“Thanks for providing the article, ‘Will the Real Business Valuation Standards Please Stand Up?’” writes Claren O’Bannon (MPPW&W, PC, St. Louis), responding to the item in last week’s BVWire. “It contained a lot of useful information.” However, O’Bannon points out that the article was written before NACVA adopted its new professional standards, which became effective for engagements accepted on or after January 1, 2008.
According to its announcement, NACVA rewrote the new standards “so as not to conflict with the AICPA’s newly released Statement on Standards for Valuation Services (SSVS) No. 1.” Membership approval of the new standards was nearly unanimous (98.3%). In becoming aligned with SSVS 1, the revised NACVA standards now allow oral reports as well as “Detailed,” “Summary,” or “Calculation” reports, O’Bannon reports. To find out more, click here.
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