In a recent article in Accounting Today, Mark Zyla (Acuitas Inc.) says that recent trends in fair value measurement for financial reporting are changing the valuation profession in a variety of ways. These trends include:

• Concerns expressed by the Securities and Exchange Commission about valuation professionals who measure fair value for public companies;

• Alternative fair value measurement standards for private companies provided by the Private Company Council;

• Increasing internationalization of the valuation profession and valuation standards as a consequence of cross-border mergers and acquisitions; and

• Development of best practices by the valuation profession for fair value measurement in financial reporting.

Zyla is the author of Fair Value Measurement: Practical Guidance and Implementation, 2nd Edition, which is available here.