New York (May 24, 2022) – Valuation Research Corporation (VRC) says farewell to former Chairman Alfred “Al” King. Credited with forming the influential Appraisal Issues Task Force (AITF), King was a leading voice in the valuation industry and a driving force at our firm for more than a decade. We will remember King with respect and gratitude and send our deepest condolences to his wife and family.
King served as CFO of VRC in the firm’s early years before leaving in 1981 to take the position of Managing Director with the Institute of Management Accountants (formerly the National Association of Accountants). He returned to VRC in 1991 initially as Professional Services Director focused on the financial discipline, ultimately serving as Chairman from 1996-2001 and Vice Chairman from 2001-2003.
Neil Kelly worked with King for more than a decade, succeeding him as VRC’s Chairman. “Al’s time serving as an NAA Managing Director gave him unique insight into the influence of accounting policies on valuations impact on specific financial statements. Al’s mission was to educate VRC’s team so they, too, could benefit from this knowledge and best serve clients. He was widely respected in the accounting and valuation industry and is credited with substantial input into FAS 141/142, which when first enacted, represented a tectonic shift in accounting for goodwill.”
“Al was a strong contributor to VRC’s DNA as a professional service firm with an intense focus on the valuation industry and its implications for financial and tax reporting and the legal world,” said Senior Managing Director and former Co-CEO Bill Hughes. “With outstanding credentials from Harvard, he focused all his brainpower on the industry and would be the first to interpret the implications of accounting and tax changes on valuation.”
While with VRC, King authored the book Valuation: What Assets Are Really Worth, one of a half dozen books written throughout his lifetime. King’s books each took strong positions on the valuation of intangible/intellectual assets, valuation issues relating to domestic and international taxes, and complex allocation of purchase cost assignments. He also wrote more than 80 articles for professional journals.
King founded and was an active member of the AITF, a voluntary group of valuation professionals specializing in valuation for financial reporting and seeking to improve the practice. With support from the Appraisal Foundation, King’s legacy with the AITF will continue helping establish and interpret existing rules specific to valuation for financial reporting, consulting with the Financial Accounting Standards Board and the Securities and Exchange Commission to evaluate proposals, and recommending methodologies, assumptions, and approaches.
Valuation Research Corporation is a full-service, independent, global valuation firm. Since 1975, the firm’s network of over 1,400 valuation professionals, including VRC’s nearly 250 U.S.-based colleagues, has provided objective, supportable value conclusions to domestic and international clients. VRC has locations in Atlanta, Boston, Chicago, Cincinnati, Dallas, Milwaukee, New York, Princeton, San Francisco, and Tampa; as well as international member firms operating as VRG in Argentina, Australia, Brazil, Canada, China, Colombia, Germany, India, Israel, Japan, Luxembourg, Mexico, Singapore, Spain, and the United Kingdom.