With our ever changing economic and legal systems, staying on top of the important industry developments is vital. Below you will find information on some of the latest news in business valuation and litigation support.
AICPA Issues Statement on Standards
for Valuation Services No. 1
On June 21, 2007, the Consulting Services Executive Committee of the American Institute of Certified Public Accountants (AICPA) announced the release of a new professional standard on valuation services, Statement on Standards for Valuation Services No. 1 (SSVS No. 1) “Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset.” The standard provides guidelines to CPAs for developing estimates of value and reporting on the results. It applies to AICPA members who perform an engagement that estimates the value of a business, business interest, security or intangible asset for numerous purposes, including sales transactions, financing, taxation, financial reporting, mergers and acquisitions, management and financial planning and litigation. SSVS No. 1 is effective for engagements accepted on or after January 1, 2008. A copy of the standard has been posted to the AICPA Web site in the Business Valuation and Forensic & Litigation Services Center section.
The full text of the AICPA News Release and additional information about the new standard is also located on the web page linked above.