Fair Value versus Fair Market Value: A Detailed Overview for BV Experts
Jay E. Fishman, FASA, FRICS
William J. Morrison, CPA/ABV
Shannon P. Pratt, CFA, ARM, ABAR, FASA, MCBA, CM&AA
The two most widely used standards of value are fair market value and fair value.1 Before we discuss the definitions of these terms in valuation and law, we can look at their application on a purely linguistic level.