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1. IRS oversight of CPAs who provide valuation services  

BY Michael Gregory, ASA, CVA, and Renée Marino, CPA/ABV, CFA, ASA
Under Sec. 6695A, enacted by the Pension Protection Act of 2006, P.L. 109-280, appraisers may face monetary penalties for appraisals that lead to substantial and gross valuation misstatements on returns. This section is intended to provide greater assurance that all appraisers and appraisals meet a minimum threshold of qualification.

2. Q&A: Top issues in business valuation  

BY Chris Baysden
Business valuation experts have been practicing in an evolving landscape for the past several years. New standards, changing technology, and an aging population are all playing a part in effecting changes.The JofA organized a round-table discussion of the important issues affecting CPAs who advise clients on business valuation matters.

3. AICPA asks Congress to block change in DOL fiduciary rule for ESOP appraisers   WebExclusive

BY Chris Baysden
The AICPA has endorsed legislation designed to block any proposal from the U.S. Department of Labor (DOL) that would change the definition of “fiduciary” as it applies to the valuation of employee stock ownership plans (ESOP). The DOL in recent years has sought to expand the definition of a fiduciary under the Employee Retirement Income Security Act (ERISA) to include independent appraisers of ESOPs.

4. Auditors of fair value now eligible for ABV credential   WebExclusive

Auditors of fair value for financial reporting are eligible for the AICPA Accredited in Business Val

5. Survey: Business development now tops FVS practitioners’ list of concerns   WebExclusive

BY Chris Baysden
The top priorities of forensic and valuation services (FVS) accountants have changed drastically over the past few years, with business development concerns outpacing technical issues, according to a new AICPA study. The 2013 FVS Membership Top Issues Survey found that “bringing in new clients,” the classic business development imperative, ranked as the top issue facing respondents.

6. Evaluate your BV skills  

BY Eddy Parker, CPA, CGMA
With a wave of Baby Boomers nearing retirement, there is a good chance CPAs will come across clients who need a business valuation. A valuation may be necessary for gift and estate purposes, transfers of ownership, tax planning purposes, and divorce. CPAs need to determine whether they should perform the valuation themselves or refer the work to a more qualified CPA.

7. Litigation, regulation expected to add to forensic and valuation workload   WebExclusive

BY Ken Tysiac
Forensic and valuation CPAs expect increases in litigation and regulation to add to their workload and make it challenging to hire and keep qualified employees, according to a new AICPA survey. Attracting and retaining qualified staff led the list of top challenges over the next two to five years, identified as the top concern by 25% of the 737 forensic and valuation CPA respondents in the AICPA’s recently completed 2011 Forensic and Valuation Services (FVS) Trend Survey.

8. Compilation reports for valuation engagements?   CPEDirect

Business valuation (BV) reports frequently include information presented in the form of financial statements. The reporting requirements for such financial statements have drawn increased attention as a result of the issuance of Statement on Standards for Accounting and Review Services No. 19 (SSARS 19), Compilation and Review Engagements.

9. Valuing Contingent Consideration: Challenges and Solutions   CPEDirect

BY Mark L. Zyla
When the FASB statement on business combinations was revised (modifying Statement no. 141 into Statement no. 141(R), now codified as FASB Accounting Standards Codification (ASC) Topic 805, Business Combinations), one change required that all items of consideration transferred by the acquirer be measured and recognized at fair value at the acquisition date, including consideration that is transferred only if some future specified event occurs.

10. AICPA Panel Opposes DOL's Proposed Change to Definition of "Fiduciary"   WebExclusive

The AICPA Forensic and Valuation Services Executive Committee (FVSEC) submitted a comment letter opposing a U.S. Department of Labor (DOL) proposal to change the definition of the term fiduciary. The FVSEC opposes the change because it would make virtually all valuations prepared for benefit plans, including employee stock ownership plans (ESOPs), fall under the fiduciary rules.
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