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Marcum LLP
Marcum LLP
Valuation & Litigation Support

Financial Reporting

Watch and Money
 

The complexity of financial reporting standards dealing with fair value increasingly requires qualified independent valuation advice.

Marcum's valuation professionals have an in-depth understanding of the requirements and best practices in financial reporting valuations, offering insights into key issues of concern to auditors and regulators.

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Related Services:     Disputes & Litigation  |  Tax  |  Financial Reporting   |   Corporate Transactions  |   Industry-Focused Practice Areas  |  ESOP Valuation Services
Portfolio Valuation and Advisory Services

The spotlight that private equity firms and hedge funds find themselves under in the current regulatory environment, as well as the changes in fair value rules for financial reporting, increase the scrutiny of alternative asset managers by investors, fund administrators, and auditors. Asset managers are increasingly forced to seek objective, independent valuation advice as a means to provide additional comfort to constituents with respect to reported values of investments, particularly for illiquid assets.

Marcum's portfolio valuation and advisory services can help asset managers enhance the credibility and transparency of reported values of investments. Our deep experience encompasses not only the valuation of portfolio investments, private companies, and complex derivative instruments, but also reviews of the valuation analyses of asset managers and third-party valuation specialists on the financial statement audit side at a "Big 4" accounting firm.

Our Portfolio Valuation and Advisory services include:
  • Valuation of investments for financial reporting purposes in accordance with US GAAP (ASC Topic 820, formerly SFAS 157) and IFRS (IAS 39).
  • Practical guidance and consulting on best practices in development and consistent application of the investments' valuation policy that is compliant with the relevant reporting standards.
How our Portfolio Valuation and Advisory services benefit our clients:
  • Enhanced ability to support value conclusions and to provide an additional level of comfort with investments' values to constituents, including investors, auditors, and regulators.
  • Enhanced risk management through the development, implementation, and consistent application of valuation policies.
Complex Securities Valuation

The changes in regulations and accounting standards, as well as the increased financial sophistication of investors, business owners, and other market participants, have created a greater need for valuation of complex financial instruments. Marcum's professionals use sophisticated financial models and analytical skills to value these instruments. We are routinely sought out to provide valuation advice on equity-based compensation arrangements, securities with conversion features and other embedded derivatives, financial instruments and contracts with complex payment structures (such as contingent payouts). In addition to valuation advice, our clients frequently seek our expertise in complex securities, model development, and analytics to enhance their internal financial models and processes.

Discount Studies for Estate Planning Vehicles and Investments Subject to Lock-Ups

Valuation considerations for popular estate planning vehicles, such as family limited partnerships ("FLPs") and family limited liability companies ("FLLCs"), are constantly evolving. Tax court cases continue to influence many issues that affect the already complex terms of these entities’ agreements, and the effect that the ever-increasing complexity has on valuation of interests in FLPs and FLLCs. Having performed numerous valuations of FLPs and FLLCs, as well as having successfully defended our valuations before the IRS, we bring a deep understanding of the issues that affect the valuation of the interests in these entities.

We leverage our expertise in alternative asset classes, such as hedge funds and private equity, to offer an insight into an impact of the fund- and the investor-level lock-ups, gates, and other restrictions; and on the discounts that may be applicable to the interests in the pooled investment vehicles that invest in alternative asset classes or strategies. We are routinely sought out by wealth management advisors, hedge fund managers, investors, attorneys, and other parties to model the impact of these restrictions and to advise on a magnitude of the discounts.

Issues Related to Valuation of "S" Corporations and Other Pass-Through Entities

The valuation of Subchapter S Corporations and other pass-through entities is one of the most controversial issues in business valuation today. Members of our staff are nationally known experts, having been in the forefront of the discussion on this important topic.

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Contacts

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Kenneth J. Pia, Jr

Partner-in-Charge
Business Valuation Services
Valuation & Litigation Support
New Haven, CT
 
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