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Unimpeachable Neutrality

How to Silence the Hired Gun While evidentiary rules and ethical codes issued by professional bodies like the NACVA and AICPA prohibit accounting and valuation experts from taking an advocate position, the adversarial nature of the U.S. legal system creates a market which at times demands a “hired gun” expert witness who caters their opinion of damages or business value to that which most convincingly favor ...

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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

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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Why Audit Teams Need the Confidence to Speak Up

Audit teams and engagements suffer when members feel unsafe about raising questions or admitting mistakes.  This blog defines what psychological safety means and the best practices to put audit team members at ease. To read the full article in the Journal of Accountancy, click: Why Audit Teams Need the Confidence to Speak Up. ...

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How to Add a New Specialty to Your Practice

By developing expertise in a new practice area, a CPA can increase income and become a more well-rounded professional.  Robert M. Caplan, CPA, shares his helpful insights on how to help you and your practice. To read the full article in The Tax Adviser, click: How to Add a New Specialty to Your Practice. ...

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Top Considerations for 2016 Audit Cycle

Areas of high attention for auditors during the 2016 audit cycle will include a new standard on naming the engagement partner as well as internal control over financial reporting.  Ken Tysiac, JofA editorial director, reports that key considerations for auditors in general and auditors of brokers and dealers are discussed in two new publications by the Center for Audit Quality. To read the full article in t ...

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Sometimes it Sucks to be Right

IRS Wins, Business Founders and their Families Lose Is cheap debt good for closely held families? Are closely held business overleveraged? Are FLP discounts about to come to an end? Why aren’t business founders and their families doing more to counter the proposed regulations that would target family business transfers? What should valuation professionals do in this environment? Dr. Sheeler answers these qu ...

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How Social and Digital Media can be a #Majorrisk

Electronic Communication can be Fraught with Peril for the Unwary CPA Electronic communication can be fraught with peril for the unwary professional. CPAs who become over-reliant on this form of communication confront increased professional liability risk. This column explores some of the more common risks CPAs may encounter with electronic communication and discusses how a professional can make appropriate ...

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U.S. Companies Align to Control Health Care Costs

Twenty large U.S. companies have formed an alliance in an effort to rebalance relationships between corporate America and the health supply chain.  Andrew Kenney, contributing editor for CGMA, explains. To read the full article in CGMA Magazine, click: U.S. Companies Align to Control Health Care Costs. ...

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Book Review—A Consensus View Q&A Guide to Financial Valuation

Hitchner, Pratt, and Fishman Answer the Call In the past month, business valuation professionals have read reviews from a number of practitioners serving as reviewers for the Q&A Guide. All of them are positive. In this book review, we go into a little more detail and discuss what these established and accomplished business valuation professionals and leaders answer in the Q&A Guide. So, what does t ...

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WikiLeaks Delivers—Valuation Reports From Top Firms (Deloitte, KPMG, E&Y, Houlihan & SVB)

Benchmarking Your Reports and Examining What Hypothetical Conditions and/or Extraordinary Assumptions You Have Made! However, thanks to WikiLeaks, “The Interview”, and Sony Pictures, a rather sizeable repository of sample reports exist free of charge. These reports, as you might expect, are from the transaction arms of Big Four firms as well as leading national shops. Anyone who has been doing this for a wh ...

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Discounts on Family Limited Partnership

The IRS is Challenging the Appropriateness of Discounts when Preparing a Valuation The current regulations, Revenue-Ruling 93-12, allow for discounts when valuing a Family Limited Partnership (FLP). The proposal is expected to potentially limit the allowed discount and consequently raise the taxable portion of the trust or estate structures. This article reviews the current requirements for FLPs, their hist ...

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Employee Hotline Best Practices

Improving Organizational Well-Being Why have an employee hotline? What are the benefits, if any, of an employee hotline? In this article, Ray Dunkle shares his views and the results of implementation. While many forward-thinking organizations are increasingly implementing hotlines, the best practice of such a hotline is so new to most, that few know how to successfully do so. The remainder of this article p ...

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Deflategate, Binkygate & Disclosing Open Tax Years

The AICPA's Center for Plain English Accounting conducted an investigation into the applicability of the disclosure requirement of open tax years associated with the Financial Accounting Standards Board's Interpretation No. 48, Accounting for Uncertainty in Income Taxes.  Robert Durak, Director- Center for Plain English Accounting, American Institute of CPAs, discusses a CPEA investigation into the matter. ...

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Look Before You Leap: Evaluating a Section 83(b) Election

Do you and your employees know how to get the most tax savings when choosing a benefit election?  Sujan Rajbhandary, senior member of Mercer Capital’s Financial Reporting Valuation Group, discusses an IRC Section 83(b) election and what’s considered in making this choice. To read more about the results of this report in the Mercer Capital's Financial Reporting Blog, click: Look Before You Leap: Evaluating a ...

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AICPA Weighs in on Tax Reforms to Paul Ryan

The American Institute of Certified Public Accountants (AICPA) has sent a letter urging Rep. Paul Ryan (R–Wis.), the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform. The letter comes in response to the Tax Reform Act of 2014, a draft proposal put forth by the former Ways and Means chair Dave Camp (R–Mich.). The AICPA’s letter addresses ...

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Calculations and Opinions: Bringing Clarity to a Cloudy Issue

Opinions are like viewpoints; everyone has one Opinions are often provided in connection with calculation values and a conclusion of value. SSVS No. 1 does not prohibit or explicitly endorse either. In this article, Jim Hitchner shares his views on whether the term “opinion”―offered in a litigation or non-litigation engagement—should be used as part of the engagement or offered in connection with a calculat ...

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AICPA Survey Says Valuators Optimistic About Future

  In spite of the current economic climate, a recent survey from the American Institute of CPAs (AICPA) showed that 54 percent of valuation professionals expected a 10 to 50 percent increase in the demand for their services over the next two to five years. These results are part of the 2014 AICPA Survey on International Trends in Forensic and Valuation Services. Forensic experts were even more optimist ...

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