Former SEC Fellow Returns to Duff & Phelps

Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, has announced that Jouky Chang is returning to the firm as a managing director in the Valuation Advisory Services practice after completing a two-year Professional Accounting Fellowship in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission (SEC). At the SEC, Chang focused on valuations, fair value measurements and the accounting standard-setting activities by the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB) and other influential groups.  

In his new role at Duff & Phelps, Chang will focus primarily on valuation issues related to financial reporting and complex financial instruments. Before joining the SEC, where he was involved in some aspects of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, Chang was a director in the Detroit office of Duff & Phelps. As part of the Valuation Advisory Services practice, he specialized in the Industrials and Financial Services industries. Service areas of expertise encompassed fresh start accounting and financial modeling, as well as the valuation of business interests and intangible assets for a variety of accounting, tax and corporate matters – including mergers, acquisitions and other transactions. Chang holds a B.B.A. from Wilfrid Laurier University in Waterloo, Canada.

Chang’s transition from his SEC role underscores Duff & Phelps’ commitment to  regulatory and thought leadership efforts that monitor the latest developments and consistently provide input to the SEC, FASB, IASB and other groups as they develop implementation guidance and new rules with valuation implications. Notably, former SEC chairman William H. Donaldson serves as Duff & Phelps’ chief corporate advisor, Managing Director David Larsen participated in an SEC roundtable discussion on International Financial Reporting Standards (IFRS), Managing Directors David Larsen and Paul Barnes are members of the FASB’s Valuation Resource Group, Managing Director Paul Barnes is a member of The Appraisal Foundation’s Steering Committee on Best Practices for Valuations in Financial Reporting, and Managing Director Greg Franceschi is Co-Chair of the AICPA’s Impairment Task Force and a member of the AICPA’s Business Combinations Task Force.

Duff & Phelps' Valuation Advisory Services practice delivers objective and independent assessments of value to a broad range of organizations. The team leverages technical expertise, industry specialization and mastery of sophisticated valuation methodologies to help fulfill even the most complex financial reporting and tax requirements. Duff & Phelps also performs tax valuations and related consulting in accordance with the regulations and guidance established by the Internal Revenue Service and other taxing authorities. All valuation opinions are fully defensible and documented to withstand scrutiny from regulatory bodies, auditors and other stakeholders.

About Duff & Phelps
As a leading global financial advisory and investment banking firm, Duff & Phelps balances analytical skills, deep market insight and independence to help clients make sound decisions. The firm provides expertise in the areas of valuation, transactions, financial restructuring, alternative assets, disputes and taxation, with more than 1,000 employees serving clients from offices in North America, Europe and Asia. Investment banking services in the United States are provided by Duff & Phelps Securities, LLC; Pagemill Partners; and GCP Securities, LLC. Member FINRA/SIPC. M&A advisory services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorized and regulated by the Financial Services Authority. For more information, visit  www.duffandphelps.com. (NYSE: DUF)