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Every week we bring you featured industry articles pertaining to specific industry niches. These articles also appear in their respected categories in addition to the featured category. Expect three new featured articles per week.

Fair Value Measurements

In the Crosshairs of Regulators In this article, Mark Zyla of Acuitas discusses trends in fair value measurements in financial reporting and enforcement actions. Mr. Zyla notes that financial reporting is increasingly scrutinized by regulators. He observes that recent inspection reports of accounting firms that audit publicly traded entities by the Public Company Accounting Oversight Board (PCAOB) have indi ...

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The Asset-Based Valuation Approach

The Adjusted Net Asset Value Method This discussion is the fifth part in a series regarding the asset-based business valuation approach. Previous discussions described the theory and application of the Asset-based Approach. And, previous discussions described the theory and application of the asset accumulation (AA) method. This discussion describes the theory and application of the adjusted net asset value ...

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Book Review—What It’s Worth

Hotel Business Value QuickRead’s Technical Editor, Roberto Castro, reviews BVR’s What It’s Worth: Hotel Business Value.  There are few resources available for business valuation professionals that focus on the valuation of hotels.  The “go to” reference books have been Stephen Rushmore, MAI and Erich Baum’s Hotels & Motels: Valuations and Market Studies, a 2001 Appraisal Institute publication, and David ...

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The Asset-Based Valuation Approach

Asset Accumulation Method This discussion is the third part of a series. Previous discussions introduced the theoretical concepts and the practical applications of the asset-based business valuation approach. This discussion describes one common Asset-based Approach valuation method: the asset accumulation (AA) method. ...

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Changing the Workplace Narrative

Assess Change, Communication, Control, and Emotions before Implementing Changes Exploring change, communications, control issues, and emotions is often the best way to begin to understand what is causing conflict in the workplace, and what can be done to curb or control the situation. Once there is a basic understanding of these elements, it is much easier to develop a management strategy that constructivel ...

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The Asset-Based Valuation Approach

Common Analyst Misconceptions The first article in this series provided an introduction to valuation analysts (analyst) regarding the need to integrate and use the Asset-based Approach to value going-concern businesses and securities. This second installment addresses common analyst misconceptions regarding the use of the Asset-based Approach to value both asset holding companies and operating companies. ...

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Are You Making These Mistakes with Your E-mail Trailers

Personalize the Trailer to Engage the Reader An e-mail trailer provides an opportunity for the reader and firm to engage. Using mindless disclaimers at the end of an e-mail misses an opportunity to stand out and differentiate yourself and your firm. In this article, the author discusses the opportunity and provides some clever trailers used by established firms…that do work. ...

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The Asset-Based Valuation Approach

Introduction Valuation analysts are retained to value closely held businesses, business ownership interest, and securities for a variety of transaction, financing, taxation, accounting, litigation, and planning purposes. For each engagement, analysts consider the three generally accepted business valuation approaches: the Income Approach, the Market Approach, and the Asset-based Approach. However, most anal ...

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The Value of Using the Services of a Forensic Accountant in Legal Matters

Engage and Assist Legal Counsel It is critical that the right person with the right expertise, training, and background be selected. This article will describe the various areas of specialization in which a forensic accountant performs, how counsel should select the right professional for the job, and the benefits of using a forensic accountant. ...

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Why We Shouldn’t Add a Size Premium to the CAPM Cost of Equity

A Critique of the Ibbotson Methodology In this paper, the author argues that the Size Premium in Excess of CAPM (and other similar size premium measures) should not be used by valuation practitioners because: a) it is inconsistent with the empirical evidence; b) it is constructed using a method that is inconsistent with how practitioners estimate their CAPM cost of equity; and c) it does not properly calcul ...

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Estimating Debt Betas and Beta Unlevering Formulas

Use of Benninga-Sarig to Estimate Debt Betas in a Valuation Engagement In the July 8, 2016 In re Appraisal of DFC Global Corp. Opinion (DFC Opinion), the Court of Chancery of the State of Delaware suggested that debt betas should be estimated for individual companies and it cited Pratt and Grabowski’s Cost of Capital as a source for debt betas based on the firm’s credit rating. In addition, the Court also a ...

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Defending the Devil

An Expert Witness Tells All Martin H. Abo, CPA, ABV, CVA, CFF shares the story of a fraud engagement, where he was retained to analyze the business practices of FirstPlus Financial. Mr. Abo shares his experience getting the engagement and testifying in the racketeering case. ...

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Transfer Pricing Business Models

Aligning Business Models and Business Practices A key factor in establishing a reasonable transfer price is establishing the business model used by sales and distribution organizations. In this article, the authors describe the three primary models and their relevance establishing and defending a transfer price. ...

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A Case for Mediation

What do You Have to Lose? Since only a fraction of the cases filed go to trial, it seems prudent to explore settlement sooner rather than later. It is not rocket science, and statistics support the claim that the earlier a case settles the lower the expense to achieve that settlement. If this is not enough to encourage someone to consider mediation sooner rather than later, then perhaps recent court statist ...

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