ANEVAR, the national valuation and appraisal society in Romania, held its annual valuation conference in Bucharest, which is Romania's capital and largest city, as well as the most important industrial and commercial center of the country. With 2 million inhabitants in the city proper and more than 2.4 million in the urban area, Bucharest is one of the largest cities in Southeastern Europe. Bucharest is the 6th largest city in the European Union by population within city limits, after London, Berlin, Madrid, Rome, and Paris. 

This conference saw more than 250 attendees, representing more than 20 countries.  

ANEVAR is Europe’s oldest valuation society, founded in 1992.  They have held this conference annually for many years. The conference opened with greetings from President Dana Ababei, followed by Nick Talbot from IVSC.

IACVS was given time to present the Honorary Member award to Gheorghe Badescu, founder of ANEVAR.  Only the fourth recipient of this award, Gheorge had been a life-long contributor to both the institution of business valuation and the on-going conversation to develop and adopt common valuation theories and models to be used by all valuators around the world.

Technical topics that were presented included:

* Valuers of All Asset Categories by Anton Lezhja.  Anton discussed the need to evaluate the resources require to do a complete job of valuation, including property, machinery and equipment and intangibles.  Doing this analysis early in the engagement will lead to better management of completion dates and estimation of engagement fees.

* Early Stage Company Valuation by Diana Nikolaeva.  Diana described the challenges valuators face when engaged for early stage/start up valuations.  The difficulties arise from the different needs of stakeholders for M&A, financial reporting, the search for public information including comparables, and regulatory scrutiny.

* The Use of Multiples by Mauro Bini.  The market approach has always presented challenges for valuation.  How do you search for relevant data?  How should market multiples be adjusted or modified for specific engagements?  The task of the professional valuer is to remain topical and relevant.

* Using Black Scholes for Valuing Shares by Andrew Strickland.  Valuing company shares can be complicated by the needs and motivation of the enterprise and its shareholders.  Higher values can mean the promise of future rewards.  Lower values could be a disincentive to current and future employees.  Andrew discussed the options facing the valuator when using Black Scholes.

* Market Multiples and Incremental Risks by Jeff Tarbell.  This presentation described the similarities between the market and income approach.  In using market multiples, Mr. Tarbell describes how we can reduce the subjectivity in selecting market multiples.

* Evaluating Risk in Retail Property by Don Gilbert.  Mr. Gilbert presented his model for analyzing commercial retail rents in a relevant way as to be able to predict trends in future rental rates that would be sustainable for the near and long-term tenant.  Mr. Gilbert has created a clever computer template that adjusts suggested rental rates depending on historical rates, expected future economic trends, space availability and more.

* Transactional Asset Pricing Approach (TAPA) by Andrey Artemenkov.  Dr. Artemenkov presented a newer approach for valuing an enterprise using a combination of historical ratios and future economic measurements and predictions.  Current models usually assume that markets are efficient and will continue to be efficient into the future.  Dr. Artemenkov says a newer model is needed to allow for market imperfects that can reduce the tendency to overstate values.

The conference was followed by a gala banquet filled with awards, tributes performances and wonderful cuisine.  I am looking forward to attending future conferences in Bucharest!

The Business Valuers Association of Malaysia (BVAM) and the IACVS Malaysia Charter have successfully conducted the fourth ICVS Certification Training Class in Malaysia from August 4 to 6, 2018. 27 candidates from Malaysia, Singapore took part in the training course.

Sr Elvin Fernandez，the President of BVAM, taught the business valuation theories and methodologies, and answered many questions from candidates. Ms Jowis Ng has 10 years of corporate finance experience, shared many examples and case studies from an experienced practitioner’s perspective. Dato’ Sr Lau Wai Seang met with candidates and imparted her personal experience and real life cases while teaching the topic on Best Practice for Intangibles valuation class. 

All participants were encouraged to utilize the IACVS world-wide network to develop their practices through participating in local and global events.

On August 18, 27 attendees sit for the ICVS multiple choice exam. The exam is proctored by Ms. Lisa Guo from IACVS headquarters and Mr. Sr Mohd Zamri bin Awang from INSPEN. 

We are looking forward to the next training which will most likely be conducted in February 2019.

TOPIC: “Valuer’s Roles and Challenges Beyond Valuation Services in Regional Economic Development”

TIME:  September 24 - 26, 2018 

LOCATION: Yogyakarta, Indonesia 

The ASEAN Valuers Association was constituted in June 1981 with Malaysia, Indonesia, Philippines, Singapore, Thailand, Brunei, Vietnam, and Cambodia as members. A cong ress and general assembly are held every year and are rotated amongst the country members.

The objectives of AVA are to promote closer relations, co-operation and mutual understanding amongst valuer and allied professionals in ASEAN; provide organizational framework for regional co-operation in the study and research in the harmonization of relevant fields of valuation amongst ASEAN countries; and to co-operate with international, regional, national, and other organizations in the furtherance of the objectives. 

For Conference Programme and Registration Form, please click the Conference Flyer.

An important meeting of the valuers around the world will be held in September, 7, 2018 at Intercontinental Hotel, Bucharest hosted by The International Valuation Standards Council (IVSC), and the National Association of Authorised Romanian Valuers (ANEVAR).

This IVSC - ANEVAR International Valuation Conference “Business Valuation in a Globalised World” is part of the cooperation between the two organisations to develop the valuation profession, enhance professionalism and promote international business valuation standards.

We expect guests not only from Europe, but also from all over the world.

Speakers will be invited from The International Valuation Standards Council (IVSC), American Society of Appraisers (ASA), International Association of Certified Valuation Specialist (IACVS), International Institute of Business Valuers (iiBV) and Business Valuation resources (BVR) to share the latest in the valuation field.

IACVS president William Hanlin will be the speakerand give a lecture of "The BV Profession:  The Urge to Change"  in the IVSC - ANEVAR Conference.

For more information, please click the Conference Website and the Promotion Video.

Certified Merger & Acquisition Advisor ---Certification Program

September 3rd - 7th, 2018

School of Economics, Singapore Management University

The Alliance of Merger Acquisition Advisors (The Alliance) is the premiere International Organization serving the educational and resource needs of the middle market M&A profession. Formed in 1998 to bring together CPAs, attorneys and other experienced corporate financial advisors, The Alliance's 1100+ professional services firms including some of the most highly recognized leaders in the industry--draw upon the combined transactional expertise to better serve the needs of their middle market clients worldwide.

The Alliance members represent sellers and buyers of businesses ranging from S5 to S500 million in transaction value. Their services are seller representation, buyer representation, due diligence, accounting, financing business valuation, tax planning, legal, strategic advisory, and many other transaction services.

CONFERENCES AND CERTIFICATION PROGRAM

The Alliance members convene regularly for training and continuing education the semi-annual conferences cover a wide range of topics of interest to bur mem bers, but most importantly, AMRAA members gain the most benefit from. the networking opportunities available to them and their middle market Advisory colleagues.

For the Agenda and Speakers, please click CM&AA Brochure Singapore Sept 2018 to download Brochure.

CO-ORGANIZED BY:

Questcorp Global Inc & The Alliance of M&A Advisor (AM&AA)

International Association of Certified Valuation Specialists (IACVS)

ENQUIRY, PLEASE CONTACT:

Yeann Tan

yeann.tan@questcorpglobal.com

+603 8933 6220

(Monday - Thursday 9.00am - 6.30pm, Friday 9.00 - 5.00pm)

Join the SECBA, with BVR and IACVS for the 2018 Annual Conference, Valuations in the Future. The world continues to flatten as international issues touch all appraisers and valuators. The impact of international operations, the global economy, global competition and the convergence of valuation standards pose challenges to every business appraiser and valuator. Join us in Atlanta for another information rich conference. Network with esteemed professionals and share ideas with national thought leaders.

Topics ── Valuations in the Future

◆ Economic update ◆ Standards Updates - CEIV, IVS, USPAP, NACVA's Appraisal Review, peer review, Mandatory Professional ◆ Risk, thinking about it from a different perspective. Another view-point when estimating risk ◆ Update on valuations in China ◆ Personal Good-Will in M&A transactions ◆ Block Chain and other electronic payment ◆ Resources - Opportunities & Challenges ◆ M&A valuations v fair value valuations v fair market valuations ◆ An Ounce of Prevention is Worth a Pound of Cure - HIPAA Tips for Appraisers ◆ Fairness Opinions, challenges & pitfalls

Conference Agenda 

Friday, 9 February, 2018
12:00 PM - 1:00 PM	BOX LUNCH
1:00 PM - 5:30 PM	Standards Updates - CEIV, IVS, USPAP, NACVA's Appraisal Review, Peer review,  Mandatory Professional; Risk, thinking about it from a different perspectivel; Another view-point when estimating risk.
6:00 PM - 7:00 PM	FELLOWSHIP HOUR (cash bar)
7:00 PM - 9:00 PM	GROUP DINNER (at hotel)
Saturday, 10 February, 2018
7:00 AM - 8:00 AM	Continental Breakfast, Buffet
8:00 AM - 12:30 PM	China Issues; Personal Good-Will in M&A transactions;  Block Chain and other electronic payment; Resources - Opportunities & Challenges.
12:30 PM - 1:30 PM	LUNCH
1:30 PM - 5:30 PM	M&A valuations v fair value valuations v fair market valuations;  An Ounce of Prevention is Worth a Pound of Cure; Fairness Opinions, challenges & pitfalls;  Fairness Opinions, challenges & pitfalls.

CPE Information

Prerequisites:  Mid-to advanced business valuation background, topics are advanced

Program level: Intermediate to advanced 

Preparation time:  NONE

Delivery method: Group, live discussions with practicing experts

Recommended CPE: 5 hours Friday Feb. 9  and 9 hours for Saturday Feb. 10 (specialized knowledge and application in the field of study known as business valuation/appraisal)

Sponsoring CPE Provider: Business Valuation Resources, LLC

Registration Information：

Conference Fee $505 per person includes registration: electronic conference materials (we are going paperless in an effort to be green and keep conference costs down), lunch and dinner on Friday, and continental breakfast and lunch on Saturday.  Special pricing for students, professors, and/or spouses is available.  An Early Bird Discount of $50（Discount Code：SECBA2017Special）for all full price registrations received before November 24.

All payments should be made at registration ($505, $455 with an early registration. Students, professors, and accompanying family members pay for food only [$250]). 

Please Click to REGISTER NOW

For additional information you may contact:

Robert Brackett, ICVS, CVA, CPA, MM, CGMA

+1 630 344 2355 ; robert@crandall-brackett.com 

The International Forum on New Development of Valuation has been successfully held from 2011 to 2016. Valuation experts have presented from America, England, Australia, Russia, Canada, Singapore, Japan, Taiwan, Hong Kong and other countries and regions.  These Forums have also attracted the leaders of relevant government agencies, scholars, local valuation experts, and business executives in China.  The attendees have taken part in the forums to engage in lively discussions with each other.

The 7th International Forum on New Development of Valuation will be held in Beijing from December 2nd to 3rd in 2017. Capital University of Economics and Business (CUEB) will be the sponsor and venue of this year’s forum in cooperation with the American Society of Appraisers (ASA), Business Value Research Center of Zhongnan University of Economics and Law (ZUEL), Economic School of Xiamen University and International Association of Consultants, Valuators and analysts (IACVA). The forum is supported by China Appraisal Society and other institutions as well.

The forum provides a platform for experts and scholars from around the country and from other parts of the world to present ideas on the latest development of valuation. Meanwhile, CUEB will collect papers from both academic and the professional experts, selecting the best and most excellent papers for presentation at the Forum. 

The Forum’s main theme for 2017 is “New Developments in Valuation.” We cordially and formally invite you to attend our forum as guests. Details of the forum are as follows:

I. Topics for the Forum

1.The valuation for M&A 

2.The valuation of cultural and creative industry

3.The valuation of internet companies

4.The valuation of cyclical companies

5.The valuation of financial assets

6.The valuation of mineral rights

7.Valuation for financial reporting

8.The new progress and economic effect of valuation standards.

9.Other cutting-edge issues of valuation

II. Paper Submission

In association with the up-coming forum, we are inviting valuation professionals to submit papers in relation to the topics outlined in section I above. Papers intended for submission must be original and have never been published before elsewhere.

Please send an electronic copy of your papers to our forum mailbox (IVforum@163.com) before November 15, 2017 with the following information:

◆ Topics of the papers 

◆ Information of the author including author’s name, position in the organization, name of the organization, postal code, email address, contact number.

◆ Papers should include the following: Chinese & English Title; Chinese & English Summary (clarify the essence and academic innovation of the paper, at most 300 words); Chinese & English Keywords (at most 5); Contents, references and citation.

Please submit papers, in Word format, through an email with heading “paper for the 7th International Forum on New Development on Valuation - the first author’s name”. the attached electronic version paper should be named “main title of the paper- and author’s name”.   

III. Expenses

● Forum fee:

RMB 800 per person, RMB 400 per student.

●Transportation and Accommodation are not covered.

IV. Contacts

Contact unit: School of Public Finance and Taxation of Capital University of Economics and Business

Contact address: No. 121 Zhangjia Road Junction, Fengtai District, Beijing

Postal code: 100070

Contacts：Mr. Fan (Mobile: +86 13321111126) 

           Mr. Liu (Mobile: +86 18610093670）

Tel：86-10-83952629            Email：IVforum@163.com

V. Forum Registration

Please fill the “Forum Registration” and then return it before November 20, 2017 by email to the Forum Organizing Committee. 

BVAM (Business Valuers Association of Malaysia), the IACVA Malaysia Charter, will organize the second ICVS training course on November 18-20, 2017 after it has successfully conducted its first ICVS training class in 2015.  

This Course will provide the fundamentals of each approach to valuation, together with limitations and caveats on the use of each, as well as extended examples of the application of each. At the end, participants should be able to

◆ Understand the Valuation Process

◆ Value “problem” firms, such as financially troubled firms and startup firms

◆ Understand the DCF, Asset and Multiple Approaches to Value

◆ Provide Critiques of these Approaches

If you want to bolster your skills to create and maintain a thriving practice, and acquire an international qualification in Business Valuation as well as be involved in business valuations in Malaysia, please click the course flyer to find more information and email the registration form to BVAM.

Participate will obtain a Certificate of Attendance and become eligible for membership with BVAM and IACVA. After passing the course exam and submit a case report for approval, participants can become an International Certified Valuation Specialist (ICVS) and get the ICVS certificate from IACVA.

Toronto, CANADA – The International Institute of Business Valuers (iiBV) and International Association of Consultants Valuators and Analysts (IACVA) announce that IACVA has become a member of iiBV as a first step towards the two organizations developing a comprehensive strategic alliance to develop business valuation courses worldwide and build upon the IAVCA designation, the International Certified Valuation Specialist (ICVS). 

The iiBV and IACVA will work together to develop a uniformly high standard of professional education courses and testing products that meet the needs of international business valuators and their related VPO's, government agencies, and regulators.  The training products will be "IVS-aware" and designed for both translation into other languages and for the addition of nation-specific modules. These training products will be delivered around the world both in-class and online. Business valuation professionals who complete the core training program of the iiBV and achieve a passing grade on the final exam will be designated as an International Certified Valuation Specialist, proudly, the ICVS.

“The collective efforts of iiBV and IACVA will have a profound effect on the international development of uniform best practices for the growing professional valuation community.  This is an important step in the continuing efforts to the on-going need to earn the trust of all stakeholders: clients, auditors, regulators and the investment community,” says Bill Hanlin, President/CEO of IACVA.

Edwina Tam, Valuation Partner at Deloitte’s Hong Kong office and Chair of iiBV’s Board of Directors added that “The iiBV is supported by senior business valuers from around the world who are committed to helping the iiBV develop the highest quality professional education. Our belief is that a high quality of education will improve the reputation of business valuers with users of valuation reports and government regulators, ultimately leading to the growth of the profession.”

“For the past 5 years, senior business valuers around the world have been asking for a top-of-the-market education and training program, aimed at achieving a globally recognized designation as well as covering advanced topics that are constantly emerging and changing,” says David Foster, CEO of BVR.

As part of the strategic alliance, Bill Hanlin will join the iiBV Board of Directors and various senior IACVA representatives will join the Education Committee of the iiBV.  Michael Badham and Peter Ott will join the Board of IACVA.

Andrew Strickland, Consultant at Scutton Bland Chartered Accountants, London, United Kingdom, and Chair of iiBV’s Education Committee commented that: “During 2017, the iiBV’s goal is to be offering its suite of courses(iiBV 100, 101, 102, 103 and 105) on-line in a modular self-study format, together with exams to support the accreditation process and the IVSC’s plan to develop an international designation.”

The iiBV, together with its member valuation professional organizations, leads the business valuation profession globally by providing business valuation education courses and course materials at the highest professional standard, promoting consistent professional ethics and standards, facilitating the exchange of information and ideas, and encouraging international co-operation and communication among business valuation professionals and organizations.

Founded in 2000, IACVA embraces a broad membership of professionals, students, regulators, academicians and others interested in the field of business valuation and fraud deterrence. This broad-basis brings new ideas and discussions on the best practices essential to a growing professional discipline.

IACVA’s core objective is to transfer best practices in both valuation and fraud deterrence. IACVA promotes the uniform application of valuation theories, approaches, methods and models throughout the world. In the field of fraud deterrence and forensic accounting, IACVA encourages the development and dissemination of consistent and demonstrable systems and techniques for both detection and prevention of fraud.

IACVA pursues its mission through the establishment and support of national professional associations known as Charter Members. These Charter Members represent distinct regions or countries, each with practitioners/members who provide services to their valuation and fraud prevention communities. 

For additional information, please go to the iiBV website at www.iibv.org  or contact Michael Badham, Executive Director of iiBV at michchaelbadham@iibv.org or the IACVA website at www.iacva.org  or contact Bill Hanlin, CEO of IACVA at billh1@iacva.org 

Mr. Hanlin met with CAS Secretary-General of Dr. Zhang, Deputy Secretary-General of Madame Han and Ms. Han Ning on April 26, giving a pleasant exchange and discussion of events and affairs.

Mr. Hanlin introduced the IACVA new course ­— Valuation for Mergers & Acquisitions and give a brief description. Madame Han presented the appreciation on the advantage and practicability of this course and will bring it in as marathon CPE training course which is run by CAS twice a year for its members. Hanlin agreed to present this course on CAS’s CPE event in Xiamen this year. Hanlin mentioned the general preparation of the International Business Valuation Conference, Dr. Zhang said CAS is willing to be a sponsor of the Conference on November 2-3, 2017 Shenzhen, China. Then, Hanlin and Dr. Zhang had a warmly conversation on other future international events. Mr. Hanlin stated IACVA would continue to have a good relationship with CAS.