For those CPAs performing business valuations, January brought a new standard into their sphere, a long-awaited pronouncement that has garnered both praise and some mixed reviews.Despite the critique, most business valuation appraisers said that the American Institute of CPAs’ Statement on Standards for Valuation Services No. 1 was a long time coming, though it hasn’t drastically affected their day-to-day practices.
The intent of the 76-page SSVS No. 1, or Valuation of a Business, Business Ownership Interest, Security or Intangible Asset, is to provide guidelines to CPAs for developing estimates of value and reporting on the results, according to the institute. It applies to institute members who perform engagements that estimate 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.
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