May 13th 2011 “was a momentous day for valuators,” James Catty (Corporate Valuation Services Limited) told NACVA/IBA Conference attendees in San Diego last week. On that day, FASB issued its 331-page document “Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs.” Now there is a single fair value concept for GAAP and IFRS, and the changes affect almost everyone in the expanding financial world—except some users of national accounting standards. “This is a very lucrative area,” Catty said. “You can charge twice as much, but it is a lot of work and your work will be audited.”