By Greg P. Saunders, CPA/ABV/CFF, ASA, Valuation & Forensic Services Senior Manager | Harold G. Martin, Jr., CPA/ABV/CFF, ASA, CFE, Director
Greg Saunders and Harold Martin coauthor new 5th edition of Financial Valuation Applications and Models
Greg Saunders, Valuation and Forensic Services (VFS) senior manager and Harold Martin, Jr., VFS Director, coauthored the new 5th edition of Financial Valuation Applications and Models (FVAM).
In the February 2025 edition of Business Valuation Resources BV Update, Harold reviewed the new edition of FVAM:
FVAM is a comprehensive valuation text that serves as an introduction to the body of knowledge for beginning practitioners, but also includes discussion of more complex topics for intermediate and advanced practitioners. As with most texts of this type, FVAM presents a thorough discussion of valuation theory and principles. However, what distinguishes FVAM from other texts are numerous examples and models illustrating the application of those theories and principles. The text also includes a comprehensive case study and written report illustrating how to present the valuation results in compliance with the professional standards of the AICPA, ASA, IBA, NACVA, and USPAP.
FVAM and the related Financial Valuation Workbook were also written with the objective of providing a textbook for educational purposes. Both texts are used as the primary course materials for the American Institute of Certified Public Accountants (AICPA) National Business Valuation School and the National Association of Certified Valuation Analysts (NACVA) Advanced Valuation: Applications and Models course. The AICPA has also recently adopted the 5th edition of FVAM for its new university curriculum for undergraduate and graduate business schools that offer elective courses in valuation and plans to roll this curriculum out later this year.
Finally, FVAM also serves as a reference for other professionals who must deal with valuation, including: appraisers, actuaries, attorneys, bankers, business brokers, business owners, financial analysts, government agencies (e.g., IRS, SEC, DOL, OIG, and DOJ), insurance agents, investment advisors, investment bankers, judges, pension administrators, and stockbrokers…
As an instructor for the AICPA National Business Valuation School for the past 20 years, students have often asked me what texts I would recommend for inclusion in a valuation library. I have always recommended that FVAM be included. Further, if I could only choose one text, it would be FVAM. The reason is that, while many texts do a good job of discussing valuation concepts, FVAM also presents numerous examples illustrating the application of those concepts, as well as providing a comprehensive example illustrating how to present the valuation results in a report that complies with all of the professional organizations’ standards. I have FVAM in my own professional library, and I refer to it often when conducting valuation projects. Moreover, I have often cited FVAM when presenting expert witness testimony on litigation matters in the courtroom to support my opinions, as it is widely known and recognized within the business valuation profession. It has also been adopted by both the AICPA and NACVA for their business valuation courses, and it has been recognized by many courts. I highly recommend this text for all business valuation appraisers and other professionals who have the need for a comprehensive treatise on business valuation.
Access the BVR Book Review by Harold Martin, in its entirety.
What’s New in the 5th Edition of Financial Valuation Applications and Models?
About the Authors
Greg P. Saunders, CPA/ABV/CFF, ASA, Valuation & Forensic Services Senior Manager
Greg is a senior manager in Keiter’s Valuation and Forensic Services Group. He performs business valuation services for purposes of mergers and acquisitions; estate, gift, and income taxes; litigation and shareholder disputes; employee stock ownership plans; reorganizations; marital dissolution; business planning; buy/sell agreements; and financial reporting. In addition, he performs litigation consulting services including damages and lost profits calculations.
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Harold G. Martin, Jr., CPA/ABV/CFF, ASA, CFE, Director
Harold G. Martin, Jr., is a Director in Keiter’s Valuation and Forensic Services Group. He has over 40 years of experience and specializes in valuation and forensic accounting, including financial investigations and litigation consulting and expert witness services. He is a frequent speaker and writer on valuation topics.
More Insights from Harold G. Martin, Jr.The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
