Forensic & Valuation Services Conference Information

Welcome to the Forensic & Valuation Services Conference!

Agenda and materials
CPE tracking
Ethics webcast
Sponsor

Event agenda & materials | Top

Tuesday, Sept. 26, 2023

8 – 9:45 a.m.	1. Update & Outlook for the National & Regional Economies Christine Chmura, Ph.D. This presentation will highlight current and expected conditions for the economy including, labor market tightness, inflation, interest rate trends, and the possibility of recession.	Materials Additional
9:45 – 10:05 a.m.	Break
10:05 – 11:45 a.m.	2. Business Valuation Update James Hitchner, CPA/ABV/CFF, ASA This session has been pre-recorded. Learning objectives: The guideline company transactions method – a fresh look The guideline public company method – a fresh look Grabowski’s new research on whether long-term growth rates are too high Bad vs. good language in reports – you won’t believe what you see How to use both the new and old glossaries of business valuation terms – yeah, it’s complicated The IRS, appraisers, and penalties – watch out Poll results – who’s doing what? Advanced expert testimony tips	Materials Handout
11:45 a.m. – 12:45 p.m.	Lunch Break
12:45 – 2:25 p.m.	3. Goodwill in Professional Practices & the Excess Earnings Method Ronald Seigneur, CPA/ABV, ASA, CVA Kevin Yeanoplos, CPA/ABV/CFF, ASA Explore the analytical challenges relating to the identification and measurement of professional goodwill, and the emerging issues expected in the future. Review measuring goodwill in other closely held businesses while focusing on professional practices. Walk away with answers to these questions: What constitutes goodwill in the context of a professional practice? How does the identification and valuation of professional goodwill contrast with goodwill in a business? How does goodwill in a professional practice differ from a spouse’s probable future earnings? Must the professional spouse “own” an interest in the professional practice to possess goodwill? What are the characteristics of goodwill associated with a professional practice? What is the legal standard for defining professional goodwill: market value or value to the owner? Following the main focus of the presentation and the discussion of the legal issues surrounding the identification and definition of goodwill in a professional practice, the presentation will shift to a working example of the excess earnings method, which has been described by some as “the most used and abused” business valuation method in common use. A specific example for applying and interpreting the excess earnings method — beginning with the underlying data used to develop and calculate an excess earnings valuation calculation and continuing through each step in the process, including a key emphasis on determination of reasonable replacement compensation — will form the last part of the presentation, time permitting.	Materials
2:25 – 2:45 p.m.	Break
2:45 – 4:30 p.m.	4. The Trade Secrets of Understanding & Valuing Medical Practice Specialties Mark Dietrich, CPA/ABV, MBA, MST Recently retired and devoted to writing new books, including the "Engagement Guide to Understanding and Valuing Medical Practice Specialties," Mark shares his “trade secrets” from a 45-year career with valuation engagements in 46 states, as well as consulting in England and Scotland. “All the things I didn’t want the rest of you to know.” Review: Numerous medical specialties typically encountered in valuation — and why you likely won’t encounter some others (11 in all) The core CPT© codes that account for a significant portion of representative specialties’ income The Medicare Claims Database for every (or 95%+/-) physician participating in Medicare Critical and enlightening new research on local market influence on physician service revenue, never before described in the business valuation literature! Physician income not sourced to CPT© codes Tips on the Management Interview and Data Request	Materials

Thursday, Sept. 27, 2023

8 – 9:45 a.m.	5. Is Reasonable Compensation Really Reasonable? Neil Beaton, CPA/ABV/CFF, CFA, ASA This session will cover the definition of reasonable compensation; when and how to adjust for reasonable compensation in a divorce or other engagement; sources for reasonable compensation data; and a discussion on whether or not business valuation experts are qualified to provide reasonable compensation testimony. You'll also review unique areas that may arise when making reasonable compensation adjustments.	Materials
9:45 – 10:05 a.m.	Break
10:05 – 11:45 a.m.	6. Surviving Cross Examination Neil Beaton, CPA/ABV/CFF, CFA, ASA Kristopher Boushie, CPA/ABV/CFF, CVA, CFE Martin Cuniff, J.D. Harold Martin Jr., CPA/ABV/CFF, ASA, CFE Ronald Seigneur, CPA/ABV, ASA, CVA Kevin Yeanoplos, CPA/ABV/CFF, ASA This panel discussion on expert witness testimony in valuation matters will address: Preparation for cross-examination testimony How to answer those difficult questions Hints for survival Tips on rehabilitation	Materials
11:45 a.m. – 12:45 p.m.	Lunch Break
12:45 – 2:25 p.m.	7. Best Practices in Valuing Small, Closely Held Businesses & Professional Practices Gary Trugman, CPA/ABV, MCBA, ASA, MVS Participate in a practical discussion about the issues that we all run into when valuing small businesses and professional practices. Discuss common errors made, and more importantly, how to avoid them while complying with professional standards. The goal is to make sure you know when you need to consider not doing the engagement rather than always saying yes!	Materials
2:25 – 2:45 p.m.	Break
2:45 – 4:30 p.m.	8. Demystifying Option Pricing Theory: How to Use Options in Every Phase of the Valuation Process Asif Charania, CPA/ABV, ASA Gregory Saunders, CPA/ABV, ASA Explore the usage of option pricing models (OPMs) to value securities in a complex capital structure (e.g., in a stock-based compensation engagement), as well as their application for estimating discounts for lack of marketability. Discover how to use option pricing theory to test management’s projections. You'll also learn about the various types of OPMs available, including the applicability and limitations of each. Lastly, see how these models are used in practice through a case-study approach.	Materials

CPE Tracking | Top

Track the sessions you attend by visiting vscpa2.cnf.io in your web browser.

Select the session you want to check in to and enter your contact information including the email address associated with your VSCPA account.
Select the blue button that says "Check In Now." (Be sure to check in at the beginning of each session or you may not get full credit.).
Once the session is over, you will need to check out of the session. Click the teal “Check Out” button at the top of the session you are currently in. Then click the blue “Confirm Check-Out” button.

To check into other sessions, you will need to click “Home” and then select the next session and repeat the check-in and check-out process.

Once you are ready to submit your CPE, go to “Your Check-Ins”. Scroll to the bottom and select the “Submit Now” button. This will email you a receipt and send the information to the VSCPA.

You will receive your CPE certificate within two weeks. If you attend ethics, you will receive your ethics certificate separately and within a few days of the event.

Ethics webcast | Top

Please check your event confirmation email or visit the registration desk for your ethics webcast information.

Option 1: Thursday, Sept. 28, 2 – 3:40 p.m.
Virginia's Regulatory Landscape for CPAs 2023: What You Need to Know
Option 2: Tuesday, Oct. 17, 10 – 11:40 a.m.
Ethical Considerations in DEI 2023: Recruitment & Retention of Diverse Talent

You will receive a launch link 24 hours and one hour prior to the webcast.

Sponsor | Top

Thank you to our sponsor!

Video: TeamLogic IT helps your business stay safe, productive and profitable through the smart use of technology. For more than 15 years, companies of all sizes have relied on their complete spectrum of managed IT services and solutions to address their IT challenges. Put their confidence to work on yours.