consider:• Tax implications to seller • Tax implications to buyer

Advanced Issues 7 Look Before You LEAPS: Using Collars and LEAPS to Determine DLOMs SKA

Kevin Yeanoplos, CPA/ABV/CFF, ASA, Director of Valuation Services, Brueggeman and Johnson Yeanoplos, P.C., Tucson, AZValuation professionals seem to be on a never ending quest for the Holy Grail – the one definitive method of determining the elusive DLOM. Based on public market information, Long-Term Equity Anticipation Securities (LEAPS) and Option Collars provide professionals with a straightforward methodology. This informative discussion will cover: • The theory behind LEAPS and Option Collars • The strengths and weaknesses of the methodology• A practical “how to” case study utilizing the methodology

Financial Reporting 8 Fair Value Measurements Case Study: Using Methods Under the Cost and Market Approaches to Measure Fair Value A

Travis Harms, CPA/ABV, Senior Vice President, Mercer Capital, Memphis, TN Mark Zyla, CPA/ABV, CFA, ASA, Managing Director, Acuitas, Inc., Atlanta, GAThe second part of the multi-session fair value measurement case study. We will discuss best practices in the application of valuation methods for intangible assets under the cost and market approaches. Highlights include: • Potential pitfalls in applying the cost approach • Ins and outs of available market data sources • Examples of customer relationship, software, and trade name fair value

measurements using these approachesFundamental 9 Business Valuation Research: Tips & Techniques SKA

Eva Lang, CPA/ABV, ASA, Financial Consulting Group, Memphis, TN Business valuation research is an important part of every engagement, but it can be very time intensive. Knowing where to look, what to look for, and how to find it will make your research process much more efficient. This session will use a case study to highlight effective research techniques, the importance of economic and industry information, and how to incorporate this information into a coherent business valuation report.

Select OneConcurrent Session


Conference Agenda4:50 pm - 6:05 pm Concurrent SessionsLitigation 10 Lost Profi ts Damages SKA

Nancy Fannon, CPA/ABV, ASA, MCBA, Owner, Fannon Valuation Group, Portland, ME Lost profits damages are a natural extension of business appraisal skills. However, there are some distinct differences, as well as a lack of understanding, about legal claims, relevant data and information, and methodology considered reliable by the court that can render a costly expert report useless, potentially eliminating your client’s case. Among other issues, this session will cover the essentials of a lost profit claim, including: • Causation and the need to tie it to address it • Foreseeability • Reasonable certainty – what it means and what it doesn’t mean• Evidence for lost profits damages – what’s getting in, what’s not • Methods for proving damages, including period of recovery and

discounting damages • Lost profits vs. lost business, including when to claim one vs. the other

(and does it matter who the claimant is?) • Motions to exclude financial experts

Advanced Issues 11 Distressed Companies in a Recovering Economy SKA Laura Rosenberg, CFA, CIRA, CDBV, Vice President, Finance, Fiduciary Counselors, Washington, DC

Valuing distressed companies poses additional challenges. Is there a turnaround plan? Will it work? Is this the right management team? This session will address some particular variables that have special consequences in valuing distressed enterprises, including: • Choosing comparable companies • What is the appropriate cost of capital & discount rate?• How do taxes fit into the mix? • Valuation impact of working capital & capital expenditure limitations • How to address negative EBITDA in multiple calculations

Financial Reporting 12 Fair Value Measurements Case Study: Using Methods Under the Income Approach to Measure Fair Value A

Jim Dondero, Managing Director, Huron Consulting Group, Boston, MAMark Zyla, CPA/ABV, CFA, ASA, Managing Director, Acuitas, Inc., Atlanta, GAThis is the third part of the case study. This session will present various methods under the income approach to measure the fair value of the previously identifiedintangible assets. The interactive session will allow participants to discuss issues they are seeing in their practice. Some of the topics discussed include: • Introduction to methods under the income approach • Multi-period Excess Earnings Method (MPEEM) • Important consideration in the application of the MPEEM • Scenario method • Profit split method • Option pricing methods • Valuation of developed technology using the MPEEM • Valuation of a non-competition agreement using the scenario method • Using the profit split method as a sanity check• Valuation of IPR&D using the MPEEM and option pricing method • The development of an approriate discount rate in fair value measurements




4:50 pm - 6:05 pm 13 Financial Analysis/Income Approach SKAFundamental Jim Andersen, CPA/ABV/CFF, ASA, Shareholder, Burr Pilger Mayer, Inc., Santa Rosa, CA

The basic premise of the income approach is that the value of an ownership interest in a company is equal to the present worth of the future benefits of ownership. This approach typically uses the capitalized returns method or the discounted cash flows method. We will explore both methodologies with particular emphasis on the nuances of the discounted cash flows method as it is applied in our case study. We will discuss the financial analysis necessary, including normalization adjustments, to support the use of the income approach in a valuation engagement.

6:05 pm - 7:05 pm Welcome Reception

MAIN CONFERENCE MONDAY, NOVEMBER 8 / DAY TWO

6:30 am - 6:25 pm Registration & Message Center Open6:45 am - 8:00 am Continental Breakfast in the Exhibit Hall7:00 am - 8:00 am Morning Discussion Sessions 201 Real World Valuation and Litigation Practice Management SKA

Christine Baker, CPA/ABV/CFF, Willamette Management Associates, Arlington, VAChris Rosenthal, CPA/ABV/CFF, ASA, AEP, Director, Ellin & Tucker, Washington, DC Participants will learn from FVS practitioners with over 40 years of combined experience, in both a CPA and non-CPA firm environment. This session will focus on how to grow and thrive in a firm dominated by non-FVS professionals. The presenters will share ideas on how to effectively deal with a number of issues including: • Project management – getting a project done right, on time, and on budget • Practice management – keeping the work flowing, finding, training and

retaining FVS staff, managing the “business” of FVS work • Interacting with the firm and your non-FVS colleagues – communicating with

firm leaders, annuity vs. transactional nature of work, “value” of FVS work relative to traditional annuity services

202 Coffee Connection SKAThis year’s conference will feature two enhanced opportunities to network with peers on issues of particular concern to you and your practice. A number of tables will be set up in the exhibition hall with tent cards noting topics. Additional tables will be reserved for open discussion on any topic which an individual wants to ask of those attending. This morning’s topics include:• AICPA Town Hall discussion• Cost of capital issues including Ibbotson build up vs. Duff & Phelps• Professional standard & compliance with SSVS when the budget is an issue• BVFLS practice management and marketing issues, including staff training• Hot topics in M&A work and exit planning services• Hot topics in divorce valuation

8:10 am - 8:20 am Welcome & Awards



*Be sure to supply a valid email address when registering. Instructions to access the speaker materials and conference recording website [AICPAConferenceMaterials.com] are distributed via email approximately two weeks prior to the start of the conference. Also, add [email protected] to your safe sender list.

An Eco-Friendly and Paperless Initiative

In an effort to be more environmentally friendly, cost conscious and forward-thinking, AICPA Meetings & Conferences is offering participants access to conference materials via aspeaker materials website in advance of the conference.

*Conference manuals with session outlines will not be provided onsite

BENEFITS JUST FOR ATTENDEES!Free Access to Conference Session Recordings

The AICPA will be offering Dine-Around options this evening. Please visit the AICPA Registration Desk by 3 pm to sign-up. Seating and availability is limited.

Register by 9/23/10 SAVE $75!

Agenda-at-a-Glance

TUESDAY, NOVEMBER 9 – MAIN CONFERENCE – DAY THREE6:30 am - 12:40 pm Registration & Message Center Open

6:45 am - 8:00 am Continental Breakfast in the Exhibit Hall

7:00 am - 8:00 am

8:10 am - 9:40 am 35 Ruminations on Risk presented by Aswath Damodaran

10:10 am - 11:25 am 36 Playing for Keeps: Navigating the Section 6695A Appraiser Penalties presented by Tom Hilton

11:25 am - 12:40 pm 37 Hardball with Hitchner

12:40 pm Conference Adjourns

SelectOne 203 Practical Application of Statistical Tools in Excel 204 Application of Standards 205 Coffee Connection

Concurrent Sessions Topics and speakers are subject to change

23 Caught in the Crossfi re: The Expert Witness for Valuation

24 Review of the Updated AICPA Cheap Stock Practice Aid

25 Valuation of Contingent Consideration 26 The Use and Application of Market Transaction Databases

27 What’s Happening in the Courts? 28 Advanced Cost of Capital 29 Non-Big 4 Perspective on How to Get Through a Big 4 SAS Review

30 Reconciling Values & Report Writing

31 What Every Expert Should Know About Computer Forensics and e-Discovery

32 Current Valuation and Forensic Issues in Bankruptcy

33 Topic 350: Intangibles, Goodwill and Other (SFAS 142 and 144)

34 Ethical Dilemmas: A Case Study Approach to Ethical Issues in FVS Engagements

15 Financial Issues in Divorce

201 Real World Valuation and Litigation Practice Management

16 What Do We Know About the “Size Effect”?

17 Fair Value Measurements Case Study: Valuation Conclusions and the Audit

18 Basic Cost of Capital

19 Which Is It? Defi ning Personal vs. Enterprise Goodwill

20 Positioning the Closely Held Business for Transition and Sale

21 ASC Topic 718 (FAS 123R): Valuation of Share-Based Payments

22 Applying the Guideline Public Company Method (GPCM)

SelectOne

MONDAY, NOVEMBER 8 – MAIN CONFERENCE – DAY TWO6:30 am - 6:25 pm Registration & Message Center Open

6:45 am - 8:00 am Continental Breakfast in the Exhibit Hall

7:00 am - 8:00 am

8:10 am - 8:20 am Welcome and Awards

8:20 am - 9:35 am 14 Practicing Effective Risk Management presented by Ric Rosario

10:20 am - 11:35 am

11:45 am - 1:00 pm

1:00 pm - 2:00 pm Lunch

2:00 pm - 3:15 pm

3:45 pm - 5:00 pm

5:10 pm - 6:25 pm

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202 Coffee Connection

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Sessions in this track will be part of a 4-session Fair Value Measurement case study of the acquisition method in accordance with FASB ASC 805 – Business Combinations (SFAS 141R), and will address the entire life cycle of the project from planning the project to the reconciliation of the WACC and WARA, and also include current best practices in valuations in financial reporting.

Sessions in this track will be part of a 7-session fundamental case study of a companythat manufactures and distributes valves usedin industrial settings and will addressthe business valuation process from the initial engagement consideration and engagement letter, to the application of the various approaches to value and wrap up with a reconciliation of the different methods used.

Litigation: For a look into the nature of valuation or economic damage cases in the context of litigation, including the impact of technology on the litigation process.

Advanced Issues: For the more experienced practitioner who wishes to explore more complex valuation topics and issues.

Financial Reporting: These sessions focus on current and emerging FASB, SEC and financial reporting-related issues.

Fundamental: For individuals with limited valuation experience or those who wish to revisit the basics, including common errors and do’s and don’ts.

Welcome Reception

2 Valuation Issues in Shareholder Disputes (Business Divorce)

3 Factors in Forecasting Cash Flow and Estimating Cost of Capital in Healthcare

4 Fair Value Measurements Case Study: Introduction to Fair Value in Business Combinations

5 Defi ning the Engagement

9 Business Valuation Research: Tips & Techniques

8 Fair Value Measurements Case Study: Using Methods Under the Cost and Market Approaches to Measure Fair Value

6 Merger & Acquisition Disputes: Addressing Earnout Issues and Assessing Damages

7 Look Before You LEAPS: Using Collars and LEAPS to Determine DLOMs

101 The Importance of Business Development, Selling & Marketing

102 Business Exit Planning and Merger & Acquisition Opportunities in the Current Economic Environment

103 Developing Discount and Capitalization Rates

13 Financial Analysis/Income Approach12 Fair Value Measurements Case Study: Using Methods Under the Income Approach to Measure Fair Value

10 Lost Profi ts Damages 11 Distressed Companies in a Recovering Economy

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SUNDAY, NOVEMBER 7 – PRE-CONFERENCE VALUE-ADDED WORKSHOPS (additional fee) & MAIN CONFERENCE – DAY ONE7:00 am - 6:05 pm Registration & Message Center Open

8:00 am - 11:00 am

12:00 pm Main Conference Begins: Welcome and Introduction

12:15 pm - 1:30 pm 1 Keynote Presentation: The Political Argument Today by George F. Will

1:30 pm - 2:00 pm Refreshment Break in the Exhibit Hall

2:00 pm - 3:15 pm

3:25 pm - 4:40 pm

4:50 pm - 6:05 pm

6:05 pm - 7:05 pm Welcome Reception


Conference Agenda8:20 am - 9:35 am General Session 14 Practicing Effective Risk Management MAS

Ric Rosario, CPA, President & CEO, CAMICO, San Mateo, CA Even when you do everything right, you can still get sued! This session will share more than two decades of actual claims litigation against business valuation professionals who sometimes find themselves in precarious situations. Learn some of the basic risk management steps that can help minimize, or completely avoid, liability. Highlights include:• Recognizing risky situations • Using documentation to hold clients and third parties accountable • What should you do when the engagement goes sideways?

9:35 am - 10:20 am Refreshment Break in the Exhibit Hall10:20 am - 11:35 am Concurrent SessionsLitigation 15 Financial Issues in Divorce SKA

Kalman Barson, CPA/ABV/CFF, CFE, Barson Group, Somerville, NJ Thought-provoking topics resulting from the need to investigate and value closely held businesses. Concepts that go far beyond pushing a pencil or keying in data. Highlights include:• Is build-up of retained earnings a proxy for marital savings? • Recognizing human capital & marital momentum • Generating liquidity to facilitate distribution • Impact on value of unreported income • Is using an average ever appropriate? • Addressing selected active/passive issues

Advanced Issues 16 What Do We Know About the “Size Effect”? SKA Michael Crain, CPA/ABV, ASA, CFA, CFE, The Financial Valuation Group, Fort Lauderdale, FL

The “size effect” is the observation that smaller firms tend to have higher returns than larger firms. The main theory to explain this is that smaller firms are systematically more risky, and market forces cause stock prices to adjust resulting in higher returns for investors. However, the empirical data whether the “size effect” even exists is mixed. Highlights include:• The size effect is complex phenomena and not universally accepted by

academic researchers• The size premium of small firms seems to include elements of lack

of marketability• The size premium has disappeared at times• The size effect is not linear, so size premiums derived from public firms

need to be applied with care• Size may not be the source of risk, but a proxy for risk

Financial Reporting 17 Fair Value Measurements Case Study: Valuation Conclusions and the Audit A

Brent Solomon, Principal, MSF, CPA/ABV, CVA, CM&AA, Reznick Group, P.C., Bethesda, MDMark Zyla, CPA/ABV, CFA, ASA, Managing Director, Acuitas, Inc., Atlanta, GAThe fourth part of the case study. This session will present the fair value measurements conclusions from previous sessions and discuss various issues that may arise in an audit. The interactive session will allow participants to discuss issues they are seeing in their practice, with topics that include: • Fair value conclusions • Valuation of contingent assets and liabilities • Estimating the remaining useful life of intangible assets • Weighted average cost of capital (WACC) compared to weighted average

return on assets (WARA) • Estimating the required return on intangible assets • Comparison to WACC • Examples of auditor questions • Engagement wrap-up • Concluding remarks



10:20 am - 11:35 am 18 Basic Cost of Capital SKAFundamental Harold Martin, CPA/ABV/CFF, ASA, CFE, Principal, Keiter, Stephens, Hurst, Gary & Shreaves, Glen Allen, VA

The cost of capital is one of the most important considerations in estimating value using the income approach. In this part of the case study, participants will learn the theory underlying the cost of capital, as well as the application of this theory. Highlights will include: • Alternative methods for estimating the discount and capitalization rates

(Build up, CAPM) • Alternative sources of data (Morningstar/Ibbotson, Duff & Phelps) • Determination of the values for the components of the cost of capital

(e.g., risk free rate, equity risk premium, size premium, specific company risk) • Sanity checks (Butler Pinkerton model) • Estimation of the long term growth rate

11:45 am - 1:00 pm Concurrent SessionsLitigation 19 Which Is It? Defi ning Personal vs. Enterprise Goodwill SKA

Stacy Collins, CPA/ABV/CFF, Financial Research Associates, Bala Cynwyd, PA One of the eternal questions in valuation for divorce is how to quantify the personal and enterprise goodwill in a business. In this session, we will contrast how different states look at the issue, and some of the ways that have been used to quantify each component. In addition, we will discuss whether the existence of a non-compete agreement affects the question. A detailed example will be used to illustrate the discussion.

Advanced Issues 20 Positioning the Closely Held Business for Transition and Sale SKA

Ned Minor, Esq., Founder and President, Minor & Brown, Denver, CO Most business owners struggle mightily with the emotional aspects of deciding to sell. Their struggle is compounded by the fact they have no one to talk to. CPAs, often their closest advisor, talk financials, structure and taxes but are uncomfortable discussing the critical emotional issues. Practitioners who are prepared to address these issues, with empathy and confidence, will deliver extraordinary value to their clients. The presenter, a nationally recognized mergers and acquisitions attorney, and author, will prepare you to play the role of “key advisor” to the transaction. Ned will answer the emotional issues that owners face, including: • What will I do after I have sold my business? • When should I sell my business? • Should I sell my business to a key employee or a family member?• Should I feel guilty? • How much is my business worth? Ned will also focus on key “value drivers,” including: • A stable, motivated management team• Operating systems that improve sustainability of cash flows• Effective financial controls

Financial Reporting 21 ASC Topic 718 (FAS 123R): Valuation of Share-Based Payments A

David Dufendach, CPA/ABV, ASA, Partner, Grant Thornton LLP, Seattle, WA This session will address valuation issues for share-based compensation, with a focus on the measurement of employee stock options. Various types of awards will be discussed, including those with performance and market conditions. Key inputs will be identified, such as underlying equity price (for closely heldcompanies), volatility, and expected maturity. The session will also discuss the choice of appropriate option pricing models, including:• Types of awards: plain vanilla options, options with performance/market

conditions, SARs • Underlying stock price when the company has a complex equity

capital structure • Volatility issues: historical vs. implied; private company volatility • Expected maturity: short-cut methods; evaluation of historical behavior • Option pricing models: review of Black-Scholes, Lattice, Monte Carlo




11:45 am - 1:00 pm 22 Applying the Guideline Public Company Method (GPCM) SKAFundamental Linda Trugman, CPA/ABV/CFF, MCBA, ASA, MBA, Trugman Valuation Associates, Inc., Plantation, FL

Revenue Ruling 59-60 says that the valuation analyst should consider sales of stock of companies in a same or similar industry; so when applicable, the GPCM should be used in an appraisal. At this session, participants will learn: • When is the GPCM applicable? • What is a guideline company and how do you find them? • Multiples: What are they and how are they calculated? • Adjusting multiples, including the consideration of quantitatively adjusting

for size and growth • How to apply the GPCM to industrial companies to obtain an indication of value

1:00 pm - 2:00 pm Luncheon2:00 pm - 3:15 pm Concurrent SessionsLitigation 23 Caught in the Crossfi re: The Expert Witness for Valuation (with Apologies to Stevie Ray Vaughan) SKA

Moderator: Harold Martin, CPA/ABV/CFF, ASA, CFE, Principal, Keiter Stephens, Glen Allen, VA Panelists: Thomas Hilton, MS, CPA/ABV/CFF, ASA, CVA, Partner, Director of Forensic and Valuation Services Group, Anders Minkler & Diehl LLP, St. Louis, MO Michael Crain, CPA/ABV, ASA, CFA, CFE, The Financial Valuation Group, Fort Lauderdale, FL Barrett Pope, Attorney, Managing Director, Durrette Bradshaw PLC, Richmond, VAThis panel discussion on expert witness testimony in valuation matters will address:• Objectives of opposing counsel • Preparation for cross-examination testimony • How to answer those difficult questions • Hints for survival • Tips on rehabilitation

Advanced Issues 24 Review of the Updated AICPA Cheap Stock Practice Aid SKANeil Beaton, CPA/ABV/CFF, CFA, ASA, Grant Thornton LLP, Seattle, WA The AICPA Cheap Stock Task Force has spent the last two years updating the original 2004 Practice Aid. With its recent exposure draft, a number of new items has been added, and older, out of date, practices, updated. This session will cover the new material provided in the exposure draft and outline the changes in implementation of new models and valuation procedures for early stage companies. In particular, this session will cover: • Updated allocation models • Treatment of debt and leverage in equity models • Detailed explanation of the “backsolve” method for valuation • Advanced option valuation techniques • SEC/FASB comments and guidance

Financial Reporting 25 Valuation of Contingent Consideration SKAGregory O’Hara, CFA, Managing Director, Stout Risius Ross, Inc., Cleveland, OH While contingent consideration arrangements can be a “win-win” for the parties to a transaction, financial reporting for contingent consideration can be complex. In this session, we will detail key valuation issues surrounding the initial recognition and subsequent measurement of contingent consideration arrangements under FASB ASC Topic 805, Business Combinations, including: • Overview of earnouts and claw-backs • Valuation approaches • Applicable discount rates • Key areas of debate• Income statement impact on subsequent measurement

Conference Agenda




2:00 pm - 3:15 pm 26 The Use and Application of Market Transaction Databases SKAFundamental Nancy Fannon, CPA/ABV, ASA, MCBA, Owner, Fannon Valuation Group, Portland, ME

Heidi Walker, CPA/ABV, ASA, Senior Valuation Analyst, Fannon Valuation Group, Portland, ME The transaction databases provide a wealth of valuable information for the analyst to use to support a conclusion of value. They can also be difficult to apply in practice, with many traps for the unwary. In the case analysis used in this session, the valuation analyst did not find sufficient useful data. We’ll explore the reasons why the data for this particular case was not helpful, as well as some of the nuances that analysts should be aware of when using transactions. In addition, we’ll also show some of the lesser-known tools you can employ to find usable data often available, even if a bit hard to find.

3:15 pm - 3:45 pm Refreshment Break in the Exhibit Hall3:45 pm - 5:00 pm Concurrent SessionsLitigation 27 What’s Happening in the Courts? SKA

Linda Trugman, CPA/ABV/CFF, MCBA, ASA, MBA, Trugman Valuation Associates, Inc., Plantation, FL Although valuation analysts should not rely on case law when preparing their valuations, knowing what’s going on, and how judges are ruling, is an important part of the process. This session will present some of the leading valuation cases from 2009 and 2010, primarily in the tax and shareholder dispute areas.

Advanced Issues 28 Advanced Cost of Capital SKARoger Grabowski, ASA, Managing Director, Duff & Phelps LLC, Chicago, IL This update on deriving cost of capital in today’s distressed economic environment will discuss recent developments in estimating the equity risk premium, size premium, and company-specific risk. We will also address measuring the subject company’s debt capacity given the delivery of business today. Finally, we will discuss problems with the commonly used formula for determining the weighted average cost of capital.

Financial Reporting 29 Non-Big 4 Perspective on How to Get Through a Big 4 SAS Review SKA

Randie Dial, CPA/ABV, ASA, Senior Manager, Clifton Gunderson, LLP, Indianapolis, IN This session will explain the typical process of going through a SAS review on a financial reporting engagement. Some of the topics covered: • What to expect in the review process • Tips to make the review process more efficient • Typical review questions and why they are asked • How to handle unresolved differences Lastly, there will be an open forum to discuss some of the review issues that practitioners have come across and share some insights that can be used moving forward.

Fundamental 30 Reconciling Values and Report Writing SKAThomas Hilton, MS, CPA/ABV/CFF, ASA, CVA, Partner, Director of Forensic and Valuation Services Group, Anders Minkler & Diehl LLP, St. Louis, MO The market research and financial analysis is complete – now the real work begins. The valuation analyst must now reconcile the various value observations and formulate an understandable written report. This session will assist the valuation analyst in: • Reconciling and supporting divergent value observations • Developing a “style” of report writing when a written report is required • Identifying the key questions the report must answer • Assuring the report is standards compliant



Conference Agenda5:10 pm - 6:25 pm Concurrent SessionsLitigation 31 What Every Expert Should Know about Computer Forensics and eDiscovery CS

Erica Garrison, CFE, EnCE, Prinicpal, Pathway Forensics LLC, Houston, TX Most business information is now produced and stored electronically. Electronically stored information (ESI) has become a key part of the litigation and discovery process. People unknowingly leave “footprints” of their activities, and deleting data is not as easy as most think. Learn the basics of digital forensics and eDiscovery, including:• Significance of electronic evidence • See firsthand what types of information can be found on the computer

through forensic investigation (from actual cases) • The CSI effect • What to do (and what not to do) with computer evidence • How it can affect you as an expert • Learn what questions to ask and how to put yourself, your firm and your

client at an advantageAdvanced Issues 32 Current Valuation and Forensic Issues in Bankruptcy SKA R. James Alerding, CPA/ABV/CFF, ASA, CVA, Partner, Clifton Gunderson, LLP, Indianapolis, IN

Sandra Mayerson, BA, J.D., Partner, Squire Sanders & Dempsey LLP, New York, NYValuation Analyst Jim Alerding and Practicing Bankruptcy Attorney Sandy Mayerson will lead participants through the valuation and forensic issues pertinent to the CPA, including: • Tax issues related to bankruptcy filings • 363 sales and related issues• The impact of rapidly changing capital markets on the sales process in bankruptcy• Solvency related issues and the CPA’s role • Reconciling reported financial value to values in bankruptcy

Financial Reporting 33 Topic 350: Intangibles, Goodwill and Other (SFAS 142 and 144) A

Randie Dial, CPA/ABV, ASA, Senior Manager, Clifton Gunderson, LLP, Indianapolis, IN David Dufendach, CPA/ABV, ASA, Partner, Grant Thornton LLP, Seattle, WA This session will provide an overview of impairment testing under Topics 350 and 360, and address some of the hidden complexities that lie within each topic. Some of the main points to be covered include: • How does the impairment process work? • What is the order of testing among long-lived assets, indefinite-lived assets,

and goodwill? • How do you reconcile the income and market approaches in impairment testing? • Do tax amortization benefits come into play? • What are the key issues when performing a Step 1 test under Topic 360? This session will also include other details and an example of an impairment case involving long-lived and indefinite-lived intangible assets and goodwill.


“ ”The depth of each presentation was unparalleled.

There was so much information put into each session & the planning by each speaker was evident.

Suzanne Metzger, CPA, CVA, Magnuson, McHugh & Co., 2009 attendee


5:10 pm - 6:25 pm 34 Ethical Dilemmas: A Case Study Approach to Ethical Issues Fundamental in FVS Engagements RE

Edward J. Dupke, CPA/ABV/CFF, ASA, Clifton Gunderson, LLP, Phoenix, AZ Ron Seigneur, CPA/ABV/CFF, ASA, CVA, Managing Partner, Seigneur Gustafson LLP, Lakewood, CO This session will focus on several of the common ethical dilemmas that business appraisers encounter in practice. The session leaders will begin with some discussion of applicable professional standards, and then use a case study format to explore ethical and professional judgment issues with suggestions on how best to resolve the issues encountered. Highlights include:• A peek under the covers of the AICPA Code of Conduct and its implications

for FVS engagements • Dealing with joint appointments and the sticky issues that can accompany

these engagements • When and how to withdraw from an engagement: Learning to say “No!”• Tactics and tips to protect your professional reputation and limit your liability

MAIN CONFERENCE TUESDAY, NOVEMBER 9 / DAY THREE

6:30 am - 12:40 pm Registration & Message Center Open6:45 am - 8:00 am Continental Breakfast in the Exhibit Hall7:00 am - 8:00 am Morning Discussion Sessions 203 Practical Application of Statistical Tools in Excel CS

Daniel Spilman, CPA/ABV/CFF, MBA, Managing Principal, Spilman, Hills & Heidebrink, Ltd., Toledo, OHLearn the practical application of the basic statistical analysis tools available within Excel. This session will demonstrate tools used to analyze data and show how to identify, interpret and use data relationships to prepare better analyses and forecasts. Highlights include: • Learn to use the basic statistics functions • Use the graphing function to identify data relationships • Learn about the Analyst’s Tool Pack buried in Excel • Learn to use key functions in the Analyst’s Tool Pack to prepare better

analyses and forecasts 204 Application of Standards SKA

Edward J. Dupke, CPA/ABV/CFF, ASA, Clifton Gunderson, LLP, Phoenix, AZ Gary Trugman, CPA/ABV, MCBA, ASA, MVS, Trugman Valuation Associates, Inc., Plantation, FL This session will discuss the applicabile standards for AICPA members performingbusiness valuations. It will include a discussion of the appropriate times to performa valuation versus a calculation engagement. Learn from two experienced practitioners how to avoid getting into trouble for misapplying the standards.

205 Coffee Connection SKAThis year’s conference will feature two enhanced opportunities to network with your peers on issues of particular concern to you and your practice. We will have a number of tables set up on the exhibition hall with tent cards noting topics. Additional tables will be reserved for open discussion on any topic on which an individual wants to query those attending. We hope you find this venue of added value to this year’s conference. This morning’s topics include:• AICPA Town Hall discussion • Hot topics in estate and gift valuation• Valuation of intellectual property • Fair value measurement• IFRS and international valuation issues• Issues in application of the income and market based methods



The AICPA will be offering Dine-Around options this evening. Please visit the AICPA Registration Desk by 3 pm to sign-up. Seating and availability is limited.


Conference Agenda8:10 am - 9:40 am General Session 35 Ruminations on Risk SKA

Aswath Damodaran, Professor, New York University, New York, NY Risk is central to everything that we do in corporate finance and valuation. Over the last four decades, we have made great advances in quantifying and measuring risk. In the process, though, we have lost sight of the essence of risk –that great businesses become great by seeking out risk and not avoiding it. In this session, we will look at:• What is risk? • Why we care about risk• How we measure risk • How we deal with risk in decision making• What risk management is all about

9:40 am - 10:10 am Refreshment Break in the Exhibit Hall10:10 am - 11:25 am General Session 36 Playing for Keeps: Navigating the Section 6695A Appraiser Penalties SKA

Thomas Hilton, MS, CPA/ABV/CFF, ASA, CVA, Partner, Director of Forensic and Valuation Services Group, Anders Minkler & Diehl LLP, St. Louis, MO This session will address the risks to valuation analysts from the use of new enforcement tools by the IRS or OPR regarding valuations for federal income tax purposes. Specifically, the session will: • Review pre-2006 penalty provisions applicable to valuation analysts • Detail the penalty provisions of PPA 2006 • Analyze the proposed regulations under Section 6695A that are due

for release in 201011:25 am - 12:40 pm General Session 37 Hardball With Hitchner SKA

Moderator: James Hitchner, CPA/ABV/CFF, ASA, Managing Director, Financial Valuation Advisors, Ventnor City, NJ Panelists: Stacy Collins, CPA/ABV/CFF, Financial Research Associates, Bala Cynwyd, PA David Dufendach, CPA/ABV, ASA, Partner, Grant Thornton LLP, Seattle, WA Harold Martin, Principal, CPA/ABV/CFF, ASA, CFE, Keiter Stephens, Glen Allen, VA Ron Seigneur, CPA/ABV/CFF, ASA, CVA, Managing Partner, Seigneur Gustafson LLP,Lakewood, CO For the fifth consecutive year, Hitchner will moderate an all star panel of valuation experts. You will be able to ask any questions you want, and they are not allowed to answer “it depends.” The panel will cover such topics as: • The use of calculation engagements • Ibbotson vs. Duff & Phelps• Applicability of new quantitative DLOM models • Usefulness of transaction databases • Specific company risk and the total beta model • Trickle-down effect of valuations for financial reporting

12:40 pm Conference Adjourns


RECOMMENDED CPE CREDIT 22 (main), up to 3 (optional) This conference was prepared in accordance with the Joint AICPA/NASBA Statement on Standards for Continuing Professional Education (CPE) Programs effective on January 1, 2002. The recommended CPE Credits are in accordance with these standards; however, your individual state board is the final authority on the acceptance of programs for CPE credit.CONFERENCE FEERegistration fees are determined by current membership status in the AICPA. Please indicate member number on the registration form to obtain the correct discount. Conference fee includes all sessions, conference materials, continental breakfasts, refreshment breaks, luncheons and a reception. Fee for value-added workshops includes all session materials and refreshment breaks. Registration for 2 or more individuals per firm may qualify for group discounts; additional savings may be available for groups of 10 or more. For more information please email [email protected] and indicate “Group Conference Sales” in the subject line or phone 800.634.6780, choose option 1. Program Code: BVAL10

CANCELLATION POLICY You may cancel without penalty if written cancellation requests are received by September 23, 2010. Due to financial obligations incurred by the AICPA, a credit voucher less 50% of the registration fee will be issued for written requests received by October 17, 2010. No refunds or credits will be issued on cancellation requests received on or after October 18, 2010. For further information, call the AICPA Service Center at 888.777.7077. HOTEL AND GROUND TRANSPORTATION INFORMATIONContact the hotel directly to obtain their policy on reservations, deposits and cancellations. Rooms will be assigned on a space-available basis only. To receive our special group rates mention that you will be attending the AICPA National Business Valuation Conference.

Washington Hilton Hotel Phone: 202.483.3000 1919 Connecticut Avenue, NW Hotel Reservations: 1.800.HILTONS Washington, DC 20009 Hotel Room Rate: $244 single/double (includes in-room Internet) Hotel Reservation Cutoff Date: October 6, 2010

Ground Transportation — to and from the hotel and airport (please note, rates and times are approximate) Taxi Service: Reagan 15 mins, $20 one way; Dulles 45 min, $80 one way; BWI 1 hour, $40 (shuttle) Hotel Parking: valet $35 per day, self park $28 per dayAIRLINE INFORMATIONThe AICPA has a special arrangement with Maupin Travel, Inc. of North Carolina to assist you with your travel arrangements. This travel agency may be reached at 800.345.5540. If you prefer to make your own travel plans, be sure to mention the participating airline’s reference number (listed below) to take advantage of deeply discounted “Zone Fares” that do not require a Saturday night stay-over. Discounts are valid for round trip registered AICPA meetings or conferences only. Some restrictions may apply. American Airlines 800.433.1790 Index #19956United Airlines 800.521.4041 Refer to Meeting ID #531SIDelta Airlines 800.328.1111 Refer to Meeting ID #NY2ACJetblue Airways www.jetblue.com/promo Use Code: BVAL10For up-to-date airline information regarding special travel discounts, please visit cpa2biz.com/conferences. Due to recent airline industry fare restructuring, we cannot guarantee that the above group travel agreementswill be in effect at the time when you are making your travel arrangements. Please contact the airline and/or your travel agency for latest applicable discounts and arrangements. CAR RENTALHertz Car Rental — AICPA Member Discounts: Call 800.654.2240. Ref. Code CV#021H0017. Airline and carrental discounts are available only when you or your travel agent book through the 800 number. We strongly advise you to confirm your conference registration and hotel reservation prior to making your travel plans.

EXHIBIT AND SPONSORSHIP OPPORTUNITIESDon’t miss the opportunity to present and sell your organization’s services and products to thousands of CPAs and financial professionals at AICPA conferences. For detailed information on conference exhibit and sponsorship opportunities, please send your email to [email protected].

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Documents

AICPA National Business Valuation Conference AICPA National Business Valuation Conference tackles all aspects of critical business ... (SFAS 141R), and will address the ... 1:30 pm