David Larsen

Managing Director | Duff & Phelps

David Larsen is a managing director in the San Francisco office of Duff & Phelps and part of the Alternative Asset Advisory service line. He has more than 35 years of transaction and accounting experience. He specializes in fair value accounting issues, and specifically in valuation, accounting, and regulatory issues faced by Alternative Asset managers and investors.
David advises leading Private Equity Managers and Institutional Investors and has advised numerous strategic and private equity acquirers in all areas of mergers, acquisitions, joint ventures, divestitures and valuation related maters. He provides valuation policy and process assistance to a number of the world’s largest institutional limited partner investors and some of the world’s largest alternative Investment managers. David is a member of the International Valuation Standards Council Standards Review Board, an advisor to and has served as Vice Chair of the International Private Equity and Venture Capital Valuations Board (IPEV), which in 2018 released updated International Private Equity Valuation Guidelines and serves as a member of the American Institute of Certified Public Accountants (AICPA) PE/VC Practice Guide Task Force. David has served as a special advisor to the Institutional Limited Partners Association; board member, project manager and technical advisor to the Private Equity Industry Guidelines Group and was instrumental in developing and drafting the Private Equity Industry Guidelines Group’s Valuation and Reporting Guidelines; member of the Financial Accounting Standards Board’s Valuation Resource Group responsible for providing the Board with input on potential clarifying guidance on issues relating to the application of the principles of FASB ASC Topic 820 (formerly SFAS No. 157), Fair Value Measurements and a member of the AICPA Net Asset Value Task Force.
Prior to joining Duff & Phelps, David was a Partner in KPMG LLP’s Transaction Services practice, where he was the segment leader of KPMG’s U.S. Institutional Investor practice. He served 13 years in KPMG’s Seattle, Düsseldorf and Prague audit practices prior to moving full time to advisory work.
David received his M.S. in accounting from Brigham Young University’s Marriott School, his B.S. in accounting from Brigham Young University. He is a certified public accountant licensed in California and Washington. David is also a member of the AICPA and the California and Washington Society of Certified Public Accountants and is a FINRA Series 7, 24 and 63 registered representative.


Sessions

Valuing investments is a critical issue for the private equity and venture capital industry. After more than five years of effort, the AICPA has published the final version of the Accounting and More