They were coveted and they went quickly: Spots on the new Valuation Resource Group, recently formed by the Financial Accounting Standards Board (FASB) to address issues relating to valuation for financial reporting, have been filled. (FASB announced its intention to form the group last June, as an outgrowth of its Invitation to Comment on the need for valuation standards in financial reporting; see BVWire #57-4™). Current members include representatives from each of the “Big 4” audit/valuation firms and also the “Non-Big 4” (American Appraisal, Duff & Phelps, Houlihan Lokey Howard & Zukin, and The Financial Valuation Group). As reported in last week’s ‘Wire, the International Valuation Standards Committee is the only non-U.S. member of the group; there are also “observers” from the IASB, the AICPA, the PCAOB, SEC, Moodys, and the CFA Institute. Carla Glass represents The Appraisal Foundation, while Duff & Phelps’ David Larsen sits in for private equity .
A complete list of members is available on the most current update to the FASB’s Valuation Guidance for Financial Reporting project. The Valuation Resource Group will likely hold its first (non-public) meeting in October 2007.
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