Valuation: Separating Fact from Fiction
How is the “Fair Value” of illiquid investments determined, what does fair value mean, why is it used, and who deems it relevant?
Sponsored by Duff & Phelps
Venture Capital, Private Equity, Corporates, and even institutional investors are investing in private companies both through debt and equity! Increasingly regulators, auditors, investors, and the public at large are asking questions about how these investments should be valued at each reporting date.
Join us for a robust discussion of “Fair Value”; what does it mean, how is it determined, and why is it important? Experts from Duff & Phelps will discuss the following:
- Fair Value—How is it defined and estimated?
- Why do investors care about fair value?
- ASU 2016-01 – Measuring financial instruments at Fair Value: Potential pitfalls of corporates electing a cost practical expedient.
- New Working Draft of AICPA PE/VC Valuation Guidance—will it change existing practice?
- Case studies—examples of best practices in valuing debt and equity investments.
- Valuation of Unicorns - Separating fact from fiction.
David L. Larsen, CPA, ADV, CEIV, Managing Director, Duff & Phelps
David Larsen is a managing director in the San Francisco office of Duff & Phelps and part of the Portfolio Valuation service line. He has more than 30 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. Mr. Larsen is an advisor to and has served as Vice Chair of the International Private Equity and Venture Capital Valuations Board (IPEV), which in 2015 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. Prior to joining Duff & Phelps, Mr. Larsen 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. He received his M.S. in accounting from Brigham Young University’s Marriott School and his B.S. in accounting from Brigham Young University. He is a certified public accountant licensed in California and Washington. Mr. Larsen 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.
Steven Nebb, CFA, Managing Director, Duff & Phelps
Steven Nebb is a managing director in the San Francisco office and part of the Valuation Advisory Services business unit. He is the client relationship champion for the Company’s Portfolio Valuation practice in Asia and Western North America, and is the firm’s product leader for the valuation of Venture Capital and early-stage investments. He has over 18 years of experience performing numerous valuations and financial analyses for a variety of purposes, including financial reporting, tax, fairness opinions and transaction advisory, litigation and strategic planning. Prior to joining Duff & Phelps, Mr. Nebb performed valuation and financial advisory engagements for over eight years with the Valuation Services Practice of PricewaterhouseCoopers LLP (PwC) and Standard & Poor’s Corporate Value Consulting Group (CVC). Prior to that, his experience includes analyzing aerospace and defense contractor operational capabilities, financial performance and contract satisfaction. Mr. Nebb received his B.S. in finance from George Mason University. He is a CFA charterholder and a member of CFA Institute, CFA Society San Francisco, and the Licensing Executives Society, San Francisco Chapter.
5:00 p.m. - Registration & Networking
6:00 p.m. - Presentation
7:00 p.m. - Hosted Networking Reception