Last 10 years of fiscal valuation
This session will see Jenny Nelder, Partner at Bruce Sutherland & Co discuss the changes in practice and approaches to valuation. With thoughts on actual transactions, growth shares, looking into the development of methodologies and case law in the last ten years.

Break

Income approach, common errors and best practices
Andrew Strickland, Consultant at Scrutton Bland will give examples of recent reports that have used the income approach to valuation, illustrating the calculations currently being undertaken by practitioners in order to derive a cost of capital. Some of the challenges in deriving a suitable discount rate to be applied to future economic income will be considered. Alternative sources of evidence will also be addressed that can be used to test the assumptions under the income approach.

HMRC update - SAV
Steve Thomas, Assistant Director at HMRC will discuss the structure of SAV and give an update on HMRC workstate, including the type of valuations they see. The session will provide an overview of the increased use of automated valuation models, which may involve considering whether bad valuations are driving out good.

Break

Economic Update
Increasing headwinds are likely to see a significant deceleration in growth over the coming year, Yael Selfin, KPMG’s Chief Economist, will discuss the outlook for the economy and her expectations for growth, inflation and interest rates, as well as the potential risks members should be factoring into their plans.

Break

Update on small stock premium
Carla Nunes, Managing Director and James Harrington, Director at Kroll will discuss the size effect, how it is typically measured and whether the size effect still exists. The session will also look at small stock premium data specific for the UK, leveraging the proprietary London Business School database created and maintained by Prof. Elroy Dimson, Prof. Paul Marsh and Mike Staunton, alongside a study prepared by Prof. Erik Peek from Erasmus University Rotterdam.

International Valuation Standards Council (IVSC) update
This session with Alexander Aronsohn, Director of Technical Standards at IVSC provides a brief overview of the IVS and an update on key topics currently being considered. The current version of the IVS was released in July 2021 and effective from 31 January 2022. This session provides a brief overview of the IVS and an update on key topics currently being considered by the International Standards Review Board and its Technical Boards for inclusion in the next edition of IVS due to be published in 2024.

Break

Discount rates in an inflationary environment
As inflation in commodity prices continues, this session will look at the impact and challenges for discount rates.

Crypto asset Valuations
With crypto assets experiencing a rollercoaster 12 months, join Rommel Johnson, Partner at Ernst & Young LLP as he discusses the relevant valuation techniques and principles that can be applied in assessing this volatile asset class.

Chair's closing remarks
Adam Sutton, Chair, ICAEW Valuations Community