U.S. Supreme Court takes next step to exempt draft appraisal reports from discovery
Nearly six months ago, the BVWire reported that a financial expert’s draft report would no longer be discoverable under proposed changes to Rule 26 of the Federal Rules of Civil Procedure (F.R.C.P.). We assumed the U.S. Supreme Court would approve the changes and send them to Congress. Most recent update: On July 15, 2010, the [...]
Note for appraisers using Done Deals
Heidi Walker, speaking on BVR’s webcast this morning focusing on transaction databases, reminds users that “equity price” on Done Deals doesn’t quite mean what most appraisers think it does. If no debt is assumed, invested capital price equals equity price…so we have to remove debt from our subject company. Because all of Done Deals transactions [...]
100+ corporate counsel declare FASB’s litigation contingency reporting requirements do more harm than good
BVWire is following the story of the August 18th letter signed by a host of Association of Corporate Counsel’s leading members. ACC and many of their members believe that the requirement that shareholders know about impending risks from litigation will alert the tort bar to insurance and other funds that can be pursued–delaying settlements and [...]
Question from Mark Zyla regarding AICPA fair value meeting
Mark’s running the AICPA’s Fair Value Measurement Workshop in NYC September 16-17. He’s asked for input on issues in Topic 820 (157), 805 (141R), and related fair value for financial reporting topics. One place you can respond to Mark is on the LinkedIn BV Professionals site (you need to register first, if you haven’t already).
Grabowski draws conclusions from ERP arguments in the Global GT case
The “Global GT” case (as reported in BVWire’s June “Supply-side ERP More Reliable, Says Delaware Chancery Court”) shows that at least some courts have become more sophisticated in their understanding of cost of capital analyses. There’s been lots of commentary on this issue (BVR’s digest is available at BVLaw)—but, as usual, Roger Grabowski summarizes the [...]
Need justification for demanding a site visit on all appraisal engagements?
If you think of the Washington DC law firm Steptoe & Johnson, images of white shoes, mahogany furnishings, and lush artwork come to mind. That’s all true–they have nice offices befitting a top 100 U.S. law firm. But, they have something else; the exhaust of the burger restaurant on the first floor ducting into [...]
Robert Herz to retire early from FASB chairmanship
FASB Chair Robert Herz is taking early retirement as of Oct. 1, 2010. FASB Board Member Leslie Seidman will fill the role of Acting Chair until a replacement board member and a chair among those board members is chosen. Herz’ term was originally to last until June 30, 2012. Herz has distinguished himself in many [...]
Mergerstat/BVR Control Premium Study updates just posted at www.bvresources.com
The second quarter updates for the Factset Mergerstat/BVR Control Premium Study™, including the 2nd Quarter 2010 Control Premium Study, were posted for subscribers this morning.
To calculate or not to calculate: revisiting the AICPA’s SSVS-1
By Nathan DiNatale, CPA/ABV, CVA, guest author Since its release in 2007, there has been some misunderstanding about the AICPA’s Statement on Standards for Valuation Services or “SSVS.” This frequently misunderstood and often misinterpreted guidance has CPAs and valuation analysts wondering when and how it applies to the services they perform. Questions such as “is [...]
Special Legal Report: Daubert Challenges Ten Years After Kumho Tire
By Sherrye Henry, Jr, Esq. BVWire Legal Editor It’s been ten years since the U.S. Supreme Court expanded its ruling in Daubert v. Merrell Dow Pharmaceuticals, Inc. to all types of technical expert testimony—including financial experts and business appraisers—in Kumho Tire v. Carmichael. PriceWaterhouseCoopers has just released its new Daubert Challenges to Financial Experts: A [...]
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