The Appraisal Foundation (TAF) is the leading US-based valuation standards organisation. Their Business Valuation Resource Panel released the first in a series of valuation briefs earlier this month. The new exposure draft is titled “Understanding the Differences: Conclusion of Value v. Value Calculations.”

Feedback wanted: The issue is relevant to UK valuers, whatever business valuation standards they follow. IVS and the RICS standards address this issue, but it’s expected that this TAF document will provide further clarification that harmonises with all global standards.

Comments on the exposure draft are welcome prior to 26 May here. (All written comments will be published for public viewing, exactly as submitted, on TAF’s website, but names may be redacted upon request.)

TAF comments that “[b]usiness valuation engagements can take many forms with requirements that are dependent on the purpose and intended use of the valuation results. These requirements can result in a varying amount of time needed to complete the assignment and in the report’s length. Both practitioners and their clients may struggle with selecting the form that will best serve their purpose, especially if there is a reason to believe the work product will be reviewed by a regulatory body or third party.”