The FVS Valuation Podcast
Thanks for joining us on The FVS Podcast, brought to you by AICPA & CIMA, together as the Association of International Certified Professional Accountants. Twice monthly on the 2nd and 4th Thursday, listen in as we share captivating conversations with We deliver new episodes twice monthly, and you can listen from the Libsyn platform or your favorite podcast app such as Apple or Spotify. We celebrated our 100th episode in October 2024 and our archives include captivating conversations with subject-matter experts, and progressive ideas from thought leaders. The show notes for each episode will contain additional resources to assist you in learning about valuation topics! The FVS Valuation Podcast is a part of the extensive resource library available from AICPA-CIMA’s Forensic and Valuation Services Section, the premier provider of guidance, tools, and advocacy for professionals who specialize in providing forensics, valuation, litigation, and fraud services.
Episodes
AI is becoming increasingly important in managing, analyzing, and optimizing investments and influencing how we navigate the interdependencies of capital and data flows, reporting, and legal and regulatory requirements in the private markets. This discussion between experts Andreas Dal Santo of BlueVal, Chandu Chilakapati of Aprio, and Prof. Michael Weinberg of Columbia Business School – practicing experts in finance, investment, ...
Dave and Lisa explore the intricacies of the market approach highlighting the importance of using reliable market data and multiple valuation approaches to achieve accurate results. They discuss how risk factors and company size influence valuation multiples and provide practical tips for applying these concepts in real-world scenarios. Key takeaways include:
- Combining income, market, and asset approaches helps mitigate the ri...
This is a refreshed version of an episode from July 2021. Some voice distortion may be present. Please scroll down to find links to essential resources that have been developed since the original publish date.
In this episode, we explore the many paths available to accounting and finance majors who aspire to work in forensics and valuation services particularly as an expert witness. Dean Driskell tells his journey as a forensic ac...
In the evolving world of alternative investments, AICPA's "PE/VC" guide often is only a starting point in the valuation of complex financial instruments.
Catherine and Nathan, both seasoned CPAs and ABVs, discuss the complexities of subsequent events in business valuation. They explain the definition, implications, and relevance of these events in contexts like estate and gift tax transactions. Their conversation covers how these events can affect or indicate value, the standards and court rulings involved, and the challenges of determining what is known or knowable at the valuation...
Dissenting shareholder disputes occur when minority shareholders believe their shares are undervalued in a company transaction, leading to legal dissent. There is a difference between dissenting and oppressed shareholder matters which our expert, Hubert Klein, will explain as well as the legal and valuation standards that are used.
Klein highlights the importance of transparency and professional skepticism and thorough understand...
The discussion underscores the importance of participating in professional communities like the AICPA FVS Section for continuous learning and support. Bethany and Tade highlight how the FVS community has significantly contributed to their professional growth by providing key resources to assist with client engagements and a supportive community of professionals.
- Using FVS Section resources in client work
- Networking benefit...
Simple Agreement for Future Equity (SAFEs), convertible notes, and embedded derivatives are among financial instruments which feature optionality, which can obscure confidence in the expected value of the associated future economic benefits. Published guidance is limited, and adding to the complexity, some alternative investment transactions have optionality features lurking within, dormant, and not readily apparent. This present...
To celebrate Women's History Month, we are excited to share a special episode for our FVS Valuation podcast which explores the diverse backgrounds of several business valuation leaders, their paths into a career in business valuation, and their journeys to becoming experts in the field. The conversation highlights the many routes that can lead to success in business valuation, including
- The significance of obtaining the Accr...
Maryellen and Ross delve into the subjectivity and controversy surrounding discount rates, the importance of understanding the asset and forecast inputs, and the application of market participant assumptions. Including these key takeaways:
- Subjectivity in Discount Rates: Understanding the significant subjectivity and controversy in determining discount rates.
- Qualitative Assessments: The role of qualitative assessments in ali...
Derivatives such as options have been used to reward employees for many years, and executive pay packages often include features of complex derivative securities such as options and restricted stock with vesting schedules based on various contingencies. Join us for a deeper look of what’s “under the hood” in the relevant valuation techniques such as lattice models and Monte Carlo simulation, and how these relate to regulations suc...
This is a refreshed version of an episode from October 2022.
Professor Matthew Shaffer shares his journey into the field of accounting and his interest in corporate governance, valuation, and the market for corporate control. His article, "Why Value the Enterprise and Route to the Equity," explores the rationale behind using enterprise value evaluations in M&A settings instead of directly valuing equity. Josh and Matt discuss:
Plan early! The Tax Cut and Jobs Act (TCJA) significantly increased the estate tax exemption and there is uncertainty around whether it will be extended or modified. It's recommended to plan early and not wait until the last minute to ensure all necessary legal and valuation work can be completed in time.
Greg Saunders and Lisa Cribben explore the complexities of estate planning and valuation, emphasizing the importance of early an...
In this interview, Dave and Natalya discuss several significant court cases related to gift and estate tax valuations, ESOPs, and control issues in business valuations. Throughout the discussion, they emphasize the need for careful planning and the potential implications of court decisions on future valuation practices:
- Controversial Connolly Case which included life insurance proceeds in the value of a company for estate tax...
This interview was recorded on 10/28/24 at the AICPA-CIMA Forensic and Valuation Services Conference prior to the presidential election on 11/5. Economic issues discussed are still relevant as of the publish date11/21/24
Don’t miss this deep dive into the cost of capital and its implications for businesses and investors
Nunes and Harrington, both from Kroll, share a macroeconomic update with ...
This is a refreshed version of an episode from June 2022.
Roger Grabowski has made numerous contributions to the field of valuation, particularly in forecasting cash flows using the discounted cash flow method (DCF). Roger speaks with Josh about the evolution of valuation practices and emphasizes the importance of understanding historical growth and differentiating between organic growth and growth through acquisitions.
Topics disc...
This is the 2nd of a two-episode interview with Rod Burkert who is a valuation practice coach and advisor. If you have not listened to Part 1 – consider listening now . Rod views AI as a tool, and like how professionals learned to use Excel and Word, he encourages a mindset shift to familiarize oneself with AI and its potential applications in business valuation.
- How to prompt so AI understands where you are coming from and ...
The authors of the Eye on Fraud article on the same topic, Howard Silverstone and Sean Sauder, explore historical and modern examples of music fraud, including "payola," artist fraud, and streaming fraud, and discuss industry measures to combat these issues, including:
- Streaming fraud: bots, click farms, and playlisting scams
- Impact of fraud on artists and the industry, such as royalty fraud and illegal downloading
- The role of...
Pod Squad host Nene Gianfala discusses how to support company specific risk and reconciliation with our experts fresh out of their session at the FVS conference. Their conversation covers complex topics including:
- Understanding projected financial information (PFI)
- Quantifying company specific risk premium
- Reconciling WACC, WARA and IRR
- Complying with disclosure requirements and
- Learning the story behind the numbers.
Gu...
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