Monday, November 4, 2019

11/4 8:00AM-11:00AM

FVC19101. Valuation Report Writing

Gary Trugman - President | Trugman Valuation Associates,Inc.

This session will cover valuation standards for reports, writing the affirmative and rebuttal reports, and best practices for report writing
Learning Objectives:

  1. Understand the different types of reports allowed
  2. Understand what should be included in a good report
  3. Understand what makes a convincing rebuttal report
  4. Understand what are the best practices in assuring a good report
11/4 8:00AM-11:00AM

FVC19102. Investigative Workshop

Session Description to Come

11/4 1:00PM-1:15PM

Welcome & Introduction

11/4 1:15PM-2:05PM

FVC1901. Economic Keynote

Todd Buchholz - CEO | Sproglit

We will assess the current and future path of the economy, with a focus on the interaction of global monetary policy, trade policy, and politics. We will also address the impact of demographics on government financing and the opportunities and risks in financial markets.
Learning Objectives:

  1. Discover how demographics, technology, and globalization are re-shaping the economy
  2. Identify the signs of economic rallies, and the warning signs of slumps
  3. Identify the political pressures on trade, debt, and interest rates from the U.S. to the E.U. to China
11/4 2:05PM-2:35PM

Afternoon Networking Break & Vendor Displays

11/4 2:35PM-3:50PM

FVC1902. Litigation Support 101: Organizing Your Case A-Z

Annette Stalker - Principal | Stalker Forensics
Jolene Fraser - Managing Director | EisnerAmper LLP

Session Description to Come

11/4 2:35PM-3:50PM

FVC1903. Best Practices In Financial Instruments

Oksana Westerbeke - Principa - Transaction Services | Grant Thornton LLP
Jeff Scroggs - Senior Manager | AICPA

Session Description to Come

11/4 2:35PM-3:50PM

FVC1904. Business Interruption Accounting for Causality

Daniel Williams - Partner | HSNO

Often there is a need to consider causality in measuring business interruption losses. It may mean isolating the effects of wide-area damage caused by a disastrous catastrophe, accounting for changing economic conditions, or accounting for business model changes. This course will start with a precursor explaining the purpose of business interruption insurance policies and then advance to illustrate best practices in isolating cause and effect in measuring such losses.
Learning Objectives:

  1. Prepare document and information requests, and conduct research, relevant to accounting for causation in measuring business interruption losses;
  2. Implement tools and analytical techniques for isolating and excluding the effects of external factors in measuring business interruption losses;
  3. Articulate coverage questions and speak to relevant case law pertaining to accounting for causality in measuring business interruption losses.
11/4 2:35PM-3:50PM

FVC1905. Lessons Appraisers Need to Know from Recent Delaware Valuation Cases

Gilbert Matthews - Chairman Emeritus | Sutter Securities, Inc.

In the past four years, the Delaware Supreme Court has issued several major opinions that addressed transaction-related corporate valuations. The presentation will discuss these opinions, as well as numerous valuation-related Court of Chancery in the same period. It will contrast the Delaware courts’ views on arm’s-length transactions vs. related party transactions and will discuss the impact of those view on statutory appraisals. It will also discuss the courts’ views on valuation methods, with a focus on inputs into DCF calculations.
Learning Objectives:

  1. Help valuators understand the impact of Delaware law on valuations and fairness opinions
  2. Assist valuators in preparing for expert testimony
11/4 2:35PM-3:50PM

FVC1906. Blockchain & Cryptocurrencies: Tracing transactions

Gregory Azeff - Partner | Miller Thomson LLP
Matt McGuire - Co-Founder and Practice Leader | The AML Shop

The session will outline the technological, forensic and legal tools available to trace and recover cryptocurrency. Learning objectives include providing attendees with an overview of:
Learning Objectives:

  1. Blockchain technology, cryptocurrencies and cryptocurrency exchanges, as well as
  2. The processes to implement when faced with suspected misappropriation of cryptocurrency.
11/4 2:35PM-3:50PM

FVC1907. Big Data & Patent Valuations

Mike Pellergino - President | Pellegrino & Associates, LLC

There have been many attempts to connect Big Data and patent value over the last 30 or so years. Manuel Tragtenberg conducted some of the preliminary research in the area that extends back to the 1980’s, though recent researchers have sought to drive further clarity on patent value deduction with the intersection of Big Data analytics. However, the published research consistently fails to address what drives actual value specifically in patents, which hinges on creating real economic value.
Learning Objectives:

  1. This program will address the intersection of Big Data and patent valuation and ways to use Big Data to augment and defend patent valuation opinions.
  2. The program is practical and will include many examples of the application of Big Data and patent valuation assignments.
11/4 3:50PM-4:00PM

Transition Break

11/4 4:00PM-5:15PM

FVC1908. Financial Statement Analysis: What It Means

Michael Haugen - Partner | HSNO The Forensics Firm
Bethany Hearn - CLA

Whether searching for red flags at the start of a fraud risk assessment or evaluating financial condition for the purpose of a business valuation, financial statement analysis is a cornerstone of most any forensic or valuation assignment. This course will utilize an interactive case study to illustrate comprehensive financial statement analysis, focusing not only on how to complete relevant calculations but also how to interpret them. Participants will be guided thru how to measure key metrics and then, in small groups, will utilize a Microsoft Excel template to conduct their own analysis and share their findings with the class.

After attending this course attendees will be better able to:
Learning Objectives:

  1. Prepare a comprehensive financial statement analysis, including identifying trends, key strengths and weaknesses, and/or red flags of a business’s financial condition;.
  2. Calculate internal liquidity ratios, operating efficiency and profitability metrics, business risk factors, and financial risk indicators;
  3. Articulate the meaning behind the numbers, combining qualitative and quantitative aspects of a business to interpret the data
11/4 4:00PM-5:15PM

FVC1909. Implementing MPF CEIV

Mark Smith - Senior Manager | AICPA
Anthony Aaron - Staff | University of Southern California

Session Description to Come

11/4 4:00PM-5:15PM

FVC1910. Forensic Accounting Experts in Corporate Investigations

Hubert Klein - Partner | EisnerAmper,LLP
Deanna L. Forbush

A panel comprised of experienced practitioners discussed practical issues and potential pitfalls that arise in the context of internal investigations. The panel will offered insights on lessons learned in prior investigations and also discussed several investigations that suffered from serious missteps. This session will review the forensic accountants role in Internal Corporate Investigations. It will explore how the forensic accountant works with In-House and Outside Counsel in these type of engagements. There will be an Outside Counsel and In-House Counsel co-presenting with the forensic accountant to ensure a view from the various perspectives of the scope, duties, and various tasks the forensic accountant my be asked to due by counsel. In addition, there will be a discussion of the legal framework and limitations that the forensic accountant needs to be aware of when assisting in Internal Corporate Investigations.
Learning Objectives:

  1. To inform the FLVS professional of the various roles and duties they can perform in an internal corporate investigations.
  2. Provide real life case examples of areas where the FLVS professional assisted in Internal Corporate Investigations and the risks factors and legal framework in which the FLVS professional must work.
11/4 4:00PM-5:15PM

FVC1911. Cautionary Tales of Valuation Adjustments & Potential forensic implications in legal proceedings

Karolina Calhoun - Vice President | Mercer Capital

Valuations of a closely held business in the context of litigation such as in a contentious divorce, shareholder dispute, damages matter or other litigated corporate matter can be multifaceted and may require additional forensic investigative scrutiny. As such, it is important to consider the potential forensic implications of valuation adjustments as they may lead to other analyses. For example, in a divorce business appraisal, a valuation adjustment for discretionary (personal) expenses may, in turn, provide an implied “true income” and pay ability of a spouse. In a dissenting shareholder matter, a valuation adjustment to true-up margins for variations in expenses not consistent with the industry/peers may insinuate dissipation of business assets and require further forensic investigations. These are but two examples - this session will address other examples you will likely face.
Learning Objectives:

  1. Evaluate financial statement adjustments and corresponding implications; and
  2. Interpret the need for forensic services as a result of valuation adjustments, such as tracing services, income determination, and other analyses.
11/4 4:00PM-5:15PM

FVC1912. Damages Case Study: Rebutting the Speculative Wrapped in an Academic Model

Greg Regan - Partner | Hemming Morse

The session will be a case study of a damages rebuttal analysis where plaintiffs’ experts (one on causation and one on damages) had speculative analyses that relied heavily on assumptions from management about the prospects of their business. It will also explore the damages expert’s use of an academic model that had limited to no track record in economic damages
Learning Objectives:

  1. Rebutting speculative damages based on management assumptions, but fed through academic model
  2. Effectively taking on multiple experts at the same time– hard to follow causation of damages analysis
  3. Analyzing variances in data used by causation expert and damages expert on same side of case
11/4 4:00PM-5:15PM

FVC1913. Transaction Structures and Impact on Value

Lisa Cribben - Partner | Wipfli LLP
Pamela Schneider - Former Partner & Director of Estate Planning | Wipfli LLP

Structuring a business sale transactions can affect the cash flow from a potential sale as well as the taxes that would be paid on a sale. The structure ultimately affects the value a buyer is willing to pay or a seller is willing to accept for a transaction. In this presentation you will learn about how the structure of a transaction could affect the ultimate cash flow a seller receives and impacts the price the parties negotiate.
Learning Objectives:

  1. Understand different transaction structures
  2. Learn how transaction structure can impact value
11/4 5:15PM-5:25PM

Transition Break

11/4 5:25PM-6:15PM

FVC1914. Financial Statement Analysis: Forecasting & Macroeconomics

Michael Haugen - Partner | HSNO The Forensics Firm
Timothy A. Gillihan - Vice President | JS Held

In measuring economic damages, or in assessing business value, the economic environment within which a business operates is commonly a key factor. As economic conditions change, so too may expectations of a business’s future financial performance. This course will introduce core macroeconomic principals and resources to consider in assessing, or defending, the reasonableness of your projections.
Learning Objectives:

  1. Identify and explain economic cycles and their commonly associated business conditions;
  2. Describe the impact of monetary and fiscal policy on business lifecycles and cost of capital;
  3. Evaluate and differentiate the impact of national versus local economic conditions on a business;
11/4 5:25PM-6:15PM

FVC1915. International Investigation: Blurred Lines -Investigating Fraud across borders

Derek Ricci - Partner | Davies Ward Phillips & Vineberg LLP
Chetan Sehgal - Partner | BDO Canada LLP

The purpose of this session is to provide insights into conducting international investigations from both a legal and accounting perspective. The session will explore challenges and solutions faced while performing investigation across borders.
Learning Objectives:

  1. What to do first - Preliminary phase of investigating fraud internationally
  2. Mobilizing resources in other jurisdictions
  3. Working with 3rd party vendors - vetting
  4. How to recover assets in other jurisdictions and what are the available legal remedies internationally
11/4 5:25PM-6:15PM

FVC1916. ¿Comprende? — Communicating Complex Financial Topics

Z. Christopher Mercer - Chief Executive Officer | Mercer Capital
Jeffrey S. Tarbell - Director | Houlihan Lokey

As financial analysts and experts we are often required to explain complex financial topics to the lay-person; whether a judge, a jury, or even our client. This session will provide helpful techniques to improve your ability to communicate effectively and persuasively with an audience that may not share your unique knowledge and experience with a complex topic. Specific techniques covered will include ______________________ and effective use of visual aids.
Learning Objectives:

  1. Identify your audience and their pre-existing knowledge.
  2. Choose visual presentation methods suitable to your audience and your data.
  3. Differentiate between core and unnecessary information.
11/4 5:25PM-6:15PM

FVC1917. Forensic Accounting & Fraud Investigations 2030

David Wood

Session Description to Come

11/4 5:25PM-6:15PM

FVC1918. Personal Goodwill - What is important and What is New

James Alerding - Owner | Alerding Consulting,LLC

Personal Goodwill continues to be a popular topic for business valuation professionals. While it is primarily used in divorce situations, it has other implications such as tax transactions. This presentation will delve into the three components of goodwill as well as discuss related topics. Case law in this area continues to expand and will also be discussed in the presentation
Learning Objectives:

  1. The participant will learn the definitions of goodwill
  2. The participant will learn about the three components of goodwill and how they are applied in practice
  3. The participant will learn some methods of allocation goodwill among its components
  4. The participant will be exposed to some of the important case law in the area of goodwill and its components, including new cases
11/4 5:25PM-6:15PM

FVC1919. SSFS 1 - The New Forensic Standards (Repeated in Session 39)

Michael Fahlman - Managing Director | BRG
Annette Stalker - Principal | Stalker Forensics
Jason Flemmons - Senior Managing Director | Ankura Consulting Group

The session will provide a deeper dive into the new SSFS 1 set to roll out in 2020, provide practitioners with the tools to know when to apply SSFS 1, how to deal with cross examination and deposition questions regarding the requirements of SSFS 1, how to testify in a fraud case under SSFS 1, and discuss some of the common questions and FAQs about SSFS 1 during the exposure period.
Learning Objectives:

  1. When does SSFS 1 apply
  2. SSFS 1 deposition & cross examination implications
  3. How to testify in a fraud case under SSFS 1
  4. FAQs re: SSFS 3
11/4 6:15PM-7:30PM

Welcome Reception

Tuesday, November 5, 2019

11/5 6:30AM-5:25PM

Registration Open

11/5 6:30AM-8:00AM

Continental Breakfast & Vendor Displays

11/5 7:00AM-7:50AM

FVC19201. FVS Forum: What's New For You?

Travis Armstrong - Partner | Hemming Morse
Travis Chamberlain - Principal | Clifton Larsen Allen
David Duffus - Partner | Baker Tilly Virchow Krause,LLP
William Fellows - Partner | DELOITTE & TOUCHE LLP

This session will update members on new practice aids launched since last year's conference.
1. Attaining Reasonable Certainty in Economic Damages Calculations: Revenues, Costs, and Best Evidence
2. Communications in Litigation and Dispute Services
3. Calculating Lost Profits
4. IP Damages PA
5. Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies
6. Financial Instruments Performance Framework

Learning Objectives:

  1. Understand what new non-authoritative guidance has been added to the library in 2019
  2. Learn what has changed and why
  3. Gain a better understanding of how these changes may affect you and your practice
11/5 8:00AM-8:25AM

FVS Awards & Recognition

11/5 8:25AM-9:40AM

FVC1920. Our Automated Future: Learning to Adpat - and Thrive- in the Era of Intelligent Machines

Ajay Agrawal

Artificial intelligence has been with us for decades. But today’s machines are gaining the ability to learn from data and make sophisticated predictions—more cheaply, and more accurately, than human beings. Like the advent of the Internet and the dot-com explosion, machine learning is set to affect foundational changes to our lives (think driverless cars—but that’s just the beginning). From navigation to the Internet of Things, manufacturing to agriculture, health care to the robotic workers set to replace even top-level positions, deep learning will open as many doors as it will close. And to understand these shifts, experts turn to Ajay Agrawal. A leading authority in AI, the co-author of Prediction Machines—and, as a business speaker, a great explainer of complex economic forces—he translates the sweeping power of machines and breaks down why it all matters. How can we take advantage of the growing market for AI? How can we allocate capital and investments today to best prepare for tomorrow? How do we prepare for the disruptions—to long-standing industries, to millions of jobs, and to age-old notions about work, employment, and leisure—that will result? No matter who you are or where you work—a company, an investor, a university or government—Agrawal will help you adapt, and thrive, throughout this economy-wide transformation

11/5 9:40AM-10:10AM

Morning Networking Break & Vendor Displays

11/5 10:10AM-11:25AM

FVC1921. Introduction to Valuation Methodologies

Gary Trugman - President | Trugman Valuation Associates,Inc.

This session will discuss the various methods available to a valuer under all three approaches to value
Learning Objectives:

  1. Understand the different methods under each approach to value
  2. Understand when to use each method
  3. Understand the advantages and disadvantages of each method
11/5 10:10AM-11:25AM

FVC1922. PE/VC Guide Update

Travis Chamberlain - Principal | Clifton Larsen Allen
David Larsen - Managing Director | Duff & Phelps

Session Description to Come

11/5 10:10AM-11:25AM

FVC1923. Cybertools for Forensic Accountants

Cynthia Herrington - President | Hetherington Group

Financial service professionals and investigators will learn how to conduct business intelligence investigations, due diligence, asset and enhanced background checks using the latest and most effective cybertools.
Learning Objectives:

  1. Learn the latest cyber investigative resources accessible to the AICPA market.
  2. Discover international resources for 2019, and grow your investigative toolkit.
11/5 10:10AM-11:25AM

FVC1924. "Family Law in 2025"

Jonathan Wolfe - Managing Partner | Skoloff & Wolfe, P.C.

This session will leverage Jonathan Wolfe’s nearly 20 years of ABA Section of Family Law leadership, and discuss the Section’s current areas of focus, and what the future of family law looks like in the coming years for clients, attorneys and experts.
Learning Objectives:

  1. Gain insight into current trends in family law;
  2. Understand current trends in the use of experts in family cases;
  3. Understand current challenges facing lawyers, experts, and clients;
  4. Leverage insights to prepare and grow your expert practice for the coming years.
11/5 10:10AM-11:25AM

FVC1925. A look Into the Future of Blockchain Litigation

Keith Miller - Partner | Perkins Coie LLP
Ryne V. Miller - Partner | Sullivan & Cromwell LLP
Boris M. Richard - Forensic and Litigation Consulting | FTI Consulting
Anthony J. Ferrante - Global Head of Cybersecurity | FTI Cybersecurity

Session description to come
Learning Objectives:

  1. Understand nature of current litigation involving Blockchain and Cryptocurrency
  2. Learn how regulatory and other agencies are involved
  3. Gain an understanding of what future litigation might look like
11/5 10:10AM-11:25AM

FVC1926. Investigation Report Writing (non R26)

Travis Armstrong - Partner | Hemming Morse
Nicole Lyons - Partner | WithumSmith+Brown

Session covers investigation report writing, focusing on all other types of reports other than those required under Federal Rules of Civil Procedure Rule 26 (e.g., non-expert witness report). The session will review elements, visual aids, types of reports, and will also cover the new forensic standard.
Learning Objectives:

  1. Identify the elements of a forensic report
  2. Recognize types of visual data to aid in presenting findings
  3. Differentiate between reports for non-litigative versus litigative settings
  4. Identify pitfalls in report writing
11/5 11:35AM-12:50PM

FVC1927. Investigations - Instructive in a story within a case study -

Brian Jenkins - Director | AlixPartners LLP
Meaghan Schmidt

Session Description to Come

11/5 11:35AM-12:50PM

FVC1928. Computer Forensics and Forensic Accountants: A Necessary Partnership

Michael MacDonald - Senior Manager | BDO Canada LLP
Gary Pate

This session will focus on the integration and partnership of the Computer Forensics and the Forensic Accounting team in Forensic investigations. We will be focusing on the increasing involvement and benefit that Computer Forensic Specialists add to an investigation. The session will also highlight successful case examples that involved both services, pitfalls of not securing electronic information correctly and common Computer Forensic Tools in 2019.
Learning Objectives:

  1. The right and wrong approach to securing computer hardware / email assets
  2. The order of services provided in an investigation involving electronic information
  3. How Computer Forensics can make a Forensic Accounting investigation more efficient
11/5 11:35AM-12:50PM

FVC1929. BUS COM Update - Valuation of Inventory

Gary Roland - Managing Director - Office of Professional Practice | Duff & Phelps

Session Description to Come

11/5 11:35AM-12:50PM

FVC1930. “Litigation in 2025”

Dan Dowd

This session will leverage Mr. Dowd’s nearly 20 years of ABA Section of Litigation leadership roles, and discuss the Section’s current areas of focus, and what the future of litigation may look like in the coming years for clients, attorneys and experts.
Learning Objectives:

  1. Gain insight into current litigation trends
  2. Understand litigation challenges facing clients in 2020
  3. Understand litigation challenges facing attorneys in and litigation challenges facing experts in 2020
  4. Leverage insights to prepare and grow your expert practice for the coming years
11/5 11:35AM-12:50PM

FVC1931. TCJA: Where are we now in practice?

Adam Smith - Managing Director | PricewaterhouseCoopers
Heather Tullar - Senior Vice President | Valuation Research Corporation

TCJA has been implemented for over a year. We will dive into the changes to valuation models as a result of the TCJA and what we have seen in practice. How are different folks handling various aspects of the change and which are more acceptable than others. Will also consider how to put it in practice.

11/5 11:35AM-12:50PM

FVC1932. The Unmentionables! How to Handle Bad Facts or Inadequate Data In An Expert’s Analysis

Randall J. Dean - Shareholder | Chapman Glucksman
Jolene Fraser - Managing Director | EisnerAmper LLP

While not ideal, unfavorable facts or insufficient data are often an unavoidable reality in many cases involving an expert opinion. How an expert deals with these situations can make or break a case. This session will explore how to strategize with counsel in acknowledging and analyzing weaknesses in a case which may affect an expert’s analysis and opinions.
Learning Objectives:

  1. Gain an understanding of when to concede bad facts versus an absence of opinion through case examples
  2. Learn techniques on how to handle cross examination regarding bad facts
  3. Understand how to remain objective and protect credibility by avoiding ethical traps, bias and the appearance of favoritism.
11/5 12:50PM-1:50PM

Networking Lunch

11/5 1:50PM-2:40PM

FVC1933. Data Analytics Progression Part 1: How to Trust Your Data

Paul Kirk

This session will provide the key element for all data analytics projects - good data! Through a recognized data analytics methodology, learn techniques to validate your data for completeness and accuracy and that is critical for all Forensic engagements.

11/5 1:50PM-2:40PM

FVC1934. Impact of Economic Obsolescence on Valuations

Mark L. Zyla - Managing Director | Zyla Valuation Advisors, LLC

ASC 820 Fair Value Measurements describes the cost approach to valuation as the cost to a market participant to buy an asset of comparable utility, adjusted for obsolescence. Financial valuation specialist in financial reporting often rely upon the work of experts in other disciplines, such as real estate appraisers. The financial valuation expert may encounter circumstances where the returns on assets may not be sufficient for the indicated value. In these circumstances, the financial valuation specialist and the real estate appraiser may consider the application of obsolescence on the fair value of the individual assets. In this session Mark will describe situations where application of economic obsolescence may be appropriate.

Learning Objectives:

  1. Understand the concepts of obsolescence in using the cost approach in measuring fair value in financial reporting.
  2. Application of economic obsolescence to a specific asset
11/5 1:50PM-2:40PM

FVC1935. Seven deadly sins of doing valuation - Part

Travis Harms - Senior Vice President | Mercer Capital
James R. Hitchner - Managing Director | Financial Valuation Advisors

What are the valuation equivalents to envy, gluttony, sloth, and the like? In this session, our speakers will identify and describe for participants the seven deadly sins of valuations.
Learning Objectives:

  1. Understand the nature of common valuation pitfalls
  2. Learn how to build safeguards into valuation processes and reports to protect against these pitfalls
11/5 1:50PM-2:40PM

FVC1936. Regulatory Update: Valuation Implications Resulting from Rev Rec, Leasing and other accounting standards

Paul Balynsky - Managing Director | Valuation Research Corporation
Adam Smith - Managing Director | PricewaterhouseCoopers

This session will provide an overview of recent accounting standard-setting activities impacting the business valuation profession. We will also discuss active projects on the FASB agenda and how those might impact the profession going forward.

Learning Objectives:

  1. Understand the concepts behind recent standards from the FASB including Revenue Recognition and Leasing.
  2. Understand how business valuation professionals are considering these new standards in practice.
  3. Be aware of future standard-setting activities of the FASB.
11/5 1:50PM-2:40PM

FVC1937. How to Groom and Mentor your Future FLVS Leaders of the Future - Dual Perspectives

Karolina Calhoun - Vice President | Mercer Capital
Hubert Klein - Partner | EisnerAmper,LLP

This session is for all levels, geared towards narrowing the gap between seasoned practitioners and the NexGen leaders of our professional industry. Real life examples and techniques will be discussed on how to train, motivate and retain team members from staff to management level FVS professionals. The session will help seasoned practitioners to understand and become aware of the challenges in grooming and retaining [young] professionals. Staff turnover hurts an organization in the long run. How to train your staff so they can leave but manage them so they don't want to is the goal. People are a Firms #1 Resource. Attendees will be able to:
Learning Objectives:

  1. Identify issues encountered with motivating and retaining qualified leaders for the future;
  2. Recognize the techniques that can be used to provide transparency for future; and
  3. Understand the development of action plans to improve employee morale, loyalty and professional development.
11/5 1:50PM-2:40PM

FVC1938. Case Studies of Transactions Resulting in Disputes or Litigation - Broken Deals

Terrance Crohn - Vice-President | Ernst & Young LLP
Barbara Morton - Partner | Ernst & Young LLP

Transactions regularly turn into disputes. Financial experts working in the transaction and disputes streams see deals when they've gone horribly wrong. This session will review examples of broken deals and how they were resolved with support from experts in valuation and loss quantification. There will also be a discussion, for each case, of how the dispute could have been avoided.
Learning Objectives:

  1. Better understand dispute and litigation support roles for financial experts.
  2. Better understand how financial experts can help support better outcomes through early involvement in the deal process.
11/5 2:40PM-3:10PM

Afternoon Networking Break & Vendor Displays

11/5 3:10PM-4:00PM

FVC1939. SSFS 1 - The New Forensic Standards (Repeat of Session 19)

Michael Fahlman - Managing Director | BRG
Annette Stalker - Principal | Stalker Forensics
Jason Flemmons - Senior Managing Director | Ankura Consulting Group

The session will provide a deeper dive into the new SSFS 1 set to roll out in 2020, provide practitioners with the tools to know when to apply SSFS 1, how to deal with cross examination and deposition questions regarding the requirements of SSFS 1, how to testify in a fraud case under SSFS 1, and discuss some of the common questions and FAQs about SSFS 1 during the exposure period.
Learning Objectives:

  1. When does SSFS 1 apply
  2. SSFS 1 deposition & cross examination implications
  3. How to testify in a fraud case under SSFS 1
  4. FAQs re: SSFS 1
11/5 3:10PM-4:00PM

FVC1940. Seven deadly sins of doing valuation - Part II

Travis Harms - Senior Vice President | Mercer Capital
James R. Hitchner - Managing Director | Financial Valuation Advisors

What are the valuation equivalents to envy, gluttony, sloth, and the like? In this session, our speakers will identify and describe for participants the seven deadly sins of valuations.
Learning Objectives:

  1. Understand the nature of common valuation pitfalls
  2. Learn how to build safeguards into valuation processes and reports to protect against these pitfalls
11/5 3:10PM-4:00PM

FVC1941. Understanding the Dark Web

Cynthia Herrington - President | Hetherington Group

is class will examine the Dark Web, the channels used to institute private sales and exchanges, and criminal behavior. In this intermediate to advanced hands-on class, participants will gain a thorough understanding of the Dark Web—criminality, anonymity, counterfeit products, child pornography, and human trafficking; learn the directory structures of the Dark Web; and learn Dark Web languages like Tor and Tails and the lingo of this underworld. Training will include exploring dark web channels for content and finding the resources and specialized search engines for searching against Dark Web content.
Learning Objectives:

  1. Attendees will be able to explain Dark Web to their clients.
  2. Attendees will understand how to use Tor safely and effectively, while learning the vulnerabilities, and be able to conduct undercover online investigations on the Dark Web.
11/5 3:10PM-4:00PM

FVC1942. Practice Management: How to Manage a Forensic/Valuation Practice in a Traditional Accounting Firm

Session description to come

11/5 3:10PM-4:00PM

FVC1943. Neutralizing Damages for Tax Consequences

Greg Regan - Partner | Hemming Morse
Kenneth D. Rugeti - Managing Principal | Rugeti & Associates

Courts have accepted the increase or “gross-up” of damages claims to account for an increase in taxes owed on a lump-sum award versus the taxes that would have been owed but-for the alleged wrongful act. The presentation will touch on supportive case law and methods for quantifying such impacts.
Learning Objectives:

  1. Understand the types of damages claims that may necessitate consideration of tax neutralization damages
  2. Learn approaches to quantifying tax neutralization damages
11/5 3:10PM-4:00PM

FVC1944. Daubert and Other Horror Stories

Jason MacMorran - Partner | Postlethwaite & Netterville

This session will provide an overview the gatekeeping function and relevant cases, strategies for managing a challenge to professional opinions, and examples of successful and unsuccessful defenses to challenges.
Learning Objectives:

  1. To understand the rules of the road in challenges to professional opinions
  2. To understand tactics and defenses for challenged opinions
11/5 4:00PM-4:10PM

Transition Break

11/5 4:10PM-5:25PM

FVC1945. Forensic and Valuation Services in a Global Economy

Peter Armstrong - Partner | KPMG LLP
Mark L. Zyla - Managing Director | Zyla Valuation Advisors, LLC

We will be discussing some of the changes and impacts on forensic and valuation professionals of the progression to a more global integrated environment for professionals.
Learning Objectives:

  1. Understand changes that are occurring at the AICPA and globally that are and may impact members
  2. Identify the opportunities, risks and challenges that members may face in an increasingly global economy.
11/5 4:10PM-5:25PM

FVC1946. PCAOB/SEC Update

Session description to come

Wednesday, November 6, 2019

11/6 6:30AM-1:10PM

Registration Open

11/6 7:30AM-8:45AM

FVC1947. Get to the Point - How to Write Clear and Concise Valuation Reports

Katie Holtgrave - Senior Financial Analyst | Anders CPAs + Advisors
Jeffrey S. Tarbell - Director | Houlihan Lokey

This session will discuss techniques and best practices for conveying report findings in a logical, effective, and easy to understand manner.
Attendees will leave with tips and techniques as to best practices, language usage, and readability when writing valuation and litigation reports.

11/6 7:30AM-8:45AM

FVC1948. Intersection of Income Market Approach

Travis Harms - Senior Vice President | Mercer Capital

While it is convenient to distinguish between the income and market approaches to value, one should be careful not to overstate the differences. After all, the approaches share a common objective of describing how a transaction for the subject asset would occur on an arm's-length basis at the valuation date. In this session we will explore:
Learning Objectives:

  1. How cash flow forecasts underlying the income approach inform market multiples
  2. How market-derived returns influence discount rates used in the income approach
  3. How to interpret observable market multiples
  4. How to interpret historical market returns and how best to correlate indications of value from the two approaches
11/6 7:30AM-8:45AM

FVC1949. Tracing Analysis – Follow the Money

Stacy P. Collins - Managing Director | Financial Research Associates
Ryan J. White - Manager | Financial Research Associates

Cash tracing has multiple applications. It can be used to differentiate separate and marital property, identify undisclosed assets, prove embezzlement, and more. This course will utilize a case study to illustrate best practices in conducting such investigations. It will guide participants thru a cash tracing analysis from start to finish, providing tips and tools you can apply in your next case.

After attending this course participants will be better able to:
Learning Objectives:

  1. Prepare a record request to begin a cash tracing analysis;
  2. Import and organize bank data effectively and efficiently;
  3. Reconcile data sources to test and validate the nature and purpose of receipts and disbursements;
  4. Evaluate red flags and prepare related follow-up requests.
11/6 7:30AM-8:45AM

FVC1950. The Forensic Accountant as an Intricate Part of the White Collar Criminal Defense Lawyer's Arsenal

Matthew S. Adams - Partner | Fox Rothschild LLP
Jessica Giresi - Partner | Withium
Matthew D. Lee - Partner | Fox Rothschild LLP

We explore the various roles for forensic accountants in white collar criminal defense matters, both pre and post indictment, and how to protect their work from overreaching government investigators. From assessing financial loss under the protections of the attorney-client relationship in the midst of an active grand jury investigation, to debunking misplaced government hypotheses about revenue and expenses in the middle of trial, the forensic accountant is an invaluable member of the white collar criminal defense lawyer’s team when that relationship is properly constructed. From engagement, to trial testimony, to sentencing, this panel explores the wide ranging opportunities for forensic accountants in the white collar criminal defense space, and how to protect those engagements from some common pitfalls and misconceptions
Learning Objectives:

  1. Explore the current legal landscape surrounding white collar criminal prosecutions
  2. Understand the contours of a Kovel engagement and the forensic accountants role in defending fraud investigations
  3. Identification of common misconceptions and pitfalls to avoid in white collar investigations
11/6 7:30AM-8:45AM

FVC1951. Data Analytics Progression Part 2: Advanced CAATs, Automation, and Visualization Case Study

Brian Merrill - Managing Director | Deloitte

This session will discuss use-cases on how to apply Computer Aided Audit Tools, Visualization, and Automation into Forensic engagements. Specifically, learn the building blocks of how (a) IDEA (or ACL) supports forensic audits; (b) Tableau (or PowerBI) helps tell a story with your data; and (c) Automation streamlines various time-consuming tasks.
Learning Objectives:

  1. Learn the basics of how Forensic engagements are enhanced through the application of (a) IDEA/ACL for CAATs; (b) Tableau/PowerBI for Visualization; and (c) Python for Automation
11/6 8:45AM-8:55AM

Transition Break

11/6 8:55AM-10:10AM

FVC1952. Economic Damages - The Building Blocks

David Duffus - Partner | Baker Tilly Virchow Krause,LLP
Alex Walther - Senior Vice President | BVA Group

This session will focus on the various components that are often utilized when building economic damage models. Developing credible economic damage models is a complex exercise with a number of components including, but not limited to, historical financial information, projected financial information, industry research, market research, case law, and much more. This session will explore the various components utilized in economic damage models and help the practitioner better understand how the various pieces of an economic damages puzzle can come together to form a credible model.
Learning Objectives:

  1. Understand the legal elements a party must prove
  2. Understand what makes a damages model reliable and believable
  3. Explore the potential financial research used to build a formidable model
  4. Evaluate how to forecast what is inherently unknown
11/6 8:55AM-10:10AM

FVC1953. Cross-Examination...Inside the brain of an attorney -

Neil J. Beaton - Managing Director | Alvarez & Marsal
Daniel Delany

The session will dive into the brain of an attorney, and how they view cross-examination, and some of the theory, strategies, and methods employed by attorneys. It will also cover things to look out for and how to stick to your points, expertise and opinions.
Learning Objectives:

  1. Understand the attorney's point of view
  2. Understand common tactics attorneys use
  3. Learn ways to detect traps
  4. Learn ways to stay in your lane
11/6 8:55AM-10:10AM

FVC1954. How To Ensure You Don't Get Excluded – Assessing Data Reliability Issues in Quantifying Damages Tips

Prem M. Lobo - Principal | Cohen Hamilton Steger
Daniel Ross - Associate Principal | Cohen Hamilton Steger & Co. Inc.

Damages experts are ever-more frequently being challenged on the reliability of their opinion evidence under the Daubert standard. One of the most commonly cited reasons for excluding experts is that their analyses were not supported by sufficient facts or data. This session will use detailed examples from case law to identify specific risk-areas that CPAs need to be aware of when working on cases with data issues, and the types of procedures they can use to protect themselves from being excluded as an expert witness at trial. This presentation will provide practical, hands-on insights directly relevant to both US and Canadian practitioners. The presentation will be delivered in a high-energy and interactive manner that will aim to capture the interest of the audience. Attendees will:
Learning Objectives:

  1. Delve into several court rulings where damages experts were challenged on the basis of reliability in order to understand how the courts interpreted these challenges and viewed the experts’ work.
  2. Identify common data issues that are encountered by experts when preparing their reports.
  3. Learn approaches that experts can take to deal with data issues in their analyses and to avoid their opinions being excluded through Daubert challenges (in the US) and non-Daubert challenges (in Canada).
11/6 8:55AM-10:10AM

FVC1955. Bankruptcy, Insolvency & The Financial Expert

Kenneth DeGraw - Partner | WithumSmith+Brown,PC
Catherine Youngman - Partner | Fox Rothschild LLP

Session covers roles accountants play in bankruptcy engagements, nuances regarding each of the roles, and interplay between attorney and forensic accountant/financial advisor in distressed situations. Matters including Assignment for the benefit of Creditors, Receiverships, Bankruptcies, and Liquidating Trusts: Learning objectives as follows:
Learning Objectives:

  1. Identify assignee, trustee, examiner, and receiver roles and responsibilities
  2. Formulate procedures and considerations for each of the roles, and
  3. Understand the interplay between the attorney and forensic accountant
11/6 8:55AM-10:10AM

FVC1956. Estate Planning and Valuation: Current issues and topics

Lisa Cribben - Partner | Wipfli LLP
Pamela Schneider - Former Partner & Director of Estate Planning | Wipfli LLP

Valuations are still are critical part of estate planning. This session will provide some current considerations in estate planning and how valuations play into the estate planning process.
Learning Objectives:

  1. Understand the current regulatory environment for estate planning
  2. Understand the planning tools estate planners use and how valuations plan into those tools
11/6 10:10AM-10:30AM

Morning Networking Break & Vendor Displays

11/6 10:30AM-11:45AM

FVC1957. DLOM- Back to the Basics

Z. Christopher Mercer - Chief Executive Officer | Mercer Capital

Session Description to Come

11/6 10:30AM-11:45AM

FVC1958. You Get What You Pay For: Voting, Non-voting, and Super-voting Shares

Yuka Itami - Senior Vice President | Houlihan Lokey Financial Advisors,Inc.
John Taylor - Managing Director | Houlihan Lokey Financial Advisors, Inc.

In the event a company has both voting and non-voting classes of stock, there may be an observed (or inferred) price difference between the two – the generally understood concept of “greater value for greater rights” would lead us to assume such would usually be in favor of the voting stock. However, when substantial numbers of both voting and non-voting shares are outstanding, one vote owned by a marginal investor outside the control group is likely not enough to impact corporate decisions. Further, commonly-used methods to measure empirical price differences among listed securities and/or transactions may not adequately express the relevant differential. This panel will discuss our recent research and findings on this topic as regards the relative values of voting, non-voting, and super-voting shares. Session covers Houlihan Lokey’s recent research and filings regarding the potential premia/discounts based on historical studies and more detailed and nuanced analyses. Specific areas of discussion include: -Other factors which may impact price -Analytical frameworks to screen for comparable datapoints -Interpretation of the outputs
Learning Objectives:

  1. Categorize dual-class stock structures as voting/non-voting or one vote/many votes
  2. Interpret public company pricing data to identify appropriate price differentials
  3. Assess observed price differences to formulate discounts
11/6 10:30AM-11:45AM

FVC1959. Scale Your Business Model

Rod Burkert - Owner | Burkert Valuation Advisors

For the most part, our traditional client service model is 1-to-1, 1-and-done. That means last year’s clients must be replaced this year to maintain the “old” revenue status quo. And to grow, we must add more new clients than the number that dropped off. Then that many more clients need to be replaced the following year to maintain the “new” revenue status quo. But it is more than just finding new clients. Because even if we are good at attracting leads and converting them into new clients, we ultimately must deliver the work … each year … every year … into perpetuity. And since there are only so many hours in a day, we can only serve so many clients in a year. This model does not scale. We are pushing the boulder up a hill; we are the mythical Sisyphus. There is an alternative – a 1-to-many business model that can augment our 1-to-1 client service model and give us more time, money, and freedom in our practices.
Learning Objectives:

  1. Understand how to augment a traditional 1:1 client service only business model with scalable 1:many BVFLS products.
  2. Learn what kind of 1:many BVFLS products can be created to appeal to people in the attendee's practice area or industry niche.
11/6 10:30AM-11:45AM

FVC1960. Clear and Convincing Communications that are Jury Friendly

Deborah Johnson - President | High-Stakes Communication

You may have stunning credentials, specialized knowledge and prepare a faultless analysis, but you need more than that to engage and influence a jury. You must have finely tuned “soft” skills – the ability to relate to them, to communicate complex ideas in an easy-to-absorb manner, and to defend without being defensive. Mastery of these soft skills determine whether you are only an expert on paper, or an expert who can help win cases. In this presentation learn what jurors want and why.
Learning Objectives:

  1. Discover the three keys to connecting with the jury on their level.
  2. Identify things you can do to polish up your presentation for maximum impact in the courtroom.
11/6 10:30AM-11:45AM

FVC1961. Data Analytics Progression Part 3: Management Considerations -

Alex Koltsov - Senior Manager | Grant Thornton LLP

Session Description to Come

11/6 11:45AM-11:55AM

Transition Break

11/6 11:55AM-1:10PM

FVC1962. How to become a Testifier

Thomas Hilton - Partner | Anders CPAs + Advisors
Katie Holtgrave - Senior Financial Analyst | Anders CPAs + Advisors

This session is intended for those who have little or no experience in testifying before a trier of fact in a courtroom, arbitration hearing or other venue. Presenters will report the results of a survey of new testifiers in an attempt to identify and address areas of concern. Attendees will receive tips on testifying from the perspectives of both a new and an experienced testifier.
Learning Objectives:

  1. Attendees will better understand the skill sets, knowledge of the legal system and core requirements for becoming a testifying expert.
  2. Attendees will receive tips to enhance their performance when testifying in deposition or trial.
11/6 11:55AM-1:10PM

FVC1963. Cost of Capital – 1, 2, 3

Harold Martin - Partner | Keiter
Ethan Hitchcock - Manager | Keiter

The cost of capital is one the most important considerations in estimating value using the income approach. In this session, participants will learn the theory underlying the cost of capital, as well as practical applications using the three major sources for empirical cost of capital data:

1. Duff & Phelps Cost of Capital Pro
2. BVR Cost of Capital Navigator
3. Damodaran
Learning Objectives:

  1. In this session, participants will learn the about each of these three sources and their respective strengths and weaknesses.
11/6 11:55AM-1:10PM

FVC1964. Deposition - Preparation, Objectives, and Nuances

Stacy P. Collins - Managing Director | Financial Research Associates
Cindy Joseph - Manager | Financial Research Associates
Francesca M. Resch - Junior Partner Attorney | Naimi & Cerceo

Deposition itself is not a trial, nor is it an opportunity to convince anyone, especially the other lawyer, about how right you are. Nothing you say will "win" the case, however something you say may "lose" the case. In this session you will
Learning Objectives:

  1. Identify preparation approaches.
  2. Learn the art of answering the specific question asked, and
  3. Identifying the opportunities to expand an answer for strategic purposes
11/6 11:55AM-1:10PM

FVC1965. TBD - M&A Damages

Jeff Livtak - Senior Managing Director | FTI Consulting, Inc.

Session Description to Come

11/6 11:55AM-1:10PM

FVC1966. Valuation of Warrants

Neil J. Beaton - Managing Director | Alvarez & Marsal

Do you know the difference between and option and a warrant? Is the Black-Scholes model really the one-size-fits-all tool we often make it out to be? This session will explore the advanced aspects of private company warrant valuation—giving you the tools to move beyond the simple and straight-forward to the complex and nuanced analysis that savvy clients demand.

Learning Objectives:

  1. Evaluate warrants based on their unique characteristics
  2. Analyze warrant features that impact value.
  3. Calculate the value of a warrant using the most appropriate methodology