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					      NEW ACCOUNTING FOR BUSINESS COMBINATIONS,
         INTANGIBLES AND GOODWILL IMPAIRMENT




          A Presentation for the Suffolk and Nassau Chapters of the
                      New York State Society of CPAs

                  Accounting and Auditing All-Day Update
                            November 9, 2002




Russell T. Glazer, CPA
Certified Business Appraiser
Horowitz, Waldman, Berretta & Maldow, LLP
1000 Woodbury Road
Woodbury, New York, 11797
(516) 364-4567
                                     New Accounting for Business Combinations,
                                                    Intangibles and Impairment
                                                                Russell T. Glazer, CPA
                                                          Certified Business Appraiser

INTRODUCTION

During the 1980's and 1990's a great number of business mergers and
acquisitions took place. The generally accepted accounting principles to record
the initial transaction and to account for the acquired assets during their
estimated useful lives this were well established.

Over time however, users of financial statements began to question whether
those principles and practices accurately reflected the market realities regarding
the assets, their useful lives and their contribution to a company's value. In
addition, intangible assets have become increasingly more important as an
economic resource.

It was apparent that users of financial statements did not accept that goodwill
amortization expense provided useful information. They realized that treating
goodwill as a wasting asset whose value deteriorates predictably over a fixed
period of time ignored the economic realities. Goodwill, in fact, can be
replenished and increased in value; alternatively, the value of goodwill can
decrease precipitously in a short period of time.

During the 1970’s the FASB had an active project on its agenda to reexamine the
accounting for business combinations and acquired intangible assets. However,
action on the project was deferred until, in 1981, the Board removed the project
from its agenda entirely, to focus on higher priority projects.

In 1986 the Financial Accounting Standards Board (FASB) included the project
on business combinations on its agenda. The purpose was to “improve the
transparency of accounting and reporting of business combinations, including the
accounting for goodwill and other intangible assets.” The FASB’s study
confirmed that users of financial statements placed greater emphasis on the
goodwill asset reported on the balance sheet, rather than an allocation of
goodwill amortization expense reported on the income statement. This project
resulted in FASB 141 – Business Combinations, and FASB 142 - Goodwill and
Other Intangible Assets.

This emphasis on asset valuation rather than expense recognition reflected the
FASB’s evolving emphasis on fair value measurement of assets and liabilities.
The FASB achieved their two stated goals, that:

      All business combinations be accounted for in the same manner
      Goodwill and intangible assets are accounted for in a manner that reflects
       economic reality.
                                            New Accounting for Business Combinations,
                                                           Intangibles and Impairment
                                                                            Russell T. Glazer, CPA
                                                                      Certified Business Appraiser

Another reason the Board undertook the project is because “many perceived the
differences in the pooling-of-interests method and purchase method to have
affected competition in markets for mergers and acquisitions. Entities that could
not meet all of the conditions for applying the pooling method believed that they
faced an unlevel playing field in competing for targets with entities that could
apply that method.”

This “unlevel playing field” was perceived to extend internationally, as well.
“Cross-border differences in accounting standards for business combinations and
the rapidly accelerating movement of capital flows globally heightened the need
for accounting standards to be comparable internationally.” Thus the Canadian
equivalent of FASB conducted a similar project concurrently with FASB.

The FASB’s project culminated in two new pronouncements, SFAS 141,
Business Combinations, and SFAS 142, Goodwill and Other Intangible Assets.


FAS 141 – Business Combinations

FAS 141 supersedes APB Opinion 16, Business Combinations. Under APB 16,
business combinations were accounted for using either the pooling-of-interests
method1 or the purchase method. The pooling-of-interests method was required
when twelve specified criteria were met; otherwise the purchase method was
required. However, the twelve criteria did not distinguish transactions that were
economically dissimilar and thus similar business combinations were accounted
for using different methods, and producing dramatically different results.

As a result, users of financial statements could not compare the financial results
of entities where different combination methods had been used; users of financial
statements indicated a need for better information regarding intangible assets;
and company management felt that differences in combination accounting
methods impacted competition in markets for mergers and acquisitions.

SFAS 141 is based on the proposition that all business combinations are
essentially acquisitions, and thus all business combinations should be accounted
for in a consistent manner with other asset acquisitions.

FAS 141 begins with the declaration that the “accounting for a business
combination follows the concepts normally applicable to the initial recognition and

1
         Under the pooling-of-interests method, the carrying amount of assets and liabilities
recognized in the statements of financial position of each combining entity are carried forward to
the statements of the combined entity. No other assets or liabilities are recognized as a result of
the combination, and thus the excess of the purchase price over the book value of the net assets
acquired is not recognized.
                                      New Accounting for Business Combinations,
                                                     Intangibles and Impairment
                                                                 Russell T. Glazer, CPA
                                                           Certified Business Appraiser

measurement of assets acquired, liabilities assumed or incurred…as well as to
the subsequent accounting for those items.”

A “business combination occurs when an entity acquires net assets that
constitute a business or acquires equity interest of one or more other entities and
obtains control over that entity or entities.”

In a combination effected through an exchange of cash or other assets it is easy
to identify the acquiring entity and the acquired entity. In a combination effected
through an exchange of equity interests, the entity issuing the equity interest is
generally the acquiring entity. However, in some business combinations, known
as reverse acquisitions, it is the acquired entity that issues the equity interests.
(Paragraphs 15-19 offer guidance in this complex area.)

Generally, in exchange transactions, the fair values of the assets acquired and
the consideration surrendered are considered to be equal, and no gain or loss is
recognized.

The total cost of the exchange transaction is then allocated to the individual
assets acquired and liabilities assumed based on their relative fair values.

“Fair value” is defined as “the amount at which an asset (or liability) could be
bought (or incurred) or sold (or settled) in a current transaction between willing
parties, that is, other than in a forced or liquidation sale.”

The excess of the cost of the acquired assets over the fair value amounts
assigned to the tangible assets, the financial assets and identifiable intangible
assets is evidence of an unidentified intangible asset or assets, or goodwill.

In determining the cost allocation, the Statement offers guidance for many items,
including:

      Receivables at present values, less allowances for uncollectibility and
       collection costs
      Finished goods inventory and merchandise at estimated selling prices less
       costs of disposal and reasonable profit allowance
      Work in process inventory at estimated selling prices of finished goods
       less cost to complete, cost of disposal and reasonable profit
      Raw materials inventory at current replacement costs
      Intangible assets that meet certain criteria are valued at estimated fair
       value
      Liabilities and accruals at present value of amounts to be paid
      Other liabilities and commitments – such as unfavorable leases, contracts
       ad commitments – at present values of amounts to be paid.
                                     New Accounting for Business Combinations,
                                                    Intangibles and Impairment
                                                                Russell T. Glazer, CPA
                                                          Certified Business Appraiser


“An acquiring entity shall not recognize the goodwill previously recorded by an
acquired entity, nor shall it recognize the deferred income taxes recorded by an
acquired entity before its acquisition. A deferred tax liability or asset shall be
recognized for differences between the assigned values and the tax bases of the
recognized assets acquired and liabilities assumed in accordance with FASB
109.”

SFAS 141 also changes how intangible assets are recognized. APB Opinion 16
required separate recognition of intangible assets that could be identified and
named. SFAS 141 requires that acquired intangible assets apart from goodwill
be recognized if:

   1. the intangible arises from contractual or other legal rights, such as patents
      and trademarks OR
   2. the intangible can be separated or divided from the acquired entity and
      sold, transferred, licensed, rented or exchanged individually, or in
      combination with a related contract, asset or liability.

Examples of intangible assets that are contractual or separable include:

      Contractual –
         o Customer contracts
         o Order backlog
         o Operating leases
         o License agreements
         o Royalty agreements
         o Employment contracts
         o Trademarks
      Noncontractual but separable –
         o Customer/subscriber lists
         o Unpatented technology

Any intangible asset that does not meet the separate recognition test (such as a
trained and assembled workforce) is classified as goodwill.




The FAS offers five categories of intangible asset:

      Marketing-related – those assets that are primarily used in the marketing
       or promotion of products and services.
                                      New Accounting for Business Combinations,
                                                     Intangibles and Impairment
                                                                  Russell T. Glazer, CPA
                                                            Certified Business Appraiser

            o Trade marks, trade names
            o Trade dress (package design)
            o Internet domain names
            o Non-compete agreements
      Customer-related
            o Customer lists
            o Order backlog
            o Customer contracts and relationships
      Artistic-related – these meet the criteria for recognition apart from goodwill
       if they arise from contractual rights or legal rights such as those provided
       by a copyright.
            o Books, plays and other literary works
            o Musical works
            o Pictures and photographs
            o Video material
      Contract-based
            o Licensing, royalty agreements
            o Advertising, construction, service or supply contracts
            o Lease agreements
            o Use rights such as drilling, water, air, mineral, timber cutting and
               route authorities
            o Broadcast rights
      Technology-based – relate to innovations or technological advances
            o Patented technology
            o Unpatented technology
            o Computer software
            o Databases
            o Trade secrets, formulas, recipes

If it should turn out that the fair value of acquired assets exceeds the cost of the
acquisition, the acquirer will first reassess whether all acquired assets and
assumed liabilities have been identified and recognized, and will re-value the
assets and liabilities. If there is still an excess of fair value of acquired assets
over their cost, the excess will be allocated as a pro rata reduction of the
amounts otherwise assigned to the acquired assets, except for:

      Financial assets (cash, evidence of ownership in an entity, or a contract
       that conveys a contractual right to receive cash)
      Assets to be disposed of by sale
      Deferred tax assets
      Prepaid assets relating to pension or other postretirement benefit plans
      Any other current assets.
                                    New Accounting for Business Combinations,
                                                   Intangibles and Impairment
                                                               Russell T. Glazer, CPA
                                                         Certified Business Appraiser

In addition to the same disclosure requirements described in APB Opinion 16,
SFAS 141 requires the disclosure of the primary reasons for a combination, and
the allocation of the purchase price paid to the assets acquired and liabilities
assumed by major balance sheet caption. Further, if the acquired goodwill or
intangibles is significant, disclosure must be made of the amount of goodwill by
reportable segment and the purchase price assigned to each major intangible
asset class.

FASB believes SFAS 141 improves financial reporting because it better reflects
the underlying economics of business combination transactions in that financial
statements will:

      Better reflect the investment made in an acquired entity, allowing more
       meaningful evaluation of the performance of the investment
      Improve the comparability of financial information and
      Provide more complete financial information through expanded disclosure,

The statement applies to all business combinations initiated after June 30, 2001,
and for all combinations accounted for using the purchase method for which the
date of acquisition is July 1, 2001 or later. However, the statement does not
apply to not-for-profit entities.


SFAS 142 – Goodwill and Other Intangible Assets

OVERVIEW

SFAS 142 addresses the financial reporting for acquired goodwill and other
intangibles, and supersedes APB Opinion 17, Intangible Assets. It relates to how
acquired intangibles other than those acquired in a business combination should
be accounted for upon their acquisition, and also addresses how goodwill and
other intangibles are accounted for after initial recognition in the financial
statements.

An acquiring company’s expectations of benefits from synergies are reflected in
the premium paid for the acquired entity. Under APB Opinion 17 an acquired
entity was treated as if it remained a stand-alone entity, rather than being
integrated with the acquiring entity. As a result, the portion of the premium
(goodwill) related to the anticipated synergies was not accounted for
appropriately.

Opinion 17 treated goodwill and other intangible assets as wasting assets with a
finite useful life. Opinion 17 also mandated an arbitrary maximum amortization
period of 40 years over which to amortize the asset.
                                      New Accounting for Business Combinations,
                                                     Intangibles and Impairment
                                                                  Russell T. Glazer, CPA
                                                            Certified Business Appraiser


SFAS 142 modifies FAS 121 Accounting for the Impairment of Long-Lived Assets
by excluding from its scope goodwill and intangible assets that are not amortized.
SFA 142 applies to the costs of internally developing goodwill and other
unidentifiable intangible assets with indeterminate lives, and to the costs of
internally developing identifiable intangible assets.

Under SFAS 142 intangible assets with identifiable useful lives will continue to be
amortized over their useful lives, without the imposition of an arbitrary maximum
life.

Goodwill and intangible assets with indefinite useful lives, however, will no longer
be amortized, but will be tested at least annually for impairment. Further, the
annual testing is done at the reporting unit level.

This impairment testing will be a two-step process. First, a test is performed to
determine if there has been impairment. If certain criteria are met, the second
step is performed to measure the impairment.

In addition, SFAS 142 imposes additional disclosure requirements such changes
in the carrying amount of goodwill and other intangibles, and the estimated
intangible asset amortization expense for the next five years.

SFAS 142 is effective for fiscal years beginning after December 15, 2001. It is
important to note that impairment losses for goodwill and indefinite-lived
intangible assets arising due to the initial implementation of SFAS 142 are
reported as resulting from a change in accounting principle. Subsequently, such
impairment losses are charged against income from continuing operations.

Understand also that SFAS 142 is a one-way street – impairments are written
down, but if the value of goodwill or other indefinite-lived intangible assets should
increase in future periods, a write-up is not permissible.

As with SFAS 141, this statement also is not applicable to not-for-profit entities.


ANALYSIS OF SFAS 142

An intangible asset or group of assets that is acquired, other than in a business
combination, shall be initially recognized and measured based on fair value. If a
group of assets, the cost will be allocated pro rata based on fair value, and shall
NOT give rise to goodwill. The FASB 141 criteria for including in goodwill
intangible assets that are not separable or arises from a contractual right do not
apply in SFAS 142.
                                       New Accounting for Business Combinations,
                                                      Intangibles and Impairment
                                                                  Russell T. Glazer, CPA
                                                            Certified Business Appraiser


Costs of internally developing, maintaining or restoring intangible assets that are
not specifically identifiable, that have indeterminate lives are to be expensed
when incurred.

An intangible asset with a finite useful life is amortized; one with an indefinite
useful life is not amortized. Useful life is to be determined based on an analysis
of all pertinent factors, such as:

   1. Expected use of the asset
   2. Expected useful life of another asset or group of assets to which the useful
      life of the intangible may relate (such as mineral rights to depleting assets)
   3. Legal, regulatory or contractual provisions or available renewals
   4. Effects of obsolescence, demand, competition and other economic factors
      such as the stability of the industry, known technological advances,
      legislative action
   5. Level of maintenance expenditures needed to obtain the expected future
      cash flows

If no legal, regulatory, contractual, competitive, economic or other factors limit the
useful life of the asset, its life is considered to be indefinite. Appendix A of the
SFAS gives examples of determining the useful lives of assets under different
circumstances.
Once the useful life is determined, the method of amortization is not necessarily
straight line – “the method of amortization shall reflect the pattern in which the
economic benefits of the intangible asset are consumed or otherwise used up. If
that pattern cannot be reliably determined, a straight-line amortization method
shall be used.”

In recording amortization, residual value must be considered as well.

If an intangible asset being amortized is later determined to have an indefinite
useful life, the asset will be tested for impairment, and shall no longer be
amortized.

Impairment of an intangible asset that is being amortized is tested in accordance
with the provisions of SFAS 121 – Accounting for the Impairment of Long-Lived
Assets.

An intangible asset that is not subject to amortization is to be tested for
impairment at least annually in accordance with SFAS 142. Goodwill is not to be
amortized, and it is considered impaired when its carrying amount exceeds its
implied fair value.
                                            New Accounting for Business Combinations,
                                                           Intangibles and Impairment
                                                                           Russell T. Glazer, CPA
                                                                     Certified Business Appraiser

Reporting Units
Impairment reviews are to occur at least annually, at the “reporting unit” level. A
reporting unit is defined as an operating segment or one level below an operating
segment. As defined in SFAS 131, Disclosures about Segments of an enterprise
and Related Information, an operating segment is a business component that
earns revenues and incurs expenses, whose operating results are regularly
reviewed by management to assess performance and allocate resources, and for
which discrete financial information is available.

A component of an operating segment is a reporting unit if its assets constitute a
“business 2” in addition to being an operating segment. SFAS 142 permits the
aggregation of economically similar components for impairment review purposes.
The definition of reporting units, and the possible aggregation, could have
significant future impact, as the business changes over time.

Step One – Carrying Amount Comparison
The first step compares the “fair value” of the reporting unit to its carrying amount
(shareholders’ equity including goodwill). If the fair value exceeds carrying
amount, no further testing is required. If however, carrying amount exceeds fair
value, there is evidence of impairment, meaning the value of goodwill is less than
its carrying value on the balance sheet.

Step one impairment testing must be done at least annually, and can be
performed at any time during the year, provided the test is performed at the same
time every year. Different reporting units may be tested for impairment at
different times.

Impairment should be tested between the annual tests if circumstances change
that would “more likely than not” reduce the unit’s fair value. Such circumstances
include:

       Changes in legal factors or the business climate
       Adverse action by a regulator
       Unanticipated competition
       Loss of key personnel
       Expectation that a reporting unit may be disposed of


Step Two – Impairment Measurement
If step one results in the carrying amount of the reporting unit exceeding its fair
value, further impairment testing must be conducted. Since goodwill cannot be


2
      A business is defined by EITF 98-3 as “a self-sustaining integrated set of activities
…conducted and managed for the purpose of providing a return to investors.”
                                      New Accounting for Business Combinations,
                                                     Intangibles and Impairment
                                                                  Russell T. Glazer, CPA
                                                            Certified Business Appraiser

measured directly, its value is determined as a residual amount after valuing all
assets other than goodwill.

If Step One reveals an impairment of goodwill, both the tangible and identifiable
intangible assets are valued in order to determine the implied fair value of
goodwill. It may be necessary to engage the services of experts in valuing
machinery and equipment and intangibles. SFAS 142 requires valuing a
company’s recorded and unrecorded intangible assets such as internally
generated patents.

If the implied fair value of goodwill is less than its carrying amount, its value is
impaired, and a write-down is needed.

The implied fair value of goodwill shall be determined the same way as for a
business combination (SFAS 141); that is, fair value of the reporting unit will be
allocated to all the assets and liabilities of the unit, including unrecognized
intangible assets, as if the reporting unit had been acquired, and the fair value of
the unit was the price paid.

The allocation is done only for purposes of testing the impairment of goodwill –
no write-up or write-down of a recognized asset or liability is to occur. Nor should
a previously unrecognized intangible asset be recognized as a result of step two
impairment testing.

Standard of Value

SFAS 142 requires the valuation of the reporting unit using “fair value” as the
standard of value. This is defined in the standard as:

       “The amount at which an asset (or liability) could be bought (or
       incurred) or sold (or settled) in a current transaction between willing
       parties, that is, other than in a forced or liquidation sale.”

This definition, and the language in the Standard, indicates that the standard of
value allows for known parties to the transaction, and that the value of synergies
can be taken into account. “Substantial value may arise from the ability to take
advantage of synergies and other benefits that flow from control over another
entity.” In fact, the Standard goes on to say, a “control premium may cause the
fair value of a reporting unit to exceed its market capitalization.”

This is no small matter when distinguished with a “fair market value” standard of
value, which would disregard the value of potential or actual synergies.

Level of Value
                                       New Accounting for Business Combinations,
                                                      Intangibles and Impairment
                                                                   Russell T. Glazer, CPA
                                                             Certified Business Appraiser


As described above, the language of SFAS 142 implies that “fair value” is a
controlling interest level of value and that, therefore, a discount for lack of control
would not be proper. Further, however, a synergistic control value seems to be
appropriate, allowing for the recognition of internal synergy enhancements in
value not available to a financial buyer.

Calculation of Value

If quoted market prices are not available, the estimate of fair value will be based
on the best information available. “A present value technique is often the best
available technique with which to estimate the fair value of a group of net assets.”
The estimates of cash flow should be based on “reasonable and supportable”
assumptions. If a range of possible outcomes is considered, the guidance in
Concepts Statement 7 should be followed.


Financial Statement Presentation and Disclosure

The following should be disclosed in the financial statements:

Presentation:

    At a minimum, all intangible assets shall be aggregated and presented as
     a separate line item. However, the intangible assets can be grouped by
     class of asset.
    The aggregate amount of goodwill is to be shown separately
    Impairment losses of goodwill are shown as a separate item before
     income from continuing operations.
    Amortization expense and impairment losses for intangible assets other
     than goodwill are shown as charges against income from continuing
     operations.

Disclosure:

    For intangibles subject to amortization –
        o Total amount assigned to any major intangible asset class
        o Amount of any significant residual value
        o Weighted average amortization period, in total and by major class
        o Gross carrying amount and accumulated amortization in total and
            by major class
        o Aggregate amortization expense for the period
        o Estimated aggregate amortization expense for each of the five
            succeeding fiscal years
                                       New Accounting for Business Combinations,
                                                      Intangibles and Impairment
                                                                  Russell T. Glazer, CPA
                                                            Certified Business Appraiser

    For intangibles not subject to amortization
        o The amount assigned in total and by major intangible asset class.
        o Total carrying amount and for each major class
    The changes in carrying amount of goodwill during the year including:
        o Aggregate amount of goodwill acquired
        o Aggregate amount of impairment losses recognized
        o Amount of goodwill included in the gain/loss on disposal of a
            reporting unit
    For each impairment loss recognized related to an intangible asset other
     than goodwill:
        o Description of the impaired asset and the facts and circumstances
            leading to its impairment
        o Amount of impairment loss and the method for determining its fair
            value
        o The caption in the income statement where the loss is aggregated
    For each goodwill impairment loss:
        o Description of the facts and circumstances leading to its impairment
        o Amount of impairment loss and the method of determining the fair
            value of the associated reporting unit

Previously Recognized Intangible Assets

     The useful lives of intangible assets acquired prior the effective date of the
   Statement will be reassessed prior to the end of the first interim period of the
  fiscal year in which SFAS 142 is first applied. Likewise, previously recognized
 intangible assets with indefinite useful lives shall be tested for impairment in the
   same time frame, and any resulting impairment loss will be recognized as the
   effect of a change in accounting principle. RUSSELL T. GLAZER, CPA,
                               MBA
                   CERTIFIED BUSINESS APPRAISER
                 Horowitz, Waldman, Berretta & Maldow, LLP
                             1000 Woodbury Road
                        Woodbury, New York, 11797
                                (516) 364-4567
                           rglazer@hwbmcpas.com



CERTIFIED BUSINESS APPRAISER, certified by the Institute of Business
Appraisers.

1995 to the present – Performing appraisals of interests in privately held
companies for buy/sell transactions, mergers and acquisitions, marital
dissolution, gift and estate tax purposes and litigation support. Experienced also
                                    New Accounting for Business Combinations,
                                                   Intangibles and Impairment
                                                               Russell T. Glazer, CPA
                                                         Certified Business Appraiser

in conducting forensic accounting examinations for marital dissolution and
litigation support. This experience covers a broad range of industries, including
manufacturing, wholesale, retail, service and construction.

1979 to the present – As a Certified Public Accountant, Mr. Glazer has over
twenty years of experience as a business advisor and analyst, providing services
in the areas of auditing, financial statement preparation and analysis, forecasts
and projections, budgeting, cost accounting and product pricing. Industry
experience includes manufacturing, construction, wholesale, service, not-for-
profit and retail.


PUBLICATIONS
“Assessing the Effect of Taxes on the Valuation of S Corporations,” Business
Valuation Review, June, 2002.

“A Study of the Discounts Inherent in the P/NAV Multiples of Real Estate Limited
Partnerships,” Business Appraisal Practice, Winter 2000-2001, pages 22-28.

“Partnership Re-Sale Discounts Narrow Due To Liquidations,” Business
Valuation Update, October 2000.

“IRS Releases Recommendations on Valuation Policies,” Business Valuation
Update, April 2000, page 1. (Part of the curriculum of Current Update in
Business Valuations, a one day seminar offered in 2000 by the National
Association of Certified Valuation Analysts.)

“Conducting Valuations with Guiding Fundamental Principles,” article review,
Business Valuation Update, December 1999, page 7.

“Valuing FLPs For Estate and Gift Planning,” Long Island Business News,
October 22, 1999.

“Nondistributing Partnerships Show 46% Discount from NAV,” study abstract,
Business Valuation Update, August 1999, page 5.

SPEAKING/LECTURES
Using Valuation Discounts to Benefit Your Clients, a presentation for the
Taxation Law Committee of the Suffolk County Bar Association.

Business Valuation, an eight hour course prepared for the Foundation for
Accounting Education, the Continuing Professional Education arm of the New
York State Society of Certified Public Accountants.
                                    New Accounting for Business Combinations,
                                                   Intangibles and Impairment
                                                               Russell T. Glazer, CPA
                                                         Certified Business Appraiser

“The Basics of Business Valuation,” presented to various organizations.

“Statements on Standards for Accounting and Review Services – Old and New,”
CPE credit-approved course developed for C. W. Post College’s Tax &
Accounting Institute.

Adjunct Professor of Accounting, Suffolk County Community College. Courses
taught include:
    Cost Accounting
    Managerial Accounting
    Practical Accounting
    Computers and Accounting
    Business Mathematics

Variety of subjects for NYSSCPA-Suffolk

“Accounting and Tax Issues for the Building Industry,” presentation for the Long
Island Builders Institute, April, 1998

“Business Planning for Entrepreneurs,” presentation for the U.S. Small Business
Administration, January 1999.

TECHNICAL TRAINING
  Institute of Business Appraisers
   Valuation of the Closely Held Business – Advanced Theory and
      Applications
   Report Writing and Analysis
   Discount and Capitalization Rates: Practical and Defensible Derivation
   Advanced Steps to Take Appraisals from Ordinary to Outstanding
   Statistics in Business Valuation and Litigation Support

   American Society of Appraisers
    Current Topics in Business Valuations, 10th Annual Conference
    Principles and Ethics Exam
    Preparing a Defensible Business Valuation Work Product Efficiently
    The Potential Effects of Complex Litigation on Shareholder Value
    Keeping Up With The Internet
    Taking The Deal to Market: Identifying & Quantifying Risks to Value
    How To Evaluate An Executive Compensation Plan
    Economic Outlook: Inflation, Interest Rates and Equity Returns
    Resolving Disputes With The IRS
    The Board’s Approach to Appraisal Issues and Shareholder Value
    Profits and Market Multiples – Some Complications
                                    New Accounting for Business Combinations,
                                                   Intangibles and Impairment
                                                                Russell T. Glazer, CPA
                                                          Certified Business Appraiser


   American Institute of Certified Public Accountants
    What’s New and Important in Business Valuation

   National Association of Certified Valuation Analysts
    Capitalization and Discount Rates
    Tax Angles in Valuations Under IRC Chapter 14
    Research: Economic, Industry, Legal and Internet
    Valuing Family Limited Partnerships
    Valuing Service Organizations
    The Valuation of Law Firms


EDUCATION
Master of Business Administration, Management, Hofstra University, 1988.

Bachelor of Science, Accounting, School of Professional Accountancy of C. W.
Post College of Long Island University, 1979.


PROFESSIONAL AFFILIATIONS
Certified Public Accountant, State of New York
Member, Institute of Business Appraisers
Candidate, American Society of Appraisers
Member, American Institute of Certified Public Accountants
Member, New York State Society of Certified Public Accountants
Member, Business Valuation Committee, New York State Society of Certified
        Public Accountants – Serving on the Technical Response Subcommittee
New York State Society of Certified Public Accountants, Suffolk County Chapter:
        President (2002-2003)
        President-Elect (2001-2002)
        Treasurer (2000-2001)
        Secretary (1999-2000)
        Past Chairman, Accounting and Auditing Committee
        Past Co-Chairman, Cooperation with Attorneys Committee
        Past Co-Chairman, Cooperation with Bankers Committee

				
Crisologa Lapuz Crisologa Lapuz
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