• Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Unimpeachable Substance and Principles: Business Valuation Standards and the Substance and Principles of USPAP

    March 11, 2026

    In this 25th article of the Unimpeachable Neutrality series, the author wants to make a case that he believes is both technically accurate and practically necessary: the business valuation standards of NACVA, ASA, and the AICPA do not merely conform to the substance and principles of USPAP in a passive or derivative sense. They are built upon those principles, share the same foundational architecture, and in the specific context of business valuation, complement USPAP’s framework with discipline-specific structure. The conversation that the valuation/appraisal profession needs to have is not about which standard is superior. It is about recognizing that the…

  • QuickRead Top Story - Valuation/Appraisal

    AI, Ethics, and Standards in Valuation Practice: Guidance for a Rapidly Changing Landscape

    January 21, 2026

    Confidentiality remains the first and most immediate area of professional risk. Many AI tools store inputs, transmit data to outside servers, or use information to train future models. For valuation professionals handling confidential data, the stakes are high. The author shares how to use AI and adhere to professional and ethical standards. Artificial intelligence (AI) has rapidly become part of the daily toolkit for many valuation and financial forensic professionals. Whether used for data cleanup, modeling assistance, industry research, or drafting support, AI can reduce time spent on lower-value tasks and help analysts focus on judgment, interpretation, and communication. If…

  • Practice Management - QuickRead Top Story

    Marketing Isn’t About Us: It’s About Them

    July 16, 2025

    What is the purpose of marketing? While credentials are helpful, the profession needs to reevaluate the strategies used. In this article, Rod Burkert reminds us of what the profession may consider to market the services effectively. Have you wondered why it’s getting harder to reach the leads and prospects we want to sell to and serve? What if almost everything we’ve considered to be marketing … is wrong? Let me give you a bit of history. We first complained about certain valuation organizations’ very existence. The IBA came first. Then the ASA. Apparently two organizations was all the industry needed.…

  • Litigation Consulting - QuickRead Top Story

    Measuring Damages Involving Individuals: What is an Injured Party Worth?

    April 2, 2025

    The Forensic and Valuation Services division of the AICPA and CIMA issued a Practice Aid in 2020 on Measuring Damages Involving Individuals. This Practice Aid supersedes AICPA Forensic and Valuation Services Practice Aid 98-2, Calculation of Damages from Personal Injury, Wrongful Death, and Employment Discrimination. This NACVA QuickRead article provides a summary of the updated Practice Aid. Introduction The Forensic and Valuation Services division of the AICPA and CIMA issued a Practice Aid in 2020 on Measuring Damages Involving Individuals. This Practice Aid supersedes AICPA Forensic and Valuation Services Practice Aid 98-2, Calculation of Damages from Personal Injury, Wrongful Death,…

  • Practice Management - QuickRead Top Story

    Lessons Learned

    July 24, 2024

    Memoirs of a CPA on Getting Started in the Valuation and Forensics Fields Edward Mendlowitz considers himself the last of the “expert generalists”. He published Memoirs of a CPA wherein he relates his story and the lessons learned. Over the years, the author has witnessed the trend towards specialization and proliferation of professional credentials. Mr. Mendlowitz started moonlighting almost immediately after graduating college in 1963 and had enough business to start his own practice in 1969. In this article, he shares tips for newly minted professionals. I consider myself the last of the “expert generalists” and published my Memoirs of…

  • QuickRead Top Story - Valuation/Appraisal

    Reducing Bias in Business Valuation Engagements

    June 12, 2024

    Navigating Bias in Business Valuations Valuation analysts are tasked with gathering information, analyzing data, summarizing findings, and communicating the results. This includes quantifying the expected cash flows and risks of the business through often conflicting and misrepresented information. This article provides an overview of bias, how it affects business valuations, and provides readers with the standards and tools they need to confidently support their opinions when challenged. Introduction “When the facts change, I change my mind. What do you do?” – Sir John Maynard Keynes Our waking hours are bombarded with more information than can be absorbed. From 2009 to…

  • Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Nailing Down the Numerator in the DCF Method

    September 13, 2023

    Theory to Practice VPS StraightTalk Webinar, June 15, 2023 This article summarizes key takeaways from the June 15, 2023, VPS StraightTalk Webinar presentation co-led by R. James Alerding, CPA, ABV and Carli D. Lehr, CPA, CVA, CSEP. The speakers discussed how to differentiate between a projection and forecast, the importance of developing a reliable cash flow or projection evaluation of specific risk to the overall valuation, lessons from court cases regarding the use of forecasts, and what valuation standards say about the use of prospective financial information in business valuations. This article summarizes key points. Business valuation analysts spend a…

  • QuickRead Top Story - Valuation/Appraisal

    The Well-Written Business Valuation Report

    August 30, 2023

    Structured, Clear, and Well-Researched and Reasoned In a litigation setting, a well-written business valuation report can position your conclusion of value as credible. When completed for tax purposes, a well-written business valuation report can help avoid an IRS challenge. In any circumstances, a well-written business valuation report can provide the business owner with ways to increase cash flow and reduce risk. After business appraisers learn information about a business, research the economy and applicable industry(ies), analyze the financial statements, and estimate the value of the business, the work is captured in a report. In many cases, it is the business…

  • QuickRead Top Story - Valuation/Appraisal

    Nailing Down the Numerator in the DCF Method

    August 9, 2023

    Theory to Practice VPS StraightTalk Webinar, June 15, 2023 This article summarizes key takeaways from the June 15, 2023, VPS StraightTalk Webinar presentation co-led by R. James Alerding, CPA, ABV and Carli D. Lehr, CPA, CVA, CSEP. The speakers discussed how to differentiate between a projection and forecast, the importance of developing a reliable cash flow or projection evaluation of specific risk to the overall valuation, lessons from court cases regarding the use of forecasts, and what valuation standards say about the use of prospective financial information in business valuations. This article summarizes key points. Business valuation analysts spend a…

  • Financial Forensics - QuickRead Top Story

    Financial Forensic Investigations

    June 20, 2023

    The Layered Approach There is a maxim in forensic accounting that investigations take twice as long as anticipated, yet the final report appears to have taken half the time. This article provides an overview of the forensic methodology to balance client expectations with the appropriate level of service. Each progressive layer allows for the milestones reached to be evaluated before expanding the scope. This article will also assist the forensic practitioner in communicating the costs of continuing the analysis against the anticipated benefits. There is a maxim in forensic accounting that investigations take twice as long as anticipated, yet the…

  • Litigation Consulting - QuickRead Top Story - Valuation/Appraisal

    Unimpeachable Scope

    April 19, 2023

    A Synopsis of Valuation Brief 1 “Understanding the Differences: Conclusion of Value vs. Value Calculations” Valuation Brief 1, “Understanding the Differences: Conclusion of Value vs. Value Calculations” attempts to unpack the differences between that which is a conclusion of value and that which is not. In this 14th article of the unimpeachable neutrality series, the author provides a synopsis of the key takeaways from the inaugural valuation brief for which he had the pleasure of being a co-author. Society has evolved and perhaps devolved such that labels are becoming increasingly more important. From preferred pronouns to politically correct labels that…

  • QuickRead Top Story - Valuation/Appraisal

    A Contrarian View of Report Writing

    March 29, 2023

    A Minimalist’s Suggestion on How to Lose the Boilerplate What level of detail should valuation analysts include in a detailed report? In this article, the author shares six practices he follows to answer the above question. You probably remember that college professor who said they graded term papers by throwing them down the stairs and giving the ones the farthest down the highest grade. This is how I feel many valuation reports are written. Recently, I was asked by an attorney on a malpractice case to review a valuation report. It looked like a reasonable, professionally done valuation report. But…

  • QuickRead Top Story - Valuation/Appraisal

    Alternative Ways of Pricing Valuations

    July 20, 2022

    And Valuation Consultations Business valuation reports are somewhat of a competitive product. We may not feel that way because of all the effort we put into them, but many clients do not understand the value to them and look at the valuation as a “mechanical” process. Additionally, there are many other valuation preparers that provide valuations at fees substantially below what a valuation professional might charge. Here is a discussion of some alternative ways of pricing valuations and consultation services, and presenting the value to the clients. Business valuation reports are somewhat of a competitive product. We may not feel…

  • QuickRead Top Story - Valuation/Appraisal

    The Cash vs. Hybrid vs. Accrual Conundrum

    November 3, 2021

    What to Ask for and Use? Most small businesses use the cash basis of accounting. Despite that practice, prospective clients will prepare their books in a variety of different ways that do not conform with the accounting cash basis. There are hybrid and accrual cash basis and the business valuation practitioner needs to recognize the differences between these forms of accounting. In this article, the author shares the importance of understanding each and what to do and ask for from the client to better understand the financial disclosures. Which should I ask for? Does it really matter? Isn’t each one…

  • QuickRead Top Story - Valuation/Appraisal

    Cost Approach to Intellectual Property Valuation

    October 13, 2021

    Part I: Conceptual Principles This is a four-part article series. The articles and discussion focus on the conceptual principles and the practical applications of the cost approach in the development of intellectual property valuations. Part I of this discussion focuses on the conceptual principles that support the application of the cost approach to intellectual property valuation. Part II describes the generally accepted cost approach valuation methods. Part III describes the practical measurement procedures related to intellectual property cost metrics and obsolescence metrics. Part IV presents several illustrative examples of the application of the cost approach in hypothetical intellectual property valuation…

  • QuickRead Top Story - Valuation/Appraisal

    Do Not Just Paint By Number When Preparing

    February 17, 2021

    A Business Valuation for a Controlling Interest CPAs are subject to multiple standards. Often, the standards prevent CPAs from exercising their judgment or applying common sense. The author describes this as “miss[ing] the boat.” This article illustrates this and provides an actual example where a group of valuators missed the boat. The purpose here is not to belittle, but to prompt CPAs to reflect on how they manage engagements and to think outside the proverbial box. As professionals, we are taught to be complicit with a myriad of guidelines. Below are a few of the rules CPAs who are members…

  • QuickRead Top Story - Valuation/Appraisal

    FAQ Interpretations

    January 20, 2021

    Non-Litigation #2 and Litigation #4 The NACVA’s Standards Board was formed to continually review the organizations’ standards and to ensure that the NACVA’s Professional Standards remain up to date, relevant, and relatively consistent with the standards of the other professional organizations. This article addresses the second Non-Litigation and the fourth Litigation FAQ Interpretations published by the NACVA. [su_pullquote align=”right”]Resources: NACVA Professional Standards Standards FAQ Library [/su_pullquote] Business valuation/appraisal standards are promulgated by different business appraisal organizations. The NACVA’s Standards Board was formed to continually review the organizations’ standards and to ensure that the NACVA’s Professional Standards remain up to date,…

  • QuickRead Top Story - Valuation/Appraisal

    Comments: A Follow-up Response to Michael McKean on ESOP Valuations

    January 22, 2020

    Robert Reilly Shares His Thoughts on Impressions Should a valuation analyst accept an ESOP valuation engagement? That is the question raised by Michael McKean in his article written in response to the recent QuickRead article series by Robert Reilly. In this article, Mr. Reilly shares his thoughts on the subject matter. I am old enough to remember the early television show, The Original Amateur Hour. I started watching the show in the 1950s, although it debuted on television in 1948 (before my time). I remember the spinning wheel and the phrase, “Round and round she goes, and where she stops…

  • QuickPress

    Coalition Launched to Protect Professional Licensing

    September 25, 2019

    In the wake of various state deregulatory proposals that threaten to have an adverse effect on the CPA profession, the AICPA and the National Association of State Boards of Accountancy (NASBA) have helped found a new coalition of advanced professions focused on educating policymakers and the public about the importance of rigorous professional licensing standards. To read the full article in Journal of Accountancy, click: Coalition Launched to Protect Professional Licensing.

  • Litigation Consulting - QuickRead Top Story

    What Constitutes Best Evidence?

    May 22, 2019

    Attaining Reasonable Certainty in Economic Damages Calculations (Part III of III) The purpose of this article—the third of three (Part I and Part II) on this topic—is to provide the reader with an understanding of Chapter 3 (What Constitutes Best Evidence) of the 2018 Practice Aid as well as certain other publications containing a body of knowledge on the best evidence to support economic damages in a court of law. Prior articles dealt with Chapter 1 (Revenue and Growth Rates) and Chapter 2 (Costs) of the 2018 Practice Aid and related topics. In 2015, the American Institute of CPAs (AICPA)…