The memberships of the National Association of Certified Valuation Analysts (NACVA) and the Institute of Business Appraisers (IBA) have voted to ratify the new principles-based standards developed jointly by a team representing both organizations. The new "principles-based" standards align with the AICPA’s SSVS No. 1.
These standards become effective June 1, 2011. For a copy click here.
BVU has an analysis of the joint effort between the two organization in the May issue, available next week. Mark Hanson, Nancy Fannon, and Ed Dupke who were part of the two committees who started this work at the end of 2009 are the authors.
“The overriding purpose of this effort is to take the first step towards eventual profession-wide unification of BV standards,” said Parnell Black, CEO of NACVA. Nearly every appraiser (and most outside the profession who understand the situation) supports the goal, but several previous attempts have failed.