Chief Operations Officer’s Report—First Quarter 2023 | Governance Board Updates
Brien K. Jones
Chief Operations Officer and Executive Vice President of Business Development
Governance Board Updates
Many thanks to the member-elected leaders who diligently serve NACVA | GACVA’s global membership and the profession at large.
Board Nominations Open
Many thanks to the member-elected leaders who diligently serve NACVA | GACVA’s global membership and the profession at large.
Board Nominations Open
Nominations are open through March 24, 2023, for NACVA’s governance boards. Elections/voting occurs between April 10 through May 05, 2023. | Learn more.
Executive Advisory Board Greenlights Leadership Initiatives Board to Launch in 2023
“An incredible opportunity is opening for members aspiring to be at the forefront of our profession. The Executive Advisory Board (EAB) has recently approved the establishment of a new board, the Leadership Initiative Board (LIB). Its purpose is twofold: 1) to explore new theory and methodology for the profession; and 2) to take a lead role in making NACVA’s voice heard in the regulatory and legislative community where the interests of our members are concerned.”
—Parnell Black, MBA, CPA, CVA, NACVA's Chief Executive Officer
Nearly 30 nominations were received for consideration for the newly formed board. The Board will officially begin serving the Association June 01, 2023. | Learn more.
—Parnell Black, MBA, CPA, CVA, NACVA's Chief Executive Officer
Nearly 30 nominations were received for consideration for the newly formed board. The Board will officially begin serving the Association June 01, 2023. | Learn more.
Ethics Oversight Board Weighs in on AI and Ethics
There is growing consensus and debate about the revolutionary role that artificial intelligence (AI) will bring to society, the economy, and the planet. Global leaders across multidisciplinary backgrounds are determined to sustainably embrace those changes that AI brings and look for new solutions that will help combat some of the problems plaguing modern society on a large scale; for example, fraud prevention and disease treatment and prevention to name a few. | Learn more.
Litigation Forensics Board Update
Start Small Think Big Pro Bono Service Project Launched
The Pro-Bono Task Force of NACVA’s Litigation Forensics Board announce a pro-bono service project in cooperation with Start Small Think Big. Regularly scheduled Day of Service projects will be organized to coincide with the 2023 Business Valuation and Financial Litigation Super Conferences and National State Chapter Days. Start Small Think Big is a nonprofit organization that assists small business owners from marginalized communities by connecting small business owners to volunteer professionals who offer their expertise in specific, time bound, one-on-one virtual engagements. | Learn more.
Judicial Education Training and Development Team Formed
The newly formed team will develop and deliver training to business court judges to help them better understand business valuation and damages experts who appear in the courts. What judges should know about how standards of value impact decisions and discussions on overlooked key elements by attorneys and experts will drive the training. Tools for interpreting financial expert testimony and insights on the right questions to ask and when will also be covered. Team members include:
The Pro-Bono Task Force of NACVA’s Litigation Forensics Board announce a pro-bono service project in cooperation with Start Small Think Big. Regularly scheduled Day of Service projects will be organized to coincide with the 2023 Business Valuation and Financial Litigation Super Conferences and National State Chapter Days. Start Small Think Big is a nonprofit organization that assists small business owners from marginalized communities by connecting small business owners to volunteer professionals who offer their expertise in specific, time bound, one-on-one virtual engagements. | Learn more.
Judicial Education Training and Development Team Formed
The newly formed team will develop and deliver training to business court judges to help them better understand business valuation and damages experts who appear in the courts. What judges should know about how standards of value impact decisions and discussions on overlooked key elements by attorneys and experts will drive the training. Tools for interpreting financial expert testimony and insights on the right questions to ask and when will also be covered. Team members include:
- Marc Bello
- Robert Carter
- Chris Hamilton
- Dorothy Haraminac
- Michael Kaplan
- Lari Masten
- Kerrie Merrifield
- Zach Meyers
Sessions in development to be offered to the American College of Business Court Judges through spring 2024 include:
- Introduction/Overview—SOAP | Standards of Value, Objectivity, Assumptions, Professional Standards
- Demystifying Business Valuation
- Demystifying Economic Damages
- Not All Experts are Created Equal
- Discovery and the Financial Expert
- Panel Discussion/Open Forum—Expert Advice to the Judges
Standards Board Updates
Collaboration with the Appraisal Foundation
Collaborating with the Appraisal Foundation’s Business Valuation Resource Panel, leadership representing NACVA’s Standards Board co-authored the Valuation Brief, Understanding the Differences: Conclusion of Value vs. Value Calculations that provides clarity regarding the differences among each assignment’s scope of work and the various forms of reports available to meet the requirements specific to a given valuation. Co-authors include C. Zachary Meyers, past NACVA Standards Board Chair, current Standards Board Advisor, and GACVA Advisory Council member, and Sarah von Helfenstein, a past member of NACVA’s Valuation Credentialing Board. | Learn more.
Collaborating with the Appraisal Foundation’s Business Valuation Resource Panel, leadership representing NACVA’s Standards Board co-authored the Valuation Brief, Understanding the Differences: Conclusion of Value vs. Value Calculations that provides clarity regarding the differences among each assignment’s scope of work and the various forms of reports available to meet the requirements specific to a given valuation. Co-authors include C. Zachary Meyers, past NACVA Standards Board Chair, current Standards Board Advisor, and GACVA Advisory Council member, and Sarah von Helfenstein, a past member of NACVA’s Valuation Credentialing Board. | Learn more.
Professional Standards Comparison and Glossary of Appraisal/Valuation Terms Updated
As part of ongoing efforts to harmonize professional standards and appraisal/valuation terminology, theStandards Board updated and published the Business Valuation/Appraisal Standards Comparison Chart (“Domestic Chart”) and the International Business Valuation/Appraisal Standards Comparison Chart (“International Chart”) in June 2022. Comparison charts of appraisal/valuation terms for U.S. domestic and international comparison were published in February 2022. The comparison charts for appraisal/valuation terms are a first for the global profession.| Learn more.
Valuation Credentialing Board
The Valuation Credentialing Board has direct decision-making responsibility over the Certified Valuation Analyst (CVA) certification criteria including: establishing, reviewing, implementing, and maintaining CVA certification program policies and procedures; decisions related to granting, maintaining, expanding, reducing, suspending, or withdrawing certifications; compliance with national and international accreditation standards for certification program; oversight of exam development and maintenance; selection of subject matter experts for exam development activities; exam administration, scoring, and grading procedures; eligibility and experience requirements; CPE reporting and recertification requirements; and oversight of contracted work. | Learn more.
Credentialing Commission
The Credentialing Commission serves in an advisory capacity to the Valuation Credentialing and Litigation Forensics Boards to ensure policies for the CVA and MAFF credentialing programs remain consistent, where applicable, across both boards and programs. | Learn more.
GACVA News
Expert guests for Around the Valuation World International announced.
- March 27, 2023 Carla Nunes, Kroll | Improving the Selection of CAPM Betas, A New Tool Coming Soon - Part II
- April 24, 2023 Dr. Ashok Abbott, West Virginia University | Discounts for Lack of Marketability
- May 22, 2023 Brad Finney, Atlantic Management Company
International Recommended CPE Bonus Point Programs for tri-annual recertification were approved by the Litigation Forensics and Valuation Credentialing Boards. These courses are in development with a team of instructors from NACVA (U.S.), AACVA (Africa), EACVA (Europe), CACVA (Canada), and SAACVA (Southeast Asia). They will be available as live virtual and on-demand programs in late 2023.
- Current Update in Valuations, International | CPE: 8 hours
- Industry Standards and Ethics, International | CPE: 2 hours
- The Global Understanding—Valuation for Financial Reporting | CPE: 10 hours
EACVA (Europe) launches The European Business Valuation Magazine (EBVM) in collaboration with the International Valuation Standards Council (IVSC). The EBVM aims to increase the transparency of valuation practice in European countries and to enable professional exchange on an international level.
2023 GACVA Training Events:
