Arguably, the topic of fair value is going through more changes than any other subject area in the valuation profession. We attended the Southeast Chapter of Business Appraisers (SECBA) conference in Atlanta last month where Mark Zyla (Acuitas) talked about how the area of fair value is serving as a focal point for the profession to unify itself. Zyla is the author of Fair Value Measurements: Practical Guidance and Implementation, 2nd edition (Wiley) among other publications and articles on fair value.
Unlike accountants and lawyers, Zyla pointed out that valuation professionals do not have common education requirements, a single identification in the marketplace, a single set of standards, nor a disciplinary mechanism. In response to criticisms about fragmentation of the profession, the new Certified in Entity and Intangible Valuations (CEIV) credential for fair value for financial reporting has been developed to bring more consistency to the profession and reduce the number of questions auditors raise about the valuations. Plus, new guidance is being issued addressing fair value measurements.
Upcoming workshop: Zyla will conduct the AICPA Fair Value Measurements Workshop, a two-day event, on April 26-27 in New York City. He will give an update on the new exposure drafts from the PCAOB, changes to testing goodwill for impairment, latest best practices for valuing intangible assets in a business combination, measuring fair value for alternative investments and other equity instruments, and more. Plus, the workshop will qualify for a substantial part of the credit for the education requirements for the CEIV credential—you can complete the credential with some online modules. We attended this workshop last year and plan to do so again this year.
There’s an early-bird discount that expires on March 12, so, for more information and to register, click here.