Understanding FAS 141(R) and FAS 160

Jason R. Baron, Esq. John Formica
National Professional Services Group Partner
PricewaterhouseCoopers

John R. Formica, Jr., is an Assurance Partner for PricewaterhouseCoopers LLP, specializing in the Consumer and Industrial Products & Services industry group. He has spent over 25 years serving public and large private manufacturing companies, including many with international operations. Additionally, he has served as a regional technical consultant. He serves as project leader of the PricewaterhouseCoopers Business Combinations team that is following FASB and IASB’s Business Combinations and Consolidations projects. As part of that process, he keeps current on the board’s redeliberations and the overall status of these projects, and is leading the development of a technical guide on the subject.

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Stamos Nicholas
National Business Valuation Service Line Leader
Deloitte Financial Advisory Services LLP

Mr. Nicholas is a principal in the Valuation Services practice of Deloitte Financial Advisory Services LLP. He is the national leader of the Business Valuation service line practice. He has more than 25 years of experience in providing valuation and financial valuation consulting services worldwide for the purposes of accounting, tax planning, financing, bankruptcy, litigation, mergers and acquisitions, and investment. Mr. Nicholas has particular experience in the valuation of intellectual property (i.e., patents, proprietary technology, trademarks, trade names, customer intangibles, copyrights, agreements, etc.).

Mr. Nicholas has extensive experience serving national and multinational companies such as financial services, manufacturing, media/entertainment, natural resources, consumer businesses, technology and life sciences, etc. Additionally, Mr. Nicholas has supervised large, complex multidiscipline (real estate, machinery and equipment, and financial) valuation engagements and has performed several transfer pricing studies for multinational corporations. He has testified as a valuation expert on business enterprises and intellectual property in various courts of law (including bankruptcy court) and has extensive experience in dealing with the IRS, SEC and other regulatory and tax authorities worldwide on valuation issues. Additionally, Mr. Nicholas has been a formal speaker and presenter to many industry organizations and professional groups such as the American Society of Appraisers, Tax Executive Institute, Emerging Issues Task Force (“EITF”) Advisor on Customer Relationships, Financial Executive Institute for Biosciences, Pharma Association, National Restaurant Association, New York State Society of CPAs, New Jersey State Society of CPAs, Deloitte Regional Bank Forum, Financial Executives International (“FEI”) Committee Member on Business Combinations, and a Private Equity Valuation and Performance Reporting conference at Dartmouth Tuck School of Business.

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Dan Gary
Partner
KPMG

Experience:
- Dan has nearly 15 years of experience with accounting for valuation events such as acquisitions, joint ventures
  and bankruptcy emergence
- Dan is assisting Delphi Automotive with impairment testing and fresh start reporting for emergence from
  bankruptcy, which entails purchase accounting for intangible assets that were not previously valued or recorded
  and an allocation of reorganization value of nearly $20 billion.
- Certain of Dan’s prior engagements involved (i) pro forma presentation and purchase accounting for the
  acquisition of Freescale Semiconductor by a private equity consortium led by The Blackstone Group ($18 billion),
  (ii) SEC filings related to Covanta Energy’s acquisition of American Ref-Fuel ($2 billion), and (iii) analysis of over 30
  acquisitions in conjunction with MCI/WorldCom’s restatement and emergence from bankruptcy.
- Dan is a frequent speaker on accounting topics related to valuation events and has been published in several
  recent pieces, including:
    “Accounting for Deals” by Dan Gary, The Deal (December 6, 2007)
    “Just Like Starting Over” by Dan Gary & Brian Heckler, The Deal (November 12, 2007)
    Quoted in “New Accounting for M&A Deals” by Tammy Whitehouse, Compliance Week (January 29, 2008)
    Author of chapters on revised accounting for acquisitions for Bureau of National Affairs (release in Spring
       2008)

Select Clients:
- America Online, American Water Works, Bi-Lo, BP, Covanta Energy, Delphi Automotive, Electro-Motive Diesel,
  Freescale Semiconductor, MCI/WorldCom, Motorola, Orbitz, Philips Electronics, Siemens, Thomson Learning

Sector Experience:
- Automotive, electronics & semiconductors, energy, manufacturing, media & entertainment, software,
  telecommunications

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FAS 141(R) and FAS 160
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