SFAS 144: Accounting for the Impairment or Disposal of Long-Lived Assets
SFAS 144 modifies the accounting for asset write downs and discontinued operations. It retains the SFAS 121 requirements for recognizing and measuring impairment losses, supersedes accounting and reporting provisions of APB Opinion No. 30, and amends ARB No. 51 on consolidated financial statements. It uses traditional fair-value measurements to assess whether long-lived assets are permanently impaired. This, however, brought about confusion among various sectors. Your company could likely be one of those affected by these statements. Be guided, be enlightened and be wary to avoid sanctions in the end. The Knowledge Congress is assembling a panel of experts to discuss the implications of this statement as well as their recommendations on how your company can adapt to this new system. The speakers will present their expert opinions in a two-hour LIVE Webcast.
SEGMENT 1: Stamos Nicholas, National Business Valuation Service Line Leader, Deloitte Financial Advisory Services LLP - Overview of Testing Procedures - Step1 – Recoverability Test - Step 2 – Fair Value Analysis SEGMENT 1: William A. Johnston, Managing Director, Empire Valuation Consultants, LLC, LLP 1) Implications of SFAS 144 Testing 2) Step 1 Test – Key Issues 3) Impact of Current Market Conditions on Step 2 Analysis SEGMENT 1: Amanda Yokobosky, Senior Manager, National Office, PricewaterhouseCoopers LLP - Triggering events - Asset grouping and primary asset - Recoverability - Fair value - Proposed FSP
Who Should Attend:
Controllers Business Officers CFOs Treasurers CPAs CFAs Auditors Financial Directors/Analysts Valuation Analysts Investment Bankers Compliance Officers GCs Tax Attorneys
Mr. Nicholas is a principal and the national leader of the Business Valuation practice of Deloitte Financial Advisory Services LLP. He has more than 25 years of experience in providing valuation and financial valuation consulting services worldwide for the purposes of accounting, tax planning, financing, bankruptcy, litigation, mergers and acquisitions, and investment. Mr. Nicholas has particular experience in the valuation of intellectual property (i.e., patents, proprietary technology, trademarks, trade names, customer intangibles, copyrights, agreements, etc.).
Mr. Nicholas has extensive experience serving national and multinational companies such as financial services, manufacturing, media/entertainment, natural resources, consumer businesses, technology and life sciences, among others.
Additionally, Mr. Nicholas has supervised large, complex multidiscipline (real estate, machinery and equipment, and financial) valuation engagements and has performed several transfer pricing studies for multinational corporations.
He has testified as a valuation expert on business enterprises and intellectual property in various courts of law (including bankruptcy court) and has extensive experience in dealing with the IRS, SEC and other regulatory and tax authorities worldwide on valuation issues.
- New York State Society of CPAs, Associate Member
Publications and Presentations
Mr. Nicholas has authored numerous articles and served as a source for top tier media outlets, trade journals and local publications on a variety of topics, including but not limited to: mergers & acquisitions, emerging markets and valuation, valuing media and entertainment assets, SFAS 141 R, SFAS 157, and SFAS 123 R.
- Authored the article, “Check Your Assumptions at the Border,” which was published in the June 2008 issue of
Corporate Dealmaker on valuation in emerging markets.
- Authored the article, “SFAS 141 (R) – How Much Preparation Do You Need Before Your Next M&A Deal,” which
was published in the June 2008 issue of Corporate Finance Review.
- Authored the article, “The Art of Valuing Media Brands,” which was published in Multichannel News on August 23,
- Quoted and or/interview by the following media outlets: Atlanta Business Chronicle, Bloomberg News, Broward
Daily Business Review, Business Finance, CNN, Compliance Week, Dow Jones, Financial Planning, Financial Week,
Institutional Investor, Journal of Accountancy, Law.com, Mergers & Acquisitions: The Dealmaker’s Journal, Miami
Daily Business Review, Operations Management, Palm Beach Daily Business Review, Reuters, Sarbanes-Oxley
Compliance Journal, Society for Human Resource Management's “HR News”, Television Week, The Daily Deal, and
the New York State Society of CPAs' Newspaper, "The Trusted Professional" and WebCPA.com
Additionally, Mr. Nicholas has been a formal speaker and presenter to many industry organizations and professional groups such as the American Institute of Certified Public Accountants, American Society of Appraisers, Emerging Issues Task Force, Financial Executive Institute for Biosciences, Financial Executives International, Knowledge Congress, National Restaurant Association, New Jersey State Society of CPAs, New York State Society of CPAs, Pharma Association, Tax Executive Institute and the Tuck School of Business at Dartmouth College.
- Rutgers University: BA in Economics, Phi Beta Kappa
- Rutgers University: MBA in Finance
Mr. Nicholas is a principal and the national leader of the Business Valuation practice of Deloitte Financial Advisory Services LLP. …
Ms. Yokobosky is a senior manager from PricewaterhouseCoopers' Los Angeles office and is currently on tour at PwC's National Office. Ms. Yokobosky has 9 years of experience and has served a number of multinational clients in the automotive, manufacturing and consumer industries. Ms. Yokobosky co-authored two recent PwC publications on impairment considerations.
Education and Professional Certifications
Bachelor of Business Administration, University of Notre Dame, Notre Dame, Indiana
CPA - State of Michigan
CPA - State of California
CPA - State of New Jersey
American Institute of Certified Public Accountants
Michigan Association of Certified Public Accountants
California Society of Certified Public Accountants
Ms. Yokobosky is a senior manager from PricewaterhouseCoopers' Los Angeles office and is currently on tour at PwC's National Office. …
M.B.A. New York University, Stern School of Business, Finance, 1999
B.S. The Pennsylvania State University, Finance and International Business/German minor, 1993
Managing Director, Empire Valuation Consultants, Inc., New York, New York, 1994-Present
Mr. Johnston is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers. He has fourteen years of experience in business and intangible asset valuations. He has valued the equity, debt, options/warrants, carried interests etc. of publicly and privately held businesses for financial reporting, acquisitions, stock repurchases, lending, estate and gift tax reporting, re-capitalization, litigation, fairness opinions and general corporate planning purposes. He also has a significant amount of experience valuing technology companies, hedge and private equity funds, and early stage businesses. In addition, he has managed and performed numerous valuations for financial reporting purposes, including purchase price allocation, goodwill impairment testing, and cheap stock (123R). Mr. Johnston also has experience valuing foreign companies located in Canada, Bermuda, Europe and Asia. He is past President of the ASA’s New York City Chapter. He chairs a national conference annually co-sponsored by the ASA covering financial reporting valuations. Mr. Johnston also acts a guest lecturer at Fordham University, speaking on the topic of intangible asset valuation. He also has taught a Center for Advanced Valuation Studies (CAVS) course on purchase price allocation (SFAS 141) and impairment testing (SFAS 142, SFAS 144) for the ASA, as well as its BV301 Intangible Asset valuation class, and has spoken at various ASA events on the topic of purchase price allocation valuations. Mr. Johnston is also a member of the Appraisal Issues Task Force (AITF), a discussion forum for financial reporting related valuation issues. He currently serves as Empire’s chairperson for its Technical and Standards Committee. Mr. Johnston has served as an expert witness on a business valuation matter in New York State Supreme (Civil) Court.
Academic Degrees M.B.A. New York University, Stern School of Business, Finance, 1999 B.S. The Pennsylvania State University, Finance and International …
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