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12:00 - 12:30hrs for Lunch, 12:30 - 13:30hrs for the talk with Q&A
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IIA Singapore's Office
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Business valuation is a key component of investor activities in the financial markets and plays an important role in the life cycle of a company. In many instances, it is carried out for purposes relating to matters such as capital raising, mergers, acquisitions, divestitures, compliance with tax regulations, restructuring activities etc. Business valuation is also an important component of financial reporting as fair value measurement anchored itself in accounting practice globally.
In recent years, Business Valuation has emerged as a ‘topic of interest’ in the corporate arena due to the enhanced investor activities in the capital markets as well as increased scrutiny by regulators across jurisdictions. In January 2018, in an event jointly organized by the Accounting and Corporate Regulatory Authority (ACRA), Singapore Exchange Regulation (SGX RegCo) and the Singapore Institute of Directors (SID), the Chief Executive of ACRA mentioned in the speech at the ACRA–SGX–SID Audit Committee Seminar that amongst other things, “audit committees should pay greater attention to valuation and impairment issues. Investors are increasingly looking at such matters to help them assess the fair value of a company. Valuation and impairment issues are also the two most common findings under ACRA’s Financial Reporting Surveillance Programme, or FRSP.” Following that, ACRA has embarked on a collaboration with the Institute of Valuers and Appraisers of Singapore (IVAS), to tap on their technical expertise for advice on complex valuation and impairment issues raised under the FRSP and where relevant, these expert views will be shared in ACRA’s findings and engagement with the company directors. Through these developments, and with the constant need to improve corporate governance, business valuation has emerged as an important skill set that directors of companies need to possess in order to perform their role well and to discharge their duties effectively and responsibly.
In Jan 2019, SGX RegCo has signed a Memorandum of Understanding with IVAS, to turn to the institute for expert advice and support on matters related to Business Valuation. The objective is to engage the business valuers to help check if valuation reports are conducted and prepared in compliance with applicable codes and standards.
This primer is intended for internal auditors from all sectors who wish to learn the key fundamentals and practical aspects of Business Valuation. The objective is to create awareness and appreciation for the conduct of Business Valuation in the transaction and financial reporting environment. Whatever the purposes may be, whilst Business Valuation is process driven, it does incorporate certain elements of risk as it involves human judgment. Hence, it is important to understand how Business Valuation is conducted in practice, the process and risks involved and the mitigating measures when required.
The primer will take the form of a presentation that will address the ABCs of Business Valuation. The session will begin with an understanding of the Approach undertaken by business valuers with emphasis on the valuation process as well as the valuation standards adopted in the market place. Basics of business valuation, such as the concepts, principles, definitions, premises, subjects, purposes of value; users of valuation, methods, issues and challenges etc. will be discussed. The session will conclude with the sharing of Cases that illustrate the key learning points of the presentation.
About the Speaker
Mr. Eric Teo
Eric Teo has over 25 years of professional experience and is currently the Head, Business Valuation & Advisory, Southeast Asia at Savills. He also serves as an Adjunct Associate Professor/Faculty at various universities. This include Nanyang Technological University, Singapore University of Social Sciences, Singapore Management University, Singapore Institute of Technology and Murdoch University. He was an Executive Director with Ernst & Young (EY) Transaction Advisory Services Group and has worked in both the Singapore and Australia practices. He was a founding member of EY Global Valuation & Business Modelling (VBM) Network’s Technical Standards Group (TSG), has served in the Steering Committee and led the EY Asia Pacific VBM TSG from 2012 to 2015. He was also a member of the EY Global VBM Learning & Development committee and was involved in the development of learning curriculum and training materials for the global valuation practice. His experience includes providing advice in relation to corporate strategy, investments and divestitures, fairness opinions and business valuation. He has led in transactions relating to litigation support, tax planning, restructuring and compliance, capital raising, mergers and acquisitions, shareholder disputes and financial reporting. Eric has worked with companies from various industries and his clients include SMEs, GLCs, MNCs and public listed groups.
Eric is the Founding Chairman of the Council of the Institute of Valuers and Appraisers of Singapore (IVAS). The IVAS is an institute set up to advance the business valuation profession under the auspice of the Singapore Accountancy Commission. He is also the Chairman of the International Valuation Standards Council (IVSC) Membership and Standards Recognition Board. The IVSC is the global organisation which produces the International Valuation Standards (IVS) for the valuation profession. Eric is a Chartered Accountant (Singapore), Chartered Accountant (Australia and New Zealand), CPA (Australia), Chartered Valuer and Appraiser (Singapore), Senior Fellow of Finsia and Fellow of the Royal Institution of Chartered Surveyors (RICS).
|Early Bird Fees:||
Fees: S$20 for members and S$40 for non-members (light lunch will be included).
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