Purchase Price Allocation: ASC 805, IFRS 3

Marshall & Stevens is a preferred source for purchase price allocation analyses because of our approach to these assignments and the fact we have multiple valuation disciplines in-house.

Purchase Price Allocation is a skill – We Have it!

Our Financial, Equipment and Real Estate valuation professionals collaborate on multidisciplinary financial reporting assignments for a well-integrated analysis and a simpler, cost effective review process for you and your audit firm.

We focus on materiality and efficiency. A large of percentage of our Financial Valuation professionals have experience working at international audit firms – they did the same review work your audit firm valuation professionals do – so they are a great resource to our clients.

Once a strategic or financial buyer works with us, they typically stay with us for their follow-on mergers, acquisitions, equity, and other valuations. We provide valuation consulting services to public and private companies in a broad range of industries.

For more information, see the list of items to the right or contact one of the professionals listed on this page.

How Marshall & Stevens can help with Purchase Price Allocation

Our Purchase Price Allocation team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.

Real Estate Valuation

Attorneys, accountants, wealth managers and financing sources refer their clients to Marshall & Stevens because we deliver high-quality work through an insightful, service-oriented approach.

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Financial Reporting Valuation

Auditors refer their public and private clients to Marshall & Stevens for financial reporting assignments due to the knowledge, expertise, and experience of our professionals.

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Machinery and Equipment Valuation

Our Machinery and Equipment valuation professionals spend the time necessary to provide reliable analyses.

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Frequently Asked Questions

  • If a company has their purchase price allocation and other financial reporting done for compliance with private company GAAP and then goes public (IPO, SPAC, merger, etc.), the financial reporting will have to be redone and restated to meet the public company standard prior to going public. The initial small cost savings of following private company GAAP for acquisitions is far outweighed by the cost to redo the work in the future.

The Marshall & Stevens Difference

Marshall & Stevens provides Fairness and Solvency Opinions, valuation analyses, investigative accounting, and expert witness services to assist public and private clients with their important transactions and litigation matters.

Our Locations

Client Highlights

Here are a few client success stories from ​public and private companies we’ve worked with

Purchase Price Allocation Contacts at Marshall & Stevens

Darleen Armour

ASA

Managing Director

Background

Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice with Marshall & Stevens. She is responsible for all financial valuation assignments in the West Region. Ms. Armour leads the Technical Standards Committee for the national Financial Valuation & Consulting practice.

Ms. Armour has been in the valuation business since 1987. Her experience includes Fairness Opinions, Solvency Opinions and the valuation of businesses, intangible assets, and securities for financial reporting purposes (purchase price allocation and impairment), estate and gift tax reporting, equity compensation/stock options (IRC 409A), ESOPs, and litigation support.

Ms. Armour works with public and private companies in a wide range of industries. She has a great amount of experience in the valuation of entertainment and media companies and their intangible assets including film libraries and music catalogs.

Prior to joining Marshall & Stevens, Ms. Armour has served as Director of BDO’s Valuation and Business Analytics practice, Senior Vice President at FMV Opinions, Inc., and Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.

Ms. Armour served as an Adjunct Professor at California State University, Fullerton teaching a Graduate Level Business Valuation/Mergers & Acquisition Course from 2010 to 2018.

Ms. Armour has been qualified as an expert witness, has provided testimony, and been a neutral third appraiser in arbitration and legal proceedings.

She is an active member of the Association for Corporate Growth having served on the Orange County Board of Directors from 2001 – 2020 and is a member of the Membership Committee for the Los Angeles Chapter of the Association for Corporate Growth.

Professional Highlights

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  • Member, Association for Corporate Growth
    • Membership Committee, Los Angeles Chapter 
    • Orange County Board of Directors, 2001-2020
  • Marshall & Stevens, Inc.
    October 2015-present
      ‣
    Managing Director, Financial Valuation & Consulting, 2019-present 
      ‣
    Director, Financial Valuation & Consulting, 2015-2019
  • BDO
    Director, Valuation & Business Analytics, 2014-2015
  • FMV Opinions
    Senior Vice President, 2012-2014
  • Cronkite & Kissell
    Principal, 2001-2012
  • Houlihan Lokey
    Senior Vice President, 1987-2001
  • California State University, Fullerton
    Adjunct Professor, 2010-2018
      ‣
    Business Valuation/Mergers & Acquisitions (graduate level) 

David Gaynor

ASA, CEIV

National Practice Leader

Background

David A. Gaynor, ASA, is a National Practice Leader for our Financial Valuation Practice and Managing Director of our Healthcare Valuation Practice. Mr. Gaynor’s responsibilities include overseeing the delivery of valuation services to the Firm’s financial valuation clients.

Mr. Gaynor has more than 22 years of consulting experience, specializing in the valuation of businesses and business interests, intangible assets, liabilities, and complex securities in connection with mergers and acquisitions, financing, estate and gift tax planning, charitable contributions, litigation support services, strategic planning, fairness opinions, Employee Stock Ownership Plans (ESOPs), accounting matters, and recapitalizations. Mr. Gaynor has served clients in a wide variety of industries, including the healthcare, food & beverage, restaurant, consumer products, telecommunication and manufacturing industries.

Prior to joining Marshall & Stevens, Mr. Gaynor led the Healthcare Valuation Group at Crowe, LLP. He has also been employed at CohnReznick, LLP and EisnerAmper, as well as Management Planning Inc. and Pluris Valuation Advisors, LLC.

Mr. Gaynor earned a Bachelor of Science in Finance from The College of New Jersey in Ewing, NJ.

Mr. Gaynor is an Accredited Senior Appraiser (ASA) in business valuation with the American Society of Appraisers. In addition, Mr. Gaynor is a Member of the Appraisal Issues Task Force (AITF), a Board Member of the Towson University Family Network, and a Member of the Montgomery Township, NJ Budget and Finance Committee. Mr. Gaynor is a frequent writer and speaker on valuation topics.

Professional Highlights

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  • Member, Appraisal Issues Task Force
  • Board Member, Towson University Family Network 
  • Member, Montgomery Township, NJ Budget and Finance Committee
  • Marshall & Stevens, Inc.
    December 2019-present 
      ‣
    Managing Director, Northeast Financial Valuation Practice Leader, 2023-present 
      ‣ Managing
    Director, 2019-2023
  • Crowe
    February 2014-November 2019
      ‣
    Managing Director, Healthcare Valuation Services Leader, 2019
      ‣ Senior Manager, 2014-2019
  • CohnReznick LLP 
    Senior Manager, 2012-2014
  • Pluris Valuation Advisors LLC
    Vice President, 2010-2012
  • Management Planning, Inc. 
    Vice President, 2008-2010
  • Valuation Research Corporation
    Vice President, 2007-2008
  • Crowe Horwath LLP
    Manager, 2004-2007
  • EisnerAmper
    Supervisor, 2002-2003

James Sieman

ASA

Managing Director

Background

James Sieman serves as a Principal and Managing Director for the Financial Valuation & Consulting practice of Marshall & Stevens Incorporated. Mr. Sieman is responsible for all financial and multidisciplinary assignments in the Southeast Region.

Active in the valuation profession since 1998, Mr. Sieman provides financial valuation and consulting services to private sector clients and publicly traded companies in a broad range of industries as well as to government agencies. Areas of specialization include complex valuation studies and consulting engagements requiring a financial or multidiscipline approach relating to Fairness Opinions for mergers & acquisitions, intellectual and other intangible property for allocation (ASC 805) and transfer pricing, estate & succession planning and reporting, employee stock ownership plans (ESOPs), stock options, warrants, SARS, etc. (ASC 718/IRC 409a), recapitalizations and equity financing, bankruptcy, reorganization, divestitures, litigation support for dissolutions, stockholder and ad valorem disputes, and SEC and IRS Compliance.

Mr. Sieman received a B.S. degree in Finance from Purdue University. He attends numerous educational seminars in valuation theory and practice. Mr. Sieman is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers.

Professional Highlights

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  • Marshall & Stevens, Inc.
    Managing Director, 2009-present
  • Kroll
    Director, 2005-2008
  • Shepard Schwartz & Harris LLP
    Director, 2003-2005
  • Marshall & Stevens, Inc. 
    Manager, 1998-2003

Simon Koo

CFA

Director

Background

Simon Koo is a Director in the Financial Valuation and Consulting Practice of Marshall & Stevens Incorporated.

Mr. Koo provides Fairness Opinions and Solvency Opinions for public and private company transactions. He performs valuations of closely held businesses, portfolio companies of private equity and business development companies, as well as intellectual property and other intangible assets, and complex securities, including debt, preferred stock, options and warrants, and contingent consideration using Monte Carlo Simulation and Option Pricing Model methodologies.

He serves clients in a variety of industries including technology, media, pharmaceutical and life sciences, health services, industrial products, retail and consumer products, and food and beverage industries. Engagements are typically provided to assist clients with buy/sell consideration, financing and recapitalization, financial reporting, tax planning and reporting, and matters of dispute.

Mr. Koo joined Marshall & Stevens in 2019. Prior to Marshall & Stevens, he worked in the valuation practice of PWC, Grant Thornton, and RSM.

Professional Highlights

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  • Member, CFA Institute
  • Marshall & Stevens, Inc.
    Director, Financial Valuation & Consulting, 2019-present
  • RSM US LLP
    Supervisor, 2018-2019
  • PwC
    Valuation - Senior Associate, 2016-2018
  • Grant Thornton LLP
    Valuation Associate / Senior Associate / Manager, 2011-2016
  • Ardour Capital Investments
    Equity Research Associate - Intern, 2010-2011

Relevant Insights

TRIGGERING EVENTS and IMPAIRMENT TESTING: ASC 350 and 360

Impairment testing has been a part of the US Financial Reporting lexicon for almost 20 years. Typically, impairments are caused by an acquirer not meeting the projections they established for its ...
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Real Estate Allocations Service Sheet

US GAAP and International Financial Reporting Standards reporting entities are responsible to properly allocate the purchase or construction of real estate among its base components in order to comply
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Solvency Opinion Service Sheet

How the purchase price is allocated; how much is assigned to each category of identifiable tangible and intangible assets, and how much goes into goodwill can determine whether future earnings from..
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