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Ernst & Young’s Michael Tully to Speak at Knowledge Congress’ Live Webcast on FAS 141R Understanding Fair Value for Business Combinations

New York, NY, September 16, 2009 --( The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts announced today that Michael Tully, Principal, Transaction Advisory Services/Valuation and Business Modeling, Ernst & Young LLP will speak at The Knowledge Congress’ upcoming webcast entitled: “FAS 141R Understanding Fair Value for Business Combinations”. This two-hour event is scheduled on Wednesday, February 24, 2010, at 12:00 PM - 2:00 PM ET. (For further details of the event and an updated list of panelists, please visit:

Event Synopsis

FASB Statement No. 141R will bring about sweeping changes to business combinations that close on or after January 1, 2009. However, as the market begins to thaw, the financial meltdown led to a drastic reduction of and delays in M&A transactions this year, and we see this activity picking up sharply. As a result, these transactions will likely fall under the new FAS 141R, which is a principle-based standard. The new guidance will transition the measuring of the value of purchased assets and liabilities from the cost allocation approach of the past to a fair value approach. FAS 141R also significantly changes: expensing transaction costs & accounting for: contingent considerations, R&D, income tax, and bargain purchases. Thus, the potential impact of FAS 141R on M&A activities is significant.

In anticipation of increased M&A activity next year, companies, valuation experts, accounting and legal experts must have a complete understanding of what FAS 141R and its impact on the business combination transactions. Their panel of key thought leaders and experts will conduct a thorough panel of the most critical issues which will be followed by a Q&A session in which the audience will be invited to ask the speakers questions live.

About Michael Tully

Mike Tully has spent over 16 years in the business valuation industry. Most recently, Mr. Tully participated in a fellowship at the Financial Accounting Standards Board in Norwalk, CT from January 2007 thru August 2008 where he provided valuation expertise and guidance to various standard setting activities. He was a member of the FASB’s SFAS 157 implementation and SFAS 141(R) project teams and was the chairman of the FASB’s Valuation Resource Group. Additionally, he was the FASB’s observer on the IASB’s Expert Advisory Panel. Mr. Tully is also a frequent speaker on valuation matters relating to fair value and business combination accounting.

Mr. Tully’s areas of expertise are primarily the valuation of common stock, minority and majority business interests, privately held interests, intangible assets (especially customer and technology intangible related), reporting units, accounts receivable assets, derivatives and share based payments (such as employee stock options and restricted stock).

Mr. Tully also has experience valuing reporting units and intangible assets in conjunction with purchase price allocations and impairment testing for U.S. GAAP purposes. Other related areas of specialization include, financial analysis of a company's historical operating and future estimated performance, and competitor trends. Mike’s industry specialties include: (i) aerospace and defense, (ii) engineering and construction, (iii) biotechnology/pharmaceuticals, (iv) high technology, (v) consumer products, and (vi) health care.

Mr. Tully received his M.B.A from Pepperdine University and his B.S., Business Administration from the University of Southern California.

Selected Speaking Engagements
2007 AICPA Conference on Current SEC and PCAOB Developments – Washington D.C. -– December 2007
FEI Current Financial Reporting Issues Conference – New York – November 2007
FEI Chapter Meetings
New York - February 2007
Phoenix - January 2009
Implementing Fair Value Webcast – September 2007
National Not-for-Profit Industry Conference – Washington D.C. -– June 2008
Fair Value Measurement Conference – Chicago, IL – June 2009
American Society of Appraisers
Fair Value Summit – New York – May 2007 and February 2008
Fair Value Conference – Los Angeles - May 2008
SEC Institute
New York - December 2007
Dallas - May 2008
Las Vegas - September 2008
San Francisco – June 2009
CPE, Inc.
Washington D.C. - March 2008
Los Angeles, CA - April 2008
Washington D.C. - March 2009
Ernst & Young Thought Center Webcast – SFAS 141R – September 2008
The Appraisal Institute – Washington D.C.– September 2007
International Swaps and Derivatives Association – New York - September 2007
The 37th Annual Wichita Program on Appraisal for Ad Valorem Taxation – July 2007
The 7th Annual SEC Financial Reporting Conference – CSU Fullerton – September 2008
National Association of Real Estate Companies – Williamsburg, VA – June 2008
Nevada Society of CPAs Annual Gaming Conference – Las Vegas, NV – May 2009

About Ernst & Young LLP

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, its 130,000 people are united by shared values and an unwavering commitment to quality. They make a difference by helping people, clients and wider communities achieve potential.

For more information about Michael Tully, and Ernst & Young LLP, please visit:

About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series

The Knowledge Congress is a series of live webcasts produced by The Knowledge Group, LLC, which examine trends, regulatory, and technology changes across a variety of industries. “We bring together the world's leading authorities and industry participants through informative two-hour webcast that study the impact of changing regulations and help businesses succeed through proper regulatory compliance.” To contact or to register to an event, please visit:

Contact Information
The Knowledge Congress
Thomas LaPointe, Jr., Executive Director
Therese Lumbao, Director
Account Management & Member Services

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