Senior Managing Director Charles Sapnas and Managing Director Adam Smith’s piece, BVR Vol. 32 No. 2_Smith Sapnas ASA Winter Conf Highlights, was published in Business Valuation Resources.

The article shares highlights from the American Society of Appraisers (ASA) annual conference, which brings together leading industry experts to examine emerging issues and evolving practices shaping the future of fair value measurement. Sapnas and Smith explain takeaways from key discussions, including:

• Artificial intelligence in valuation
• Challenges in valuing tranche rights
• Fossil fuel and renewable valuations
• Practical issues in debt valuation

Special attention was given to updates from the Appraisal Foundation, which publishes Valuations in Financial Reporting advisories to promote best practices and consistent valuation methods and techniques. Members from the Business Valuation Resource Panel working groups shared early insights from two upcoming projects: company-specific risk premium and intangible asset discount rates.

Overall, the conference discussions emphasized the increasing complexity of fair value measurement, especially as new technologies emerge.

The firm’s ongoing participation in these conversations reflects a forward-looking approach to valuation — one grounded in technical rigor, market awareness, and evolving stakeholder expectations.