Court Approves of Adding Goodwill as Intangible in Asset-Based Valuation of Accounting Practice

BVLaw
Court Case Digests
April 28, 2020

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8721 Accounting, Auditing, and Bookkeeping Services
541211 Offices of Certified Public Accountants
marital dissolution/divorce
enterprise goodwill, expert testimony, income approach, personal goodwill, asset approach, excess earnings, intrinsic value, standard of value, valuation date
Sultan v. Malik
2020 Va. App. LEXIS 127
US
State Court
Virginia
Court of Appeals
Craig Stephanson (husband); Kirstine Connors (wife)
Beales

Summary

Appeals court upholds trial court’s valuation of accounting firm based on asset approach where prevailing expert added goodwill value as intangible; court says intrinsic standard of value does not mandate use of income approach for service-based entity.

See Also

Sultan v. Malik

Full Text of Court Cases
April 28, 2020

Appeals court upholds trial court’s valuation of accounting firm based on asset approach where prevailing expert added goodwill value as intangible; court says intrinsic standard of value does not mandate use of income approach for service-based entity.