The FVS Valuation Podcast

There is no universally accepted formula for measuring company-specific risk, yet the treatment of that risk can have a significant effect on a valuation conclusion. In this episode, Alex Partin and Josh Shilts examine the company-specific risk premium and consider where the economic effects of subject company risk belong in a valuation.

The conversation explores how risk may be reflected through different valuation inputs, the assumptions underlying common approaches, and the importance of connecting identified risks to supportable conclusions.

Key topics include:

• Reflecting risk in cash flows, discount rates, or other inputs
• Applying diversification and CAPM
• Avoiding unsupported or duplicate risk adjustments
• Linking company facts to defensible conclusions

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses

Guest: Josh Shilts, CPA/ABV/CFF/CGMA, Forensic & Valuation Services Director, Dean Dorton Host: Alex Partin, CPA/ABV, Mueller & Partin, PS

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Thanks for listening. We'd welcome your feedback at https://www.aicpa-cima.com/podcastsurvey or contact us directly at [email protected].

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If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

RESOURCES FOR FURTHER EXPLORATION

Webcast, 11/17/2026: Company-Specific Risk: Incorporating and Assessing Cash Flow Assumptions with Roger Grabowski and Anthony Pumphrey

2026 Forensic and Valuation Services Conference, Nov. 4-6, 2026 - Beyond the technical sessions, conferences can offer something just as important—the opportunity to connect with peers, share experiences, and hear how others are approaching similar challenges in their work. Early bird savings through Sept 20 plus additional savings for AICPA members and ABV/CFF/CVFI holders

Join: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

Early career guidance: Welcome to a career in forensic and valuation services

AICPA Business Valuation School , Dec. 7-11, 2026 - Learn valuation essentials and build a solid foundation to gain the confidence to apply valuation techniques and establish a solid foundation in valuation knowledge before performing high-stakes valuations.

FVS Section resources

Cost of capital: bridging theory and practice in a changing economy | webcast companion Developing discount rates for fair value reporting | FVS webcast archive Discount Rates, Risks, and Uncertainty in Economic Damages Calculations | FVS Practice Aid

Click here to join the AICPA FVS Section An active community of FVS peers. You will get 16 credits of complimentary CPE and access to exclusivetechnical content

FVS Valuation Podcast archives:

• Grabowski's Take - Discount Rates, Risk, and the Future of Valuation
• IVS Updates Explained: AI, Valuation Ranges & Quality Control
• Valuing Startups in a Shifting Economy
• Supporting Company Specific Risk and Reconciliation under ASC 805
• Company Specific Risk Premium

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

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This is a podcast from AICPA & CIMA (https://www.aicpa-cima.com). Enjoy more conversations from our global community of accounting and finance professionals by exploring our network of free shows at www.aicpa-cima.com/podcast.

Many valuation reports include all the required sections but still leave readers asking one question: How did you get to that conclusion? Valuation experts Bethany Hearn and Dr. Victor Jarosiewicz discuss the "missing link" problem in valuation reporting and explain how practitioners can create reports that are clearer, better supported, and easier to defend. This conversation offers practical guidance for producing reports that better communicate professional judgment, assumptions, risk, and valuation conclusions.

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses.

Guests: Bethany Hearn, CPA/ABV/CFF, Partner, MH CPA Dr. Victor Jarosiewicz, ASA, CFA, CAIA, Georgia State University

Host: Nene Glenn Gianfala, CPA/ABV, Senior VP and Shareholder, Chaffe & Associates, Inc.

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Thanks for listening. We'd welcome your feedback at https://www.aicpa-cima.com/podcastsurvey or contact us directly at [email protected].

------------------------------------------------------------------------------------------------------------------------------------------

If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

RESOURCES FOR FURTHER EXPLORATION 2026 Forensic and Valuation Services Conference - Beyond the technical sessions, conferences can offer something just as important—the opportunity to connect with peers, share experiences, and hear how others are approaching similar challenges in their work. Early bird savings through Sept 20 plus additional savings for AICPA members and ABV/CFF/CVFI holders

AICPA Business Valuation School - Learn valuation essentials and build a solid foundation to gain the confidence to apply valuation techniques and establish a solid foundation in valuation knowledge before performing high-stakes valuations.

Valuation Standards

• AICPA Statement on Standards for Valuation Services (SSVS)/ VS Section 100 Toolkit
• AICPA - Understanding and Applying Statement on Standards for Forensic Services (SSFS No. 1)
• Uniform Standards of Professional Appraisal Practice (USPAP)
• International Valuation Standards (IVS)

Join: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

Early career guidance: Welcome to a career in forensic and valuation services

FVS Practice Aid Library: This library is open to all visitors. Access to and download of the full practice aids is an exclusive benefit of FVS Section membership.

Click here to join the AICPA FVS Section An active community of FVS peers. You will get 16 credits of complimentary CPE and access to exclusivetechnical content

FVS Valuation Podcast archives:

• IVS Updates Explained: AI, Valuation Ranges & Quality Control
• From Analysis to Testimony: Key Skills for a Career in Forensic and Valuation Services
• ESOPs: Preserving Culture, Valuation and Empowering Employees

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

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This is a podcast from AICPA & CIMA (https://www.aicpa-cima.com). Enjoy more conversations from our global community of accounting and finance professionals by exploring our network of free shows at www.aicpa-cima.com/podcast.

A deposition can put a business valuation expert in the hot seat, where every answer is tested and every assumption may be challenged. In this episode, we discuss how depositions differ from other professional interactions, what effective preparation looks like, and how experts can work with counsel, handle challenging questioning, and maintain credibility under oath. Key takeaways

• A deposition is adversarial by design — you're answering questions, not telling your story.
• Preparation starts the day the subpoena arrives.
• You're there for numbers, not emotions.

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses.

Guest: Dan Branch, CPA/ABV, ASA, IAG Forensics & Valuation Host: Gregory Saunders, CPA/ABV/CFF, ASA, Keiter CPAs

If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

Thanks for listening. We'd welcome your feedback at https://www.aicpa-cima.com/podcastsurvey or contact us directly at [email protected].

RESOURCES FOR FURTHER EXPLORATION

Take your expert witness skills to the next level at the AICPA Expert Witness Skills Workshop, Sep 14-16, 2026, Washington, DC, a hands-on, courtroom-style experience featuring case studies, practice sessions, and a live mock trial, with enrollment limited to just 18 participants to ensure personalized coaching from judges, attorneys, and seasoned experts.

At the 2026 Forensic and Valuation Services Conference - B2 hour workshop, Becoming an Effective Expert Witness: Practical Skills for Emerging Professionals (for in-person attendees). Sharpen your expert witness skills through realistic deposition, arbitration, and courtroom scenarios that help you prepare, communicate effectively, and avoid common credibility pitfalls. Early bird savings through Sept 20 plus additional savings for AICPA members and ABV/CFF/CVFI holders

Join: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

Early career guidance: Welcome to a career in forensic and valuation services

FVS Practice Aid Library: This library is open to all visitors. Access to and download of the full practice aids is an exclusive benefit of FVS Section membership.

AICPA Statement on Standards for Forensic Services (SSFS No. 1)

• Serving as an Expert Witness or Consultant — FVS Practice Aid
• Two perspectives on the path to becoming an FVS expert for litigation

FVS Valuation Podcast archives:

• From Analysis to Testimony: Key Skills for a Career in Forensic and Valuation Services
• Expert Witness - Defending your Business Valuation in Litigation
• Implementing AI in your Valuation Practice

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

Even if IVS does not formally apply to your work, this episode is worth your time. The latest proposed updates show where valuation expectations, review standards, and best practices are heading—and understanding that direction now can help you strengthen the clarity, credibility, and defensibility of your work. This episode breaks down the major themes in the exposure draft, including

• Increased scrutiny and global consistency
• The role of AI in valuation workflows
• Valuation ranges and quality control

For valuation professionals, these are not abstract changes—they are practical signals of how stronger work will increasingly be evaluated by clients, auditors, regulators, and courts.

Thanks for listening. It takes just a couple of minutes to share your feedback. You can also contact us directly at [email protected]

Guests: Alex Aronsohn, FRICS, Director of Technical Standards, International Valuation Standards Council Nicolas Konialidis, CFA, ASA-BV, Asia Director and Technical Director of the Business Valuation Board, International Valuation Standards Council

Host: Nene Glenn Gianfala, CPA/ABV, Senior VP and Shareholder, Chaffe & Associates, Inc.

RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

2026 Forensic and Valuation Services Conference - Beyond the technical sessions, conferences can offer something just as important—the opportunity to connect with peers, share experiences, and hear how others are approaching similar challenges in their work. Early bird savings through Sept 20 plus additional savings for AICPA members and ABV/CFF/CVFI holders

JOIN: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

EARLY CAREER GUIDANCE: Welcome to a career in forensic and valuation services

Click here to join the AICPA FVS Section An active community of FVS peers. You will get 16 credits of complimentary CPE and access to exclusivetechnical content

Final International Valuation Standards (to be published) Expected publication: January 31, 2027 | Effective date: January 31, 2028

• IVS Exposure Draft Consultation
• Redline Version of IVS
• Summary and Consultation Questions
• IVSC Perspective Paper - Navigating the Rise of AI in Valuation: Opportunities, Risks, and Standards

AICPA resources

• Statement on Standards for Valuation Services Toolkit
• AICPA Guidelines for Responsible Use of Artificial Intelligence (AI) in Forensic and Valuation Services Engagements

FVS Valuation Podcast archives - Check out what we have to offer Byteful Insights: Valuing Tech and Data- a conversation with the IVSC Valuation's Talent Pipeline: How the AICPA's Model Business Valuation Curriculum Is Changing the Game Grabowski's Take - Discount Rates, Risk, and the Future of Valuation

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

This episode is a fast-moving walkthrough of the cases and pitfalls that most often drive IRS attention. In a candid, practitioner-to-practitioner conversation, Dave, Natalya and Bruce break down what's changing, what's repeating, and what valuation pros can do now to reduce risk and improve defensibility.

You'll hear what Pierce v. Commissioner suggests about when a DCF can stand alone, why tax affecting still needs to be done "the right way," and how weak support for DLOM (and increasingly DLOC) can undermine an otherwise solid conclusion. Actionable takeaway: tighten your work where challenges concentrate: discounts, tax affecting, projections, and documentation. And if you use AI for research or drafting, verify sources like your job depends on it—because it does.

Continue reading to learn about key resources available to improve your valuation analyses.

Guests:

• Natalya Abdrasilova, CPA/ABV, MAFF, Director of Valuation & Litigation Services, Boyle, Deveny & Meyer
• Bruce C. Wood, CPA/ABV, Mtx, Director, Applied Economics

Host: David J Consigli, CPA/ABV, CDFA, Partner, SAX Advisory Group

Thanks for listening. It takes just a couple of minutes to share your feedback. You can also contact us directly at [email protected]

RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

2026 Forensic and Valuation Services Conference - Beyond the technical sessions, conferences can offer something just as important—the opportunity to connect with peers, share experiences, and hear how others are approaching similar challenges in their work. Early bird savings through Sept 20 plus additional savings for AICPA members and ABV/CFF/CVFI holders

JOIN: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

EARLY CAREER GUIDANCE: Welcome to a career in forensic and valuation services

Click here to join the AICPA FVS Section An active community of FVS peers. You will get 16 credits of complimentary CPE and access to exclusivetechnical content

FVS Valuation Podcast archives - Check out what we have to offer

Making a Case for Using the Market Approach for Determining Fair Market Value Insights for Navigating Common Issues in Business Valuation - 2025 update Grabowski's Take - Discount Rates, Risk, and the Future of Valuation

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

The private credit landscape stands at a critical juncture amid rising technical defaults, restructurings, and redemption pressures. Our guest, Luca Blasi, draws on his unique experience in valuation, banking, and regulatory oversight, our industry expert observes parallels with the rapid growth, compressed risk premia, weaker underwriting discipline, and opaque pricing prevalent in the pre-GFC era, but highlights a key difference: today's capital is largely held by longer-horizon investors like pensions and insurers rather than highly leveraged banks. Luca analyzes potential spillover effects from private equity's current slower exits, echoes a clear need for better data standards and benchmarks in assessing risks, and makes a compelling case in reinforcing why defensible valuations depend on consistent methodology, transparent assumptions, and strong governance.

Key takeaways:

• Current long(er) horizon investor base is a key difference with pre-GFC environment • Difficulty in verifying underwriting quality necessitates looking beyond headline defaults • Limited benchmarks and transaction data make valuations subjective and less comparable • Strong governance demands independence, documentation, and timely valuations

Guest: Luca Blasi, PhD, FRM, Managing Director and Head of Private Markets Valuations and Regulatory Solutions, S&P Global

Host: Howard Mah-Lee, ABV, CFA, CAIA Senior Manager, AICPA Valuation Services

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses.

Please share your thoughts about the episode - click here to leave us a review Want to get involved with future FVS conferences, committees and advisory groups, task forces, or the standing ovation program? Send a message to [email protected] RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

Accounting and Valuation guides from AICPA If you are an AICPA-FVS Section member see below for free access to these guides

• Valuation of Privately Held Companies Equity Securities Issued as Compensation
• Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies
• Assets Acquired to Be Used in Research and Development Activities - Accounting and Valuation Guide

Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

• Valuation of Privately Held Companies Equity Securities Issued as Compensation
• Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies

The FVS Valuation Podcast archives

• Current Trends In Private Credit Markets
• 409A Valuations – What you Need to Know
• Libsyn Five | Financial Instrument Valuation Series: SAFEs, Convertible Notes, and Embedded Derivatives

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page , the alternative investment valuation resource and community page , and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

Goodwill is one of the most contested issues in divorce business valuation and family law cases. This episode examines personal vs. enterprise goodwill, the double dip problem, and why state law and standards of value can dramatically affect outcomes. Valuation experts share practical insight into how goodwill is analyzed in real world divorce litigation. Guests: David Consigli, Jr., CPA/ABV, CDFA, Partner, FAZ Forensics Luke Thomas, CVA, CDFA, Principal, IAG Forensics Host: Jenny Allen, CPA/ABV/CFF, Partner, Anthem Forensics

Thanks for listening. It takes just a couple of minutes to share your feedback. You can also contact us directly at [email protected]

RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

JOIN: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

EARLY CAREER GUIDANCE: Welcome to a career in forensic and valuation services

Click here to join the AICPA FVS Section An active community of FVS peers. You will get 16 credits of complimentary CPE and access to exclusivetechnical content

AICPA Testing Goodwill for Impairment Accounting and Valuation Guide This AICPA Accounting and Valuation Guide delivers practical guidance on goodwill impairment testing, including accounting, valuation, and disclosure considerations. Developed by the AICPA Impairment Task Force and staff, it emphasizes fair value measurement of reporting units for financial reporting purposes.

FVS Valuation Podcast archives - Check out what we have to offer

• Insights for Navigating Common Issues in Business Valuation - 2025 update
• Personal vs. Enterprise Goodwill: Key Things to Know (Feb 2023)

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

This episode explores how the recently enhanced AICPA Model Business Valuation (BV) Curriculum is designed to help prepare the next generation of valuation professionals. A panel of academics and practitioners discuss why the curriculum was developed, the challenges it aims to address along the ABV pathway, and how it introduces the analytical, modeling, and strategic advisory skills that today's market increasingly demands. The Curriculum provides a:

• Clear, confidence‑building pathway to the ABV credential that supports the accelerating demand for valuation expertise
• Cohesive, market‑relevant framework that unites accounting and finance to develop high‑impact analytics, modeling, and advisory capabilities
• Flexible, scalable structure that empowers institutions to elevate and differentiate their academic programs

Guests:

• Dereck Barr-Pulliam, Ph.D. Director of the School of Accountancy and Associate Professor of Accounting at the University of Louisville
• Marcy Binkley, Ph.D., CPA, CMA, Assistant Professor of Accounting at Middle Tennessee State University
• Ernest Patrick Smith, CPA/ABV/CFF, Managing Partner, Nawrocki Smith LLP and Adjunct Professor Hofstra and SUNY Old Westbury

Host: Nene Glenn Gianfala, CPA/ABV, Senior VP and Shareholder, Chaffe & Associates, Inc.

Thanks for listening. It takes just a couple of minutes to share your feedback. You can also contact us directly at [email protected]

RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

AICPA Model Business Valuation Curriculum What is the ABV credential? Join the AICPA : This Way To CPA

JOIN: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

EARLY CAREER GUIDANCE: Welcome to a career in forensic and valuation services

Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

FVS Valuation Podcast archives - Check out what we have to offer

• Women Leaders in Business Valuation
• The Business Valuation Profession
• Enhancing Professional Growth through AICPA FVS Section Resources and Participation

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

Demand for business valuation professionals continues to outpace supply, making hiring and retention a top challenge for valuation and forensic services firms heading into 2026. This episode explores business valuation hiring trends, talent retention strategies, AI's impact on early career valuation roles, and how firm consolidation is influencing the market. We also discuss why rebuilding the business valuation talent pipeline at the collegiate level is critical to the future of the profession.

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses.

Guest: John Borrowman, CPC, President, Borrowman Baker LLC

Host: Nene Glenn Gianfala, CPA/ABV, Senior VP and Shareholder, Chaffe & Associates, Inc.

Please share your thoughts about the episode - click here to leave us a review

Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to [email protected]

RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

JOIN: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

AICPA 2026 Forensic & Valuation Services Conference

Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

• AICPA Model Business Valuation Curriculum
• Profession Ready Initiative - A research-backed CPA workforce readiness project focused on early-career skills gaps.
• Welcome to a career in forensic and valuation services

The FVS Valuation Podcast archives

• Implementing AI in your Valuation Practice
• Recruiting Challenges in BV: The Perfect Storm
• Valuation in a Climate of Uncertainty

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]

Thanks for listening. It takes just a couple of minutes to share your feedback. You can also contact us directly at [email protected]

Is CAPM still the gold standard for determining cost of capital—or is it time for a rethink? Valuation expert Roger Grabowski explores why CAPM often fails in practice and how shifting toward investment-specific risk provides a more accurate framework for real-world decision-making. We also discuss multi-factor models, ASC 820 implications, and practical strategies for communicating risk concepts to courts and auditors.

Key Takeaways

• CAPM's Limitations: Decades of research show CAPM struggles to predict returns accurately, making it less reliable for valuation in practice.
• Investment-Specific Risk: Moving beyond company-specific risk to focus on risks tied to cash flows offers a clearer, more relevant approach.
• Aligning Theory with Practice: Modified CAPM, multi-factor models, and ASC 820's exit value concept help valuation professionals better reflect market realities and communicate effectively.

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses.

Guest: Roger Grabowski, FASA, Managing Director (ret.), Kroll LLC, Valuation Advisory Services Host: Josh Shilts, CPA/ABV/CFF/CGMA, Director, Forensic & Valuation Services, Dean Dorton

RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links.

JOIN: The FVS Engage365 Member Community to collaborate with fellow AICPA® members, exchange ideas, and shape the future of the profession together.

EARLY CAREER GUIDANCE: Welcome to a career in forensic and valuation services

Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content

• FVS webcast archive | Developing discount rates for fair value reporting
• FVS Practice Aid | Discount Rates, Risks, and Uncertainty in Economic Damages Calculations

The FVS Valuation Podcast archives

• Discounted Cash Flows with Roger Grabowski
• Valuation in a Climate of Uncertainty
• Reconciling Discount Rates for Intangible Asset Valuation in PPAs
• Macroeconomic Update 2025 - Cost of Capital and Valuation Impact

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS:

Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic

Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic

Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at [email protected]