New FASB Fair Value Disclosure Requirements (ASU 2011-04)

Anthony B. Creamer III, CPA is a Managing Director at Navigant Consulting specializing in litigation, dispute analysis and financial investigation services. He has been practicing as a Certified Public Accountant (CPA) since 1980. He is also Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) by the American Institute of Certified Accountants.

Ralph is a principal based in Rothstein Kass’ Roseland, New Jersey office and specializes in providing financial reporting, tax and accounting services to clients in the financial services industry. He has experience working with a variety of clients including domestic and offshore investment funds, funds of funds, investment advisors and related management entities. In addition, Ralph serves as Co-Chairman of the Firm’s Financial Services Best Practices Committee. He is a certified public accountant in New York, New Jersey and Massachusetts.

Louis (Lou) Fanzini is Director of Accounting Policy at AIG. In this role, he holds a leadership position developing implementation strategies for US GAAP and IFRS accounting standards on a global basis. Lou is a former FASB Industry Fellow and served as a project manager for the development of accounting standards on accounting and reporting matters related to financial instruments and the global banking and financial services industries.

Lou has previously held positions in the front office as an equity analyst at Credit Suisse, as a technical accounting advisor in J.P. Morgan & Co’s accounting policy group and as a public accountant leading audit engagements of broker-dealers, banks, and hedge funds. He is a CPA, earned a masters degree in Finance from Fordham University and holds the Series 7 and 63 FINRA designations.

Chris is a Partner in Deloitte’s Financial Instrument Valuation & Securitization group in New York. He provides audit support for portfolio valuations in the areas of mortgage-backed securities, asset-backed securities, and related derivatives and structured securities and performs critical reviews of third-party and proprietary valuation models and methodologies. Chris also has experience in the Securitization advisory business, assisting clients in dealing with operational, market, liquidity and legal risks associated with holding and administering structured products.

Chris has served clients as part of Deloitte’s Securitization practice for 18 years and has experience developing models and performing transaction document reviews on a broad array of new issuance structured products including RMBS, CMBS, CDOs and other Asset Backed Securities. Chris has assisted investment banks and asset managers in performing agreed upon procedures, closing over 600 CDO transactions with an aggregate capitalization exceeding 200 billion dollars.

Chris serves as a Financial Instruments and Valuation Subject Matter Resource for Deloitte and is regularly consulted on matters relating to valuation of complex financial instruments.

Education – Bachelor’s of Business Administration, University of Michigan – 1992

Certifications – New York CPA

Jon works exclusively with clients in the financial services industry and has particular expertise in meeting the needs of private equity funds and business development companies (BDCs) and serves as McGladrey’s practice leader for BDCs. Jon’s client base includes BDCs, domestic and offshore investment partnerships/companies, commodity pool operators and commodity trading advisors, fund of funds, registered investment advisers, broker-dealers, small business investment companies, private equity funds, regulated investment companies and specialty finance companies.

In addition to general accounting and auditing, financial reporting, and consulting services, Jon works closely with McGladrey’s financial services clients on financial and regulatory compliance matters. He has counseled start-up funds, working alongside attorneys, administrators and prime brokers. Jon’s clientele range from start-ups to multi-billion dollar entities with a variety of trading strategies, including long/short equities, convertible arbitrage, fixed income, derivatives, distressed debt and private equities.

He serves both private entities and public registrants, is well versed in the Investment Act of 1940 and is designated as a SEC audit partner within the Firm. Over the course of his career, Jon has been involved with both initial public and secondary offerings and has worked extensively with various securities counsel and underwriters.

Jim Kaiser is a partner with BBD’s Investment Management Group. His specialized expertise related to investment companies includes:

• Accounting and tax issues related to innovative products
• Mauritius special-purpose vehicles
• Implications related to investments in convertible bonds
• Establishments of controlled foreign corporations to gain commodity exposure without failing the IRS qualifying income requirement for regulated investment companies
• Investments in Master Limited Partnerships, Passive Foreign Investment Companies, Grantor Trusts and other securities with special tax implications
• Informing and assisting clients with various start-up considerations for ETFs, such as tax efficiency and regulated investment company diversification compliance
• Special consideration for creation units of ETFs with emerging markets exposure

Jim regularly presents seminars on the implications of new accounting pronouncements and other developments affecting investment companies. He is a graduate of Rutgers University, where he earned his Bachelor of Science degree with a major in accounting.

Josette Ferrer is the founder, CEO, and a Managing Director of Clairent Advisors. Since 1993, Josette has been assisting clients with the valuation of intangible assets, intellectual property, closely held businesses and business interests, stock options, debt instruments, and capital equipment / fixed assets.
Prior to founding Clairent Advisors, Josette was the U.S. Practice Leader of Marsh’s Valuation Services Group. Her career includes serving as the Managing Director responsible for starting the San Francisco Valuation Services Group of WTAS, Inc., a former subsidiary of HSBC Group. Prior to WTAS, Josette was a director with Huron Consulting Group and a senior manager at Arthur Andersen LLP.
Josette has been a guest speaker for a wide variety of forums, including Financial Executives International, the Institute of Management Accountants, and the Practising Law Institute. She holds a B.S. in Business Administration, from U.C. Berkeley.