Financial Litigation Specialties

Valuing Goodwill in Professional Practices and the Use and Misuse of the Excess Earnings Method

Thursday, June 24, 2021 10:45 a.m. - 12:25 p.m. ET

This session will focus on the identification and valuation of personal goodwill in professional practices, focusing on the application of the judicially-approved excess earnings method for demonstrating the existence and value of professional goodwill in marital dissolution cases. What are generally referred to as “all-in” states do not distinguish between personal and business (or enterprise) goodwill. To the extent that goodwill arises from and is associated with a spouse’s professional practice (e.g., law, medicine, dentistry, accounting, or any similar licensed professional practice or undertaking), that goodwill constitutes “property” subject to allocation under state statues and precedents.

After completing this session, attendees will be able to:

  • Recognize what constitutes “goodwill” in the context of a professional practice
  • Generalize how the identification and valuation of professional goodwill contrasts with goodwill in a business
  • Explain how goodwill in a professional practice differ from a spouse’s probable future earnings
  • Recognize if the professional spouse must “own” an interest in the professional practice to possess “goodwill”
  • List the characteristics of “goodwill” associated with a professional practice
  • Recognize the legal standard for defining professional goodwill: market value vs. value to the owner

Total CPE: 2
Fields of Study: Business Management and Organization: 1, Management Services: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

Business valuators and attorneys who focus on family law matters.

Prerequisites:

Previous training or research on subject matter being taught. Such persons are often at a mid-level within the organization, with operational and/or supervisory responsibilities.

Advanced Preparation:

None

Ron Seigneur

Ron  Seigneur

CPA/ABV/CFF, MBA, CVA, ASA, CGMA

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John Tatlock

John  Tatlock

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Lost Profits or Lost Earning Capacity: Estimating Lost Income for the Self-Employed

Thursday, June 24, 2021 12:40 p.m. - 2:20 p.m. ET

Estimating lost income for a self-employed person can be one of the most complex analysis an expert may perform. The self-employed person's income may be from the profits of the business, draws and profits from a partnership or salary and profits from a subchapter S corporation. This session will discuss the gathering of data, analyzing income streams, and estimating the self-employed person's lost income. Unique factors affecting this analysis, like spousal involvement in the business, will be reviewed. In addition, the impact of the COVID-19 pandemic to businesses and its impact on assessing this data will be discussed.

After completing this session, attendees will be albe to:

  • Distinguish data needed for assessing the economic damage to a self-employed individual
  • Describe the differing ways self-employed individuals report their income and how that affects a lost earnings analysis
  • Recognize factors that may affect the self-employed person's losses that are not common among regular employees
  • Calculate the lost income of a self-employed person using an approach that meets the standards expected by the courts
  • Explain the reasoning for the results that makes the expert's findings relevant and reliable for that specific case

Total CPE: 2
Fields of Study: Economics: 1, Finance: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

CPAs, attorneys, financial experts, practitioners wanting to or providing litigation support

Prerequisites:

Previous training or research on subject matter being taught. Such persons are often at a mid-level within the organization, with operational and/or supervisory responsibilities.

Advanced Preparation:

None

Allyn Needham

Allyn  Needham

PhD

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How Can Financial Forensics Prove Bankruptcy Fraud?

Thursday, June 24, 2021 3:00 p.m. - 4:40 p.m. ET

What is financial forensics? What is bankruptcy fraud? What financial forensic procedures uncover and prove fraud? What do the courts say in this regard? This course will answer those questions and more.

After completing this course, attendees will be able to:

  • List financial forensic procedures that can be applied to proving bankruptcy fraud
  • Indentify the reasons why bankruptcy fraud is a crime
  • Create reports suitable for use in courts

Total CPE: 2
Fields of Study: Business Law: 1, Management Services: 1
Program Level: Intermediate - Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Who Should Attend:

Auditors, trial lawyers, forensic accountants.

Prerequisites:

Previous training or research on subject matter being taught. Such persons are often at a mid-level within the organization, with operational and/or supervisory responsibilities.

Advanced Preparation:

None

Michael Pakter

Michael  Pakter

CPA, CVA, MAFF, CGMA, CFF, CFE, CIRA, CDBV, CA

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Fundamentals of Financial Forecasting

Thursday, June 24, 2021 4:55 p.m. - 5:45 p.m. ET

Financial modeling is simply a mathematical model developed to solve a specific financial or accounting problem. Financial forecasting applies mathematical modeling methods to provide alternative probable quantitative outcomes for a specific proforma (historic) or prospective financial decision.

Financial modeling applied to forecasting is a sequential processing dependent on the defined objectives, development of valid assumptions, assembling sufficient data, model formulation, implementation, and testing. The three fundamental forecasting models include: times series analysis, cause-and-effect, and judgmental. Selecting the appropriate modeling method is based on the outcome objectives and assembled data. A systematic approach to assembling and evaluating the data based on the design objectives and assumptions is critical. Initial perceptions and observations may require revision during the process to achieve the design objectives.

After completing this session, attendees will be able to: 

  • Utilize financial modeling as an analytical tool to improve decision making
  • Describe the structured process of developing a financial model
  • Identify common errors occurring in financial models
  • Recognize financial forecasting as a measure of the mathematical relationships intrinsic to financial accounting
  • List elements of constructing a movable and scalable financial forecast which is an extension of the historic data
  • Evaluate the calculation and minimization of forecasting errors
  • Describe the evaluation of financial model outcomes in determining optimum and acceptable solutions to the decision problem

Total CPE: 2
Fields of Study: Statistics: 2
Program Level: Basic - Learning activity level most beneficial to individuals new to a skill or an attribute.

Who Should Attend:

Any professionals engaged in the development or review financial modeling of financial information for developing financial pro-forma and forecasted outcomes.

Prerequisites:

Previous training or experience with the fundamentals of accounting, finance, economics, and business writing. These individuals are often at the staff or entry level in organizations, although such programs may also benefit a seasoned professional with limited exposure to the area.

Advanced Preparation:

None

Mark Shirley

Mark  Shirley

CPA, ABV, CFF, CVA, MAFF, CFE

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