Mr. Jim Horvath, the Chair of IACVA, attended the 18th International Surveyors’ Congress (ISC) held on May 12-13, 2016 at Istana Hotel, Kuala Lumpur, Malaysia organized by the Royal Institution of Surveyors Malaysia (RISM).  The theme for this event is “The Resilient Professional – Thriving In A Changing Economy”.   

Mr. Jim presented a topic in the line with "Valuation and Monetization of IPR and other Intangible Assets." at the conference.  Based on his own practical experiences, Jim discussed the current situation and the future trends of valuations around the world. 

More than 450 participates joined this event. The free-exchange of ideas at this conference can be considered a complete success.

Mr. William Hanlin, the CEO & President of IACVA, attended the V-FI Asia Summit 2016 (Asia's Only Summit on Valuation and Risk for Financial Instruments) held on 19-20 April, 2016 in Hong Kong.  Mr. Hanlin presented for the conference "XVA Adjustment and Accounting Standards - An Incompatible Marriage?" 

Since the financial crisis of 2007 – 2008, banking regulators have brought pressure on those who sell financial instruments to be more transparent in models and the methods used to set pricing.  For institutions that offer for sale such financial instruments, this requires traders to make daily adjustments to pricing.  The whole concept of pricing adjustments is called “XVA Adjustments.”  The X stands for C (credit) M (margin) F (funding) and other “X” Valuation Adjustments (i.e., CVA, MVA, FVA, etc.).  In addition, regulators expect traders to provide the same level of transparency in arriving at fair value each day as might be represented in financial statements according to accounting standards (IFRS, GAAP).  The challenge for banks and other traders is that much of the work on setting prices is still a trade secret, and such institutions are reluctant to share their trade secrets with other firms.

Accountants (internal) do not understand the models used by traders of financial instruments. And, therefore, there is a current disconnect with auditors about how pricing is actually accomplished to arrive at “fair value” for financial reporting

Based on his own practical experiences, Mr. Hanlin discussed the current development situation and the future trends of the accounting standards used for valuations under fair value around the world.

Mr. Hanlin also joined the panel discussion and exchanged thoughts and ideas with the other three speakers. This presentation attracted all attendees’ attention and deeply discussion.

The V-FI series is the dedicated Annual event on the valuation and risk management of financial instruments.  Over 150 participants attended and learned the latest trends in valuation and risk control, APAC regulation, product pricing trends, sourcing market data, xVA, product control, asset trends and more at the Summit. The free-exchange of ideas at this conference can be considered a complete success.

The 3rd Innovation and Development Conference of Chinese Vocational Educational symposium sponsored by China Vocational Education Innovation Alliance (CVEA) and China Foundation for Youth Entrepreneurship and Employment(CFYEE) was successfully held on March 19 & 20, 2016 at the Shenzhen Institute of Information Technology, China.

The theme of the conference is “New Normal, New Opportunity and New Power”. More than 30 speakers delivered various speeches at the conference. Nearly 700 representatives from the government agencies, principals and directors of academic institutions, leaders and members of CEVA, professionals and researchers of vocational education institutions, and people from companies, firms and other institutions etc. attended the meeting.

The development of vocational education can’t be separated from the support of government and all parties. Five firms from home and aboard joined the cooperation agreement signing ceremony.  Mr. William Hanlin, the CEO & President of IACVA, signed the cooperation framework agreement with Ms. Lin Qi, the secretary general of China Vocational Education Innovation Alliance (CVEA).  The two parties agreed to establish “ICVS of China Vocational Education Certified Center” based on the principle of equality and mutual benefit. During the meeting, Mr. William Hanlin discussed and exchanged thoughts and ideas with leaders from some universities.  Mr. Hanlin also expressed that IACVA is willing to provide good ideas and plans for the colleague courses arrangement and employment of students.

The organizing committee arranged view learning activities for the guests in the afternoon of March 20 by setting up three view expedition routes, they’re Shenzhen Technician Institute, Silicon Valley Dynamic·the Port of E-commerce and Shenzhen Taian Education Technology Co. Ltd.  Ms. Guo Xue visited the Silicon Vally on behalf of IACVA.  This study not only enriched the activities form of the conference, but also set up the new platform for exchanges and cooperation among guests.

The symposium was a complete success. It will be very good for setting up vocational education innovation research platforms, helping the modern vocational education development in China and making contributions to the development of Chinese vocational education.

The V-FI Asia Summit 2016 (Asia's Only Summit on Valuation and Risk for Financial Instruments) will be held on 19-20 April, 2016 at the Excelsior Hotel in Hong Kong.  The V-FI series is the dedicated Annual event on the valuation and risk management of financial instruments.  With Summits in London, New York and now Hong Kong, the event is the only forum bringing together Heads of Risk, Valuation, Modelling and Finance with Regulators and Experts to shape best practices throughout the industry.  Join over 40 leading speakers and 100+ peers to learn the latest trends in valuation and rish control, APAC regulation, product pricing trends, sourcing market data, xVA, product control, asset trends and more at the 1st V-FI Asia Summit.

Mr. William A. Hanlin, President & CEO of IACVA, will present for the conference "XVA Adjustment and Accounting Standards - An Incompatible Marriage?"

View the latest agenda.  

We IACVA gets a 30% registration discount for our members.  You may register at http://www.infoline.org.uk/FKM63352IACVA.  Please e-mail info1@iacva.org to get the discount code.

If you have any questions during registration, you may email custserv@infoline.org.uk, or call +44 (0) 20 7017 7702.  

IACVA's CPE Requirement

Each ICVS (International Certified Valuation Specialist) is required to earn 12 hours of professional education each year.  Members must attest at the time of annual membership renewal that they have satisfied such requirements during the past 12 months.  Evidence of compliance should be maintained by the associate member and is subject to a random review by the Charter. 
IACVA does not define specific courses as a member's selection will depend on local conditions.  In general, courses or conferences with a business valuation, litigation, appraisal, fraud, detection or deterrence, or forensic accounting focus comply. When in doubt, members may consult their Charter or IACVA Headquarters member service specialists to obtain an assessment.  Associate Members must keep detailed records available for review when requested. Members attest annually to (continued) ethical conduct, meeting our continuing professional education requirements, and payment of annual dues.

CPE Information

Prerequisites:  Knowledge of Business Valuation
Program Level:  Intermediate
Preparation Required:  None
Delivery Method:  Group Live
Recommended CPE:  2 Credit Hours

CPE Course & Schedule:  CPE Event Calendar
We would encourage more qualified members to participate.  For more information on these course, will update later.

Registration Fees:   Member (USD $195)    Non-member ( USD $225)

Everyone is welcome.  Sign up 30 days in advance will save you $30!  REGISTER NOW.  Click HERE to view additional courses or email to info1@iacva.org.

IACVA and the Middle East Charter (together with, BVR, and the China Appraisal Society [CAS]) held a busy conference at the Al Murooj Rotana hotel in beautiful Dubai on December 13 and 14, 2015. IACVA presented the Honorary Member status to Elvin Fernandez of Malaysia for his many years of contribution to the valuation profession.

In addition, the newest Charter Member of IACVA (from Malaysia) was announced and introduced at this conference.  This new Charter was started entirely by Malaysian real estate appraisers who see that business valuation skills have become indispensable in the economic crossroads of Malaysia and the 4 ASEAN countries.

Bill Hanlin (president) and Jim Horvath (chairman) welcomed the delegates and shared how business valuation is now practiced world-wide using the same fundamentals and theory. The days of each practitioner using their own individual methods developed over their career is past, as the global markets in M&A and financial reporting demand transparency and adherence to common practices. From there, Dr. Assem Safieddine (president of IACVA Middle East) introduced practitioners from each represented country, each spent a few minutes discussing valuation issues and trends within their geographic regions.

Madam Liu Ping, vice chair of IACVA, addressed the group, presenting on the rapid evolution of China's capital markets, where they are going, and valuation practice and the continued push for transparency within the China market. The interest was high in the room, and the questions pushed the presentation right to lunch where discussion continued on the sunny patio.

A few words on the alliance with BVRources, and discussion of available products, data, webinars and the need to receive local transactional data welcomed everyone back to the conference after lunch. Attendees were quite excited about the new alliance with BVR!

A short address was made by Dr. Lim Yuan, chairman of the World Association of Valuation Organizations.  Dr. Lim praised the growth of IACVA and welcomed all new members of IACVA to the international society of valuation professionals

Ziad Awad discussed the challenges of valuing family businesses in the Middle East. He punctuated the presentation with examples of pitfalls as well as achievements. An interesting presentation by Dr. Kim Young-gi of Korea presented the use of big data rather than detailed analysis and best practices to value businesses. The research is not quite finished, but the results seem to indicate that the big data approach provides a reasonable valuation result that is extremely similar to value developed using detailed analysis and best practices.

The first day was closed out with a discussion of business valuation standards, from the IVSC, IACVA, ASA, CICBV, through AICPA.

Jim Horvath and Jim Catty spent significant time discussing various issues involved with building a business valuation practice, from a single practitioner to a multi-analyst office. The class was able to ask questions and receive real experience answers from the pair.

Bill Hanlin then completed the morning with a give and take session relating his experiences on engagement management matters. Items such as how to say "no" to clients on a variety of matters, from “this is the answer I want” to “I need the answer tomorrow.” He provided real world experiences with his clients and from other business valuators he has worked with. This class was busy with questions and concerns.

After another excellent lunch buffet at the Al Murooj Rotana hotel, the group was directed to common errors seen by the IACVA trainers in valuation reports worldwide. Again, items such as transparency, full disclosure, and usage of reports for specifically disallowed (by the author/valuator) purposes. Mr. Bob Brackett commented that these are the same common errors he saw 20 years ago. The only new item is the recent focus on public perception, the need to ensure our projects make every effort to NOT diminish the public perception of valuators.

The conference concluded with a session focused on looking at the valuation engagement from the perspective of the stakeholders, rather than just the valuator. This brought up discussion of transparency, lack of understanding of our terms and distinctions (e.g. fair value, fair market value, market value, valuation date, report date) and the ongoing need for provide education to stakeholders on the need and usefulness of the valuation expert.

The site and date for the 2016 International IACVA Conference were announced.  This important international event will be in Kuala Lumpur in mid-September 2016.

The IACVA Annual World Council Meeting was successfully held on December 12, 2015 in Dubai. Charter and Chapter representatives from 6 countries and regions joined the IACVA Board of Directors and Executive Officers in enthusiastic discussions about reshaping the global valuation landscape in 2015 and beyond!  It's the first time that the new charter - IACVA Malaysia joined such meeting.

The Fifth International Conference on New Development of Valuation was successfully held by the School of MBA at Zhongnan University of Economics and Law, Wuhan, Hubei Province, China with support from IACVA from December 5th to 6th in 2015.  The theme of this conference is “Appraisal, Financial Development and Economic Transformation”.

On December 5, Mr. William A. Hanlin, President & CEO of IACVA, presented for the conference "Public Private Partnership (PPP) - An Opportunity for Valuation".  Based on his own practical experiences, Mr. Hanlin discussed the current development situation and the future trends of the international financial and assets appraisal industry around the world.

Over 100 experts and scholars from CAS (China Appraisal Society), ASA (American Society of Appraisal), IACVA, RICS, Asset Appraisal Research Center of Xia Men University, the Financial School of Capital University of Economics and Business, stakeholders from governments, business, and non-governmental organizations, academics, policymakers, and appraisal institutes attended the conference.

Register at http://www.cvent.com/d/mrqvr8

On December 13, 2015, IACVA is drawing experienced business valuation professionals from America, China, Australia, South East Asia, Africa, India and Europe to Dubai to share insights on valuation theories and practices in today’s global economy.

Please join us for this International Conference at this exciting financial hub of the Middle East countries!  Register early and take advantage of the member discount and early bird special.

We are also accepting paper submissions for this conference.  Please only send original work that has not been previously published.  You can earn free registrations to the IACVA-Middle East International Conference.

Regarding for registration, hotel and course agenda, please visithttp://www.cvent.com/d/mrqvr8 

For further inquiries, please e-mail our conference organizing team dubai2015@iacva.org or Ms. Leila Atwi leila.atwi@gmail.com.

IACVA's CPE Requirement

Each ICVS (International Certified Valuation Specialist) is required to earn 12 hours of professional education each year.  Members must attest at the time of annual membership renewal that they have satisfied such requirements during the past 12 months.  Evidence of compliance should be maintained by the associate member and is subject to a random review by the Charter. IACVA does not define specific courses as a member's selection will depend on local conditions.  In general, courses or conferences with a business valuation, litigation, appraisal, fraud, detection or deterrence, or forensic accounting focus comply. When in doubt, members may consult their Charter or IACVA Headquarters member service specialists to obtain an assessment.  Associate Members must keep detailed records available for review when requested. Members attest annually to (continued) ethical conduct, meeting our continuing professional education requirements, and payment of annual dues.

CPE Information

Prerequisites:  Knowledge of Business ValuationProgram Level:  IntermediatePreparation Required:  NoneDelivery Method:  Group LiveRecommended CPE:  2 Credit Hours

CPE Course & Schedule:  CPE Event CalendarWe're pleased to announce that we have scheduled online training sessions in the next months.  We would encourage more qualified members to participate.  

Course Name	Instructor	Date	Course Duration
Common Errors in Business Valuation	Richard Claywell	UTC 2:00am-4:00am November 18, 2015	120 minutes

For  more information on this course, we will update soon.

Course Name	Instructor	Date	Course Duration
Forcasting Cash Flows	Chirs M. Mellen	UTC 1:00pm -3:00pm Spetember 21, 2015	120 minutes

Valuation is a prophecy of the future.  Buyers invest in companies based on future expectations.  Therefore, fundamental to almost any valuation of a going-concern business is a set of financial forecasts.  This course will demonstrate that a capitalization of cash flow method and a market multiple method are each as much a forecast as a discounted cash flow method.  It will demonstrate the building blocks involved in forecasting and alert the appraiser to several forecasting errors that can be made.

Learning Objectives

• Review the fundamental essentials to forecasting cash flows

.• Assess Management's forecasts.

• Understand how to help Management help the appraiser develop forecasts when the Company has none.

• Walk through a "role play" discussion between Management and the appraiser to develop forecasts for a valuation assignment.

• Discuss the optimal time horizon to forecast in each scenario. • Explore the option of multiple forecast scenarios and a probability analysis.

• Introduce when a three-stage discounted cash flow is better for a valuation assignment.

• Determine the applicable terminal value.

• Identify common errors in forecasting.

• Check the reasonability of your forecast.

• Share relevant language in an engagement agreement regarding forecasts.

Course Name	Instructor	Date	Course Duration
Current Valuation Updates	Robert Brackett	UTC 2:00pm - 4:00pm October 29, 2015	120 minutes
Current Valuation Updates	Robert Brackett	UTC 1:00am - 3:00am December 3, 2015	120 minutes

For more information on this course, will update later.

Course Name	Instructor	Date	Course Duration
Engagement Management	William Hanlin	UTC 5:00pm-7:00pm November 5, 2015	120 minutes
How to Promote Your BV Practice	William Hanlin	UTC 5:00pm-6:00pm November 13, 2015	60 minutes

For more information on this course, will update later.

Registration Fees:   Member (USD $195)    Non-member ( USD $225)

Everyone is welcome.  Sign up 30 days in advance will save you $30!  REGISTER NOW.  Click HERE to view additional courses or email to info1@iacva.org.