Sessions For November 7

7:00AM-8:30AM

07

Wednesday
7:30AM-8:45AM

47. Opioid Fraud

Instructor: Randy Wolverton, Valerie Rock
Track: General Forensic
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

Session covers what the various stakeholders (i.e., auditors, regulators, management, and the board) should consider as internal controls to mitigate issues related to the opioid crisis. Both public and private company expectations will be represented.

Learning objectives:

  • Overview of the scope of the crisis
  • Understand areas of risk needing internal controls
  • Learn some specific examples of monitoring for fraud and abuse related to the opioid crisis

07

Wednesday
7:30AM-8:45AM

48. How I Survived a Daubert Motion & Hearing and Lived to Testify at Trial

Instructor: Mark Filler
Track: Litigation/Expert Witness
Knowledge Level: Advanced
Field of Study: Accounting
CPE Credits: 1.5

Session covers the various factors necessary to avoid disqualification under FRE 702. We will present and analyze the concepts of relevancy, reliable methodologies and their application to the facts of the case, with an emphasis on gathering sufficient facts and data, especially when historical financial data is unavailable.

Learning objectives:

  • How to convince the Daubert Court that you did enough work to satisfy the sufficient facts and data requirement
  • Differentiate between Daubert hearing testimony and trial testimony
  • Distinguish between facts and data and the importance of the former when the latter are unavailable

07

Wednesday
7:30AM-8:45AM

49. Goodwill

Instructor: Harold Martin
Track: General Valuation
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

This seminar will present a quantitative approach using the residual method for estimating personal and entity goodwill. This approach may be used for tax purposes (e.g., purchase price allocation) as well as for family law cases where personal goodwill is a separate asset. The presentation will include a case study illustrating the method.

Learning objectives:

  • Applications of the method for different valuation purposes (e.g., tax and family law matters)
  • Background of the residual method
  • Case study illustrating the residual method

07

Wednesday
7:30AM-8:45AM

50. Lifestyle Analysis/ Pay & Need Analysis

Instructor: Karolina Calhoun
Track: Family Law
Knowledge Level: Basic
Field of Study: Accounting
CPE Credits: 1.5

How to build a Lifestyle Analysis, otherwise known as a Pay and Need Analysis for a Family Law case needing financial consulting. -Identify assets and liabilities, whether or not they are marital or separate, and their future income producing ability. -Analyze sources of income and the future contribution to investments, retirement accounts, as well as future draws from the respective accounts -Assess current and future net worth accumulation over time.

Learning objectives:

  • Identify and Classify Assets & Liabilities to include on marital and separate balance sheets:
    • a. Examine documentation and accuracy of the support
  • Assemble relevant information:
    • a. Current accounts (bank, brokerage) vs long-term compensation accounts (401k, pensions, etc.)
  • Evaluate monthly budget for each spouse:
    • a. Compare/contrast spouse's budgets
  • Evaluate the payor's ability to support and the payee's need for support:
    • a. Lifestyle analysis comes into play here as the historical expenses may be used as a basis for monthly budget, however, depending on the finances, may or may not be supported post-divorce
    • b. Lifestyle analysis also provides the ability to measure the division of net worth at date of divorce and future net worth accumulation over time

07

Wednesday
7:30AM-8:45AM

51. Valuation of Employee Stock Options, Market Condition, and Performance Based Options

Instructor: Oksana Westerbeke
Track: Fair Value Measurements
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

Introduction to valuation of employee stock compensation awards. Service, market, and performance conditions and their impact the fair value. Deeply out-of-the-money options. Size and leverage impact on the volatility. Introduction to Black-Scholes, binomial model, and Monte Carlo simulations.

Learning objectives:

  • List and explain the different types of options Identify the methodologies used to value options
  • Define the concept of "moneyness" and how it impacts the selection of the valuation methodology Identify significant assumptions used in the valuation of options
  • Recognize the ASC 718 and SAB 14 requirements for estimating the expected volatility for public companies Recognize the AICPA recommendations for estimating the expected volatility for privately-held companies

07

Wednesday
7:30AM-8:45AM

52. How Tax Reform is Impacting Divorce Litigation

Instructor: Hubert Klein, Randy Kessler
Track: Family Law
Knowledge Level: Intermediate
Field of Study: Taxes
CPE Credits: 1.5

This session will review the impact of the Tax Cut and Jobs Act of 2017on divorce litigation. Topics discussed will include issues from the clients decision to begin the divorce process, separate, discovery, mediation and arbitration and trial. A review of what are experts thinking and what are the courts doing. There will be a discussion of how the new law impacts deductibility alimony and its impact on settlements. There will also be a review and discussion on issues with business valuation as a result of the corporate tax decrease.

Learning objectives:

  • Explain the impact of the new tax as it relates to their clients and attorneys
  • Reconcile the impact of the tax law on current litigation comparing old law to new law
  • Employ skills and topic discussed in their current practice

8:45AM-8:55AM

07

Wednesday
8:55AM-10:10AM

53. How many frauds can be perpetrated at one time? A case study.

Instructor: Dan Ray
Track: Forensic Case Studies
Knowledge Level: Basic
Field of Study: Specialized Knowledge
CPE Credits: 1.5

This case study focuses on a real estate developer who acquired numerous shopping centers throughout the Western United States. Shortly following each acquisition, the developer filed insurance claims citing various 'natural disaster' damage such as rain, wind, hail, etc. An investigation of these claims revealed a pattern of various apparent schemes including insurance fraud, tax fraud, bank fraud, etc.

Learning objectives:

  • A critical analysis of banking and tax related documents identified the apparent fraud
  • There are often multiple fraud schemes perpetrated simultaneously
  • Focus needs to be on the best and clearest evidence and don't get distracted on less important tangent issues

07

Wednesday
8:55AM-10:10AM

54. Valuation Tax Panel

Instructor: Christopher Mercer, James Hitchner, Robert Reilly
Track: General Valuation
Knowledge Level: Intermediate
Field of Study: Taxes
CPE Credits: 1.5

How substantial is tax reform’s effect on business valuation? There has been a lot of discussion and interest in the new TCJA especially, but how has this changed the way we think about valuation. The panel will discuss different views on tax reform related to valuation modeling, forecasting, and subjective assumptions used when considering the TCJA. Participants can expect an interactive discussion on a variety of opinions on tax implications.

Learning objectives:

  • Understand the various implications of the TCJA on pass through entity valuations
  • Explore the effect on public company and transaction multiples post TCJA
  • Review best practices with model considerations in light of sunset provisions
  • Learn the effect of bonus depreciation and interest expense limitations

07

Wednesday
8:55AM-10:10AM

55. Best Practices in Divorce Depositions: What you should and should not do in a deposition

Instructor: Bette Quiat, Paul Garcia
Track: Family Law
Knowledge Level: Basic
Field of Study: Accounting
CPE Credits: 1.5

Session covers how to prepare for and testify at a deposition. Learn how to assist an attorney in taking a forensic /valuation deposition. Practical pointers on mistakes to avoid and how to be a great witness.

The attendee will:

  • Determine what needs to be done before you give testimony in a case
  • Analyze your role and how best to present your data in a deposition
  • Identify pitfalls to avoid in the deposition process

07

Wednesday
8:55AM-10:10AM

56. Lightning Round: Experts go toe-to-toe on key tactics

Instructor: Brad Preber, Dave Duffus, Greg Regan, Joseph Leauanae
Track: Litigation/Expert Witness
Knowledge Level: Advanced
Field of Study: Accounting
CPE Credits: 1.5

Engage in dialogue with other experts to share best practices related to engagement letters, document retention, and report development. Have an opportunity to ask challenging questions of your peers to validate engagement methodologies and boundaries.

Learning objectives:

  • Understand emerging trends confronting other forensic and valuation services professionals
  • Gain exposure to the practice management secrets of seasoned professionals, including considerations such as common types of referral sources and percentage of time devoted to marketing efforts

07

Wednesday
8:55AM-10:10AM

57. Forensic Engagement Reporting

Instructor: Carleen Gaskin, Nicole Lyons
Track: General Forensic
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

This session will cover components of general forensic engagement report writing (elements, planning, procedures, and writing tips) and will also identify and apply rules and requirements for a testifying expert in Federal Court.

Learning objectives:

  • Identify the elements of a forensic engagement report
  • Determine appropriate planning and report preparation procedures
  • Apply writing tips
  • Identify and apply federal rules of evidence and required disclosure under both civil and criminal procedures

07

Wednesday
8:55AM-10:10AM

58. AICPA Bus Com Guide

Instructor: Gary Roland, Mark Edwards
Track: Fair Value Measurements
Knowledge Level: Advanced
Field of Study: Accounting
CPE Credits: 1.5

Representatives from the AICPA Business Combinations task force, which is developing an Accounting and Valuation Guide on this topic, will update you regarding the latest developments on the guide and provide an overview of valuation guidance that you can expect to see in the guide. Specifically, they will discuss the Internal Rate of Return diagnostic, valuation techniques and framework for their selection and application to acquired intangible assets, and guidance on measuring fair value of certain assets acquired and liabilities assumed with a focus on: technology & trade names, long term contracts with customers (construction or production), and operating rights.

Learning objectives:

  • Learn about the Internal Rate of Return diagnostic
  • Understand how to select appropriate valuation techniques for valuing intangible assets acquired in a business combination
  • Gain a better understanding about valuing technology & trade names, long term contracts with customers (construction or production), and operating rights acquired in a business combination

07

Wednesday
10:30AM-11:45AM

59. Forensic Accounting Evidence - Know your Audience and the Expectations

Instructor: Neal Seiden
Track: General Forensic
Knowledge Level: Advanced
Field of Study: Accounting
CPE Credits: 1.5

Session covers what the various stakeholders (i.e., auditors, regulators, management, and the board) expect from an investigation. Both public and private company expectations will be represented. Reporting will be covered in another sessions.

Learning objectives:

  • Evaluate investigative process before reporting is needed
  • Formulate procedures needed to complete successful investigation
  • Interpret evidence received in an investigation

07

Wednesday
10:30AM-11:45AM

60. Net Cash Flow Complications

Instructor: Bethany Hearn, Travis Harms
Track: General Valuation
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

The Income Approach is the most commonly used approach to value closely held operating companies. Two key components to the Income Approach are the discount rate and net cash flow. As valuation professionals, we spend a lot of time researching, developing and evaluating the discount rate but less time on the net cash flow even though it has a significant impact on value. This session will focus on net cash flow and common complications. We will explore the various measures of net cash flow and how to calculate it. In addition to addressing normalizing adjustments to income, we will discuss adjustments to ongoing EBITDA to arrive at net cash flow including interest (when applicable), depreciation, income taxes (for c-corps and pass-through entities), capital expenditures, working capital changes, and changes to debt (when applicable). After attending this program, participants will have a better understanding of how to determine net cash flow for valuation purposes.

Learning objectives:

  • Define levels and measures of net cash flow
  • Describe key considerations for normalizing adjustments
  • Computation of adjustments to income to arrive at cash flow
  • Calculation of historical and forecast cash flow
  • Quantitative risks to be considered in net cash flow (instead of discount rate or DLOM)

07

Wednesday
10:30AM-11:45AM

61. Dissecting Section 199A

Instructor: Anthony Nitti
Track: General Valuation
Knowledge Level: None
Field of Study: Taxes
CPE Credits: 1.5

New Section 199A offers a 20% deduction to owners of certain pass-through businesses. In this seminar, Tony Nitti will break down the statutory language as well as the proposed regulations, helping attendees understand who qualifies for the deduction and how it is computed.

Learning objectives:

  • Understanding the basic structure of Section 199A
  • Defining key terms: QBI, SSTB, trade or business, UBIA, W-2 wages, etc...
  • Identifying the critical taxable income threshold at which the determination of the Section 199A deduction goes from simple to complex
  • Identifying specified service trades or businesses 5. Understanding aggregation rules, allocation of W-2 wages, and netting of income and losses

07

Wednesday
10:30AM-11:45AM

62. Surviving Cross Examination

Instructor: Harmon W. Caldwell, Jr., Harold Martin, James Hitchner, Jeffrey Buchakian, Neil Beaton
Track: Litigation/Expert Witness
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

This panel discussion on expert witness testimony in valuation matters will address:

Learning objectives:

  • Preparation for cross-examination testimony
  • How to answer those difficult questions
  • Hints for survival
  • Tips on rehabilitation

07

Wednesday
10:30AM-11:45AM

63. Valuation of debt, hybrid instruments, and embedded derivatives

Instructor: Oksana Westerbeke
Track: Fair Value Measurements
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

This section will cover different types of debt instruments (straight debt, callable debt, convertible debt, debt-like preferred stock, etc.), methodologies for developing the credit rating, market yield, and for the valuation of the underlying instrument. In addition, we will discuss most commonly recognized embedded derivatives and the methodologies used to value these derivatives.

Learning objectives:

  • Recognize different types of debt (straight debt, callable debt, convertible debt, debt-like preferred stock, etc.)
  • Recognize the economics of each debt instrument and the value-driving factors; Identify features of the debt instrument(s) that may require additional accounting and valuation considerations
  • Identify methodologies to value various types of debt and embedded derivatives
  • Recognize the driving factors behind the debt's credit rating
  • List methodologies to develop a synthetic credit rating for the subject company and the subject debt
  • Identify how to factor in debt's seniority, presence of collateral and third-party guarantee into the yield
  • Recognize how to develop the market yield for the debt

11:45AM-11:55AM

07

Wednesday
11:55AM-1:10PM

64. Case Law Update on Crucial Recent Valuation and Damages Rulings

Instructor: James Alerding, Sylvia Golden
Track: General Valuation
Knowledge Level: Basic
Field of Study: Accounting
CPE Credits: 1.5

Case law update examines five or six pivotal, recent, federal and state cases focusing on valuation and damages issues and featuring expert testimony. The goal is to leave attendees with a deeper understanding of a court ruling as well as an appreciation of what it means to perform in the litigation landscape. Valuators who know what goes on in court and what the law is in their area of practice are more effective and more desirable experts.

Learning objectives:

  • Learn what issues have dominated recent valuation and/or damages cases
  • Learn what valuation methodologies or damage models worked in what case and why (also what didn't work)
  • Learn how courts in various legal contexts responded to the testifying expert
  • Learn how a specific case fits into the larger valuation or damages jurisprudence that controls or is shaping an area of law

07

Wednesday
11:55AM-1:10PM

65. Industry Series 2: Financial Institutions - Community and FSB

Instructor: Alan Hodgson, Chris Hargrove, Robert Gray
Track: General Valuation
Knowledge Level: Basic
Field of Study: Accounting
CPE Credits: 1.5

During this presentation we assist participants (intermediate/advanced) to more effectively assist/obtain prospective clients, service existing clients, and manage their business valuation engagements. We will discuss real transactions (Fair Market Value and Strategic Value) and Fair Value Accounting Issues that are in the present market place.

Learning objectives:

  • Current update on the industry and economic outlook for Banking Institutions
  • Overview of current transaction deals, income and market approaches, and what client's are expecting
  • Hot topics in Fair Value and Purchase Price Allocations

07

Wednesday
11:55AM-1:10PM

66. Forensic Mediation in a Matrimonial Matter - Perspective of a Judge and an Accountant

Instructor: The Honorable Ronny Jo Siegal, William Morrison
Track: Family Law
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

Complex matrimonial matters involve difficult discovery, accounting, valuation and settlement issues. Typically, settlement is not addressed until the assets have been identified and valued and the income has been determined. Forensic mediation involves a mediator early in the case and enables the stakeholders to address these issues in pieces.

Learning Outcomes:

  • The participants should understand forensic mediation and be able to apply the forensic mediation concepts and participate in forensic mediation

07

Wednesday
11:55AM-1:10PM

67. Current Trends in Business Divorce Litigation

Instructor: Gary Freed, Hubert Klein
Track: Litigation/Expert Witness
Knowledge Level: Intermediate
Field of Study: Specialized Knowledge
CPE Credits: 1.5

A review of issues encountered in business divorce for privately held companies. Discussion to include the unique attributes that arise from both the attorney and expert perspective in business divorce litigation. Topic to be covered include issues encountered in discovery to trial testimony; How to deal with discovery issues when representing Minority Owners, the impact of Negative Inferences, Valuation Issues and limitations under Stare Statutes and Case Law; Includes update on various case law and decisions for C-Corp, S-Corp, LLC's, LLP's and Joint Ventures.

Learning objective:

  • Demonstrate and employ skills immediately in the attendees current cases

07

Wednesday
11:55AM-1:10PM

68. The Asset-Based Approach to Business Valuation

Instructor: Robert Reilly
Track: General Valuation
Knowledge Level: Intermediate
Field of Study: Accounting
CPE Credits: 1.5

This session explains how the asset-based approach can be applied to value both operating companies and investment holding companies. This session describes how this approach concludes a marketable, controlling ownership interest. This session explains how the selected asset valuation methods and procedures can be applied to conclude either a going-concern value or a liquidation value of the subject business entity. And, this session presents illustrative examples of two common asset-based approaches valuation methods: (1) the asset accumulation method and (2) the adjusted net asset value method.

Learning objectives:

  • Understand when to apply the asset-based approach in a business valuation assignment
  • Distinguish between the asset-based approach to business valuation and the cost approach to property valuation
  • Analyze the conclusions of the asset-based approach with regard to (a) level of value concluded, (b) premise of value concluded, (c) income tax liability concluded, and (d) amount of goodwill concluded

07

Wednesday
11:55AM-1:10PM

69. Don't Get Left Behind: How New Revenue GAAP Will Change All Financial Statements

Instructor: Josh Johnston, Steve Richards
Track: Catch-All/General
Knowledge Level: Advanced
Field of Study: Accounting
CPE Credits: 1.5

Session Description to Come