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Fair Value Measurement Considerations for 2010 and Beyond
LIVE Webcast
Paul J. Nockels
Partner
McGladrey & Pullen, LLP
Summary of Experience
Paul is a partner in McGladrey & Pullen, LLP’s Financial Services group, providing attest and consulting services to various market participants, including securities broker-dealers, futures commission merchants, hedge funds, investment advisors, market specialists and commodity pools. Paul also provides attest services to not-for-profit organizations, including private charitable foundations and membership organizations.
Paul is a graduate of the firm’s Leadership Effectiveness Advancement Program and a recipient of the Joseph M. Checkers Individual Award for Outstanding Contributions to Quality and Service.
Professional Affiliations
Paul is a member of the AICPA Stockbrokerage and Investment Banking Expert Panel, and has served as chairman of the Futures, Securities and Derivatives Special Interest Group of the Illinois CPA Society. Additionally, he is a member of the AICPA, Chicago Gold Badge Society and Futures Industry Association, including the Association’s Law & Compliance and Operations Divisions. He is a frequent moderator and speaker at seminars on accounting and regulatory matters.
Education
Paul received a B.S. in accounting from DePaul University.
Louis Fanzini, CPA
Director, Accounting Policy Group
Credit Suisse
Louis (Lou) Fanzini is a Senior Director of Technical Accounting and Research at Credit Suisse. In this role, he holds a leadership position focusing on providing both US and IFRS technical accounting advice on all investment banking matters.
Lou is a former FASB Industry Fellow and served as a project manager on accounting and reporting matters related to financial instruments and the investment banking and broker-dealer industries.
Lou has previously held positions in the front office as an equity analyst, a technical accounting advisor in J.P. Morgan & Co’s accounting policy group and as a public accountant leading audit engagements of broker-dealers, banks, and hedge funds.
Lou is a frequent speaker at seminars and conferences focusing on accounting issues related to financial instruments and other technical accounting developments. He holds a masters degree from Fordham University in Finance and Management, is a CPA and holds Series 7 and 63 General Securities licenses.
Michael A. Poveda
Partner, National Office - Accounting Consultation
Deloitte & Touche LLP
Michael has over 14 years of public accounting experience, focusing on the financial services and energy industries. Currently, Michael is a partner in Deloitte’s Professional Practice Network (National Office), where he is dedicated to providing technical accounting guidance to the firm’s audit practice. His subject matter focus is financial instruments, including the accounting for derivatives and other complex financial structures. In his role, Michael serves as a consultation partner to Deloitte’s audit practice and advises the firm’s audit clients around the implementation and interpretation of complex accounting standards.
Michael has led the development of the firm’s interpretive accounting guidance related to fair value measurements. He has advised numerous clients on the implementation of the fair value measurements standards, and has presented many times on the topic.
Prior to joining Deloitte’s Professional Practice Network, Michael was in the firm’s Financial Accounting and Reporting Services Group (formerly named, Regulatory and Capital Markets), where he was an accounting and risk management specialist devoted to serving financial services and energy market participants. In this role, Michael had oversight responsibilities for several of the firm’s largest and most complex audit engagements. He has served global derivative dealers, investment banks, insurance companies, investment companies, and utilities.
Qualifications & Affiliations:
Michael earned a Bachelor of Science from the University at Albany (SUNY).
He is a CPA, CFA and a member of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants and the CFA Institute.
Michael represents Deloitte on the Associate Board of Junior Achievement of NY.
Dr. Stephan Forstmann
Managing Director
Duff & Phelps
Stephan Forstmann joined Duff & Phelps in 2005. He is a managing director in the New York office and part of the firm's Corporate Finance Consulting practice, focusing on portfolio valuations. He has more than 14 years of valuation and corporate finance experience.
Prior to joining Duff & Phelps, Stephan was an investment manager with Affentranger Associates, a private equity and corporate finance firm. He was also with the wealth management firm of Lombard Odier Darier Hentsch as a vice president. Stephan advises clients in the valuation of business enterprises, equity and debt interests and transactional analysis. He has served a broad range of industries in recent years, focusing on alternative investments. His clients have included various well-known alternative investment managers.
Stephan holds a Ph.D. in business administration and an M.B.A. from the University of St. Gallen in Switzerland. He is a certified public accountant.
David I. Tabak, Ph.D.
Senior Vice President
NERA Economic Consulting
Dr. Tabak earned his PhD and MA degrees in economics from Harvard University and his BS in economics and BS in physics from the Massachusetts Institute of Technology. While at Harvard, Dr. Tabak participated in teaching courses in micro- and macroeconomics and American economic policy at the undergraduate and graduate levels, and in the creation of an undergraduate textbook and accompanying software package.
Dr. Tabak has appeared as an expert in state, federal, and bankruptcy court, and before arbitration panels, including the National Association of Securities Dealers, the American Arbitration Association, and the International Chamber of Commerce International Court of Arbitration. He has published in his areas of expertise in forums such as St. John's Law Review and Shannon Pratt's Business Valuation Update, and has published peer-reviewed articles in Litigation Economics Review and the Journal of Forensic Economics. Dr. Tabak is also the author of book chapters and has served as a member of BV Q&A Update's expert author panel and as a referee for peer-reviewed journals. His publications have covered topics such as the use of event studies to measure damages in commercial disputes, economic analysis of market efficiency, valuation discounts for lack of marketability, and the application of statistics in litigation analyses. Dr. Tabak has been a speaker at forums that provide continuing legal education credits or continuing professional education credits for appraisers and an invited speaker at the Securities and Exchange Commission.
At NERA, Dr. Tabak is a member of the Securities and Finance Practice. In the area of securities class actions, Dr. Tabak has performed analyses involving issues of class certification, liability, materiality, affected trading volume, and damage calculations in cases with allegations ranging from product issues to the value of an issuer of subprime mortgages. He has also performed valuations of equity, options, other financial derivatives, businesses, and financial institutions.
Dr. Tabak has been retained as an expert to address issues including allegations of options backdating, market timing of mutual funds, valuations, contract disputes, commercial damages, and disputes between brokers and customers. His non-litigation work has included developing a risk-scoring model for a reinsurance company, assisting financial institutions in new product development, and interpretation of statistical analyses of treatment effectiveness for a program for at-risk youth.
Fair Value Measurement Considerations for 2010 and Beyond
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