The comment period on the AICPA’s proposed Statement on Standards for Valuation Services expired last month, and the Institute is now hard at work reviewing feedback from numerous organizations and individuals. Of particular concern are the provisions regarding use of third-party specialists (see highlighted item in BVWire# 51-1).
“This is an area where there will be modification,” confirmed Cindy Collier (Valuation Solutions) at the LEI National CLE Conference in Snowmass earlier this month. “We asked specifically for comments to the area and we’re working through them.” To review the 110 submissions on the Standards, just posted at the AICPA/BVFLS site, click here.
The Institute is still targeting July as the effective date for the Standards. “Check the AICPA web site,” Collier suggests. “There’s a lot of new information going up on a regular basis, on the standards as well as industry and professional updates.”
And for a discussion of all the provisions, predicted impact, and possible areas of conflict—tune into BVR’s telephone conference on BV Standards: AICPA, IRS and Beyond—Where Are We Headed?, featuring Ron Seigneur, Jay Fishman, Ed Dupke, and Tom Hilton, on January 25th. To register, click here.