What to expect from the new business valuation standard

Description

Abstract: The American Institute of Certified Public Accountants (AICPA) has issued a new valuation standard that takes effect for engagements accepted on or after Jan. 1, 2008. Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset applies to all AICPA members, including those who perform valuations for certain purposes — including transactions, financings and taxation. This article discusses how the new standard can affect attorneys by permitting only two types of engagement reports.