Last week the ASA Business Valuation Committee filed its response to FASB’s Invitation to Comment (ITC) on Valuation Guidance for Financial Reporting.  As the first output from the newly revamped BV Standards Subcommittee, it endorsed the standards framework already provided by The Appraisal Foundation (TAF), and offered TAF as the “focal point” for further development.   “Specifically, we believe that the best approach for establishing any further valuation guidance for financial reporting is through a separate, independent committee devoted to this topic, under the auspices of TAF.”  To read the complete comments, click here.