Valuation/Lit. sup./Fraud/M&A
Showing 1521–1536 of 1593 results
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How normalized earnings paint a true-to-life financial picture
Summer 2008
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 601
Abstract: To reach an accurate business value, a company needs to work with a professional valuator to determine its normalized earnings. This article explains why normalized earnings provide a more complete view of a company’s financial position and facilitate easier comparison with other companies. Among the types of adjustments discussed are revenue, depreciation, compensation, related-party transactions and inventory.
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Catching employee corruption before it corrupts a company’s finances
Summer 2008
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 713
Abstract: In the 2012 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) estimates that occupational fraud costs the typical organization 5% of its revenue every year. But, if owners know the signs of corruption, they can nip these schemes in the bud and minimize financial losses. This article provides tips on how to spot such schemes as bribery and extortion and talks about employee lifestyle changes that should raise a red flag. (Updated 8/21/12)
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New search-and-retrieval tools make it easier to target electronic data
Summer 2008
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 989
Abstract: As companies generate and store growing stockpiles of data, the search for relevant electronically stored information (ESI) during discovery becomes more and more daunting. Fortunately, the range of search-and-retrieval technologies has also expanded. This article discusses emerging discovery tools, including keyword searches and Boolean operators, statistical techniques, and concept tools. It suggests that no single search-and-retrieval technology is superior for every scenario.
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Cruise line faces rough seas in court
July / August 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 542
Abstract: This brief article looks at a series of court decisions involving Celebrity Cruises Inc. that provide insight into the “yardstick method” of computing lost profits. The case also illustrates the importance of presenting direct evidence to support a damages claim.
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Show me the money! – Net worth analysis can reveal hidden assets
July / August 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 522
Abstract: Uncovering hidden assets can be important in a variety of litigation contexts, including fraud investigations, shareholder disputes, divorce and business valuations. One of the most effective techniques for demonstrating the existence of such assets is net worth analysis. This article looks at how net worth analysis works and explains the three primary methods experts typically use to detect hidden assets, including the asset method, the expenditures method and the bank deposits method. (Updated 8/29/12)
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Music promoter wins “record” damage award
July / August 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 1054
Abstract: This article discusses a recent case, Popovich v. Sony Music Entertainment, which illustrates the benefits and pitfalls of using a hypothetical market standard to determine damages. As the case demonstrates, a party that loses an asset through the fault of another shouldn’t be deprived of damages simply because no ready market for that asset exists. The article notes that attorneys should work with their financial experts to develop alternative theories, including a hypothetical market standard, for quantifying a party’s financial loss.
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Valuing manufacturing companies – How experts appraise these asset-intensive businesses
July / August 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 995
Abstract: When valuing manufacturers, appraisers consider these companies’ specific characteristics to reach a reliable estimate of value. Most valuators use one or some combination of the income, market or cost approaches. But regardless of which method or methods they use, valuators need to take into account the hard — and intangible — assets, the efficiency and skill of the workforce, and industry trends and risks. (Updated 5/21/12)
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Taxpayer scores eleventh-hour victory in capital gains case
Summer 2008
Newsletter: Valuation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 629
Abstract: Although courts are increasingly permitting built-in capital gains discounts for C corporations, exactly how to quantify such a discount remains unclear. In this issue’s “For what it’s worth: Valuation in the courts,” we look at a recent case that sheds some light on this ongoing issue and provides a succinct review of relevant case law. Citations: Estate of Frazier Jelke III v. Commissioner, U.S. Court of Appeals for the 11th Circuit, No. 05-15549, November 15, 2007. Estate of Dunn, 301 F.3d. 339, 2002.
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Today’s appraisers bring various credentials to the table
Summer 2008
Newsletter: Valuation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 783
Abstract: Many business owners and attorneys often find themselves overwhelmed by the many acronym-heavy credentials associated with the ever-growing pool of qualified appraisers. Understanding these credentials, and the standards that create them, can help business owners and attorneys not only choose the right appraiser, but also better understand the final work product produced. This article describes some of the more common valuation credentials.
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No business operates in a vacuum – How current and prospective economic conditions affect value
Summer 2008
Newsletter: Valuation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 1095
Abstract: Try as it might, no management team can control every factor that affects a company’s success or failure. Outside forces, such as government regulation, global competition, interest rates, labor supply and tax policy, may all influence the organization’s estimated value. In other words, no business operates in a vacuum. This article discusses an appraiser’s role in this context: to size up current and prospective economic conditions and synthesize them into a meaningful value estimate. (Updated 11/14/12)
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Taking a red pen to financial statements – Adjustments a must for many private business valuations
Summer 2008
Newsletter: Valuation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 715
Abstract: Financial statements are an important source of valuation data, but they tell only part of the story. An accurate appraisal hinges on a comprehensive understanding of the subject company’s relative performance and earnings power. This article explains how, to clarify matters, an appraiser often makes various financial statement modifications, including nonrecurring, normalizing, control and balance sheet adjustments. (Updated 2/7/12)
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Give your appraisal a dose of reality
July / August 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 500
Abstract: Before valuators finalize their conclusions, they step back and ask, “Would this number make sense in the real world?” Experts typically rely on their professional experience to answer this question. But they may also turn to various sanity checks. This brief article lists some sanity checks valuators may turn to, including industry rules of thumb, the justification of purchase (JOP) test and other sources of supplemental data.
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Buy-sell agreements in divorce — Having good advice is key
July / August 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 671
Abstract: Dissolving a marital estate that includes a private business interest can be fraught with complications. One of the first steps is to disclose and reconcile all relevant valuation evidence, including buy-sell agreements. The buy-sell provisions of partnership or shareholder agreements are intended to protect ownership interests. But they may come back to haunt owners or their spouses later in divorce. This article discusses a recent case that illustrates the importance of both spouses having expert valuation advice to help navigate the ins and outs of these agreements in a marital dissolution case.
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What you see may not be what you get — Making complex valuation adjustments
July / August 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 877
Abstract: The process of valuation often requires adjustments to ensure the final numbers make sense for a particular company. Adjustments can affect how a valuator applies the cost, market and income approaches. So, it’s imperative to consider their impacts throughout the valuation process. This article explains the different categories of adjustments, using examples to illustrate their effects on value. It notes that, because discrepancies between two expert opinions can occur, expertise is key in applying the appropriate valuation adjustments.
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Daubert study highlights expert witness vulnerabilities
July / August 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 779
Abstract: Since the U.S. Supreme Court’s 1999 decision in Kumho Tire v. Carmichael extended the Daubert criteria for admissibility of expert scientific testimony, federal and state courts have heard more challenges to financial expert testimony. A PricewaterhouseCoopers study of post-Kumho challenges to financial experts from 2000 through 2006 identifies trends that attorneys may be able to leverage when submitting expert testimony. This article talks about the study’s findings and how they can be used to prevent expert testimony from being excluded.
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Why proper training and experience are essential in an expert
July / August 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 627
Abstract: This article discusses a recent tax court decision, Estate of Thompson v. Commissioner, and how it serves as a reminder that attorneys and their clients can’t afford to cut corners when selecting experts. Specifically, choosing experts based on criteria other than their experience and expertise with the specific matter at hand may fail to demonstrate reasonable cause and good faith.