AICPA seeks input on Goodwill Impairment Practice Aid
FASB first introduced the concept of “step zero” under its Accounting Standards Update 2011-08, published last September, by which entities may review certain qualitative factors to determine whether goodwill impairment is “more likely than not,” explained Mark Zyla (Acuitas Inc.) during last week’s BVR webinar on the topic. If so, then ASU 2011-88 permits entities to skip the [...]
IPR&D guide is ready for public comment
We’ve been on the outlook for the official release of the AICPA’s Financial Reporting Executive Committee’s (FinREC) new accounting and valuation guide, Assets to Be Acquired to Be Used in Research and Development Activities. And, finally, the working draft hit the streets earlier this week. “This guide, which will replace the practice aid that was originally [...]
The draft of FinREC’s IP R&D practice aid is available.
The draft proposal from the FinREC Task Force on in process research and development was just posted on the AICPA website. Here’s BVR coverage of pre-release comments on the report from members of the Task Force, as reported at the ASA National BV Conference last month: Revised IP R&D Practice Aid to Go Beyond [...]
AICPA posts exposure draft of goodwill impairment guide
The AICPA’s Financial Reporting Executive Committee (FinREC) has just issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment. Developed by the AICPA Impairment Task Force, the draft release provides non-authoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment testing. Although it also [...]
AICPA report: If you’re not doing financial reporting, do you need to know about IFRS?
Interesting question at the AICPA National BV Conference this morning. ”Well, frankly, I guess if you’re only doing divorce work in Seattle, you could skip following convergence,” admitted Neil Beaton. ”But I ask the question if a head in the sand approach to these professional standards issues is the right approach for any appraiser.” Beaton [...]
What’s your opinion of the AICPA’s ABV?
Lots of thoughts are being posted on the way the AICPA has handled business valuation credentialling over the years. If you hold an ABV, you might be interested in the range of opinions being posted at the LinkedIn Business Valuation Professionals Group. Or not…
When is it appropriate to use a calculation of value in court?
When the court specifically asks for one! At least, that’s the implicit reading of a new California divorce case, in which both party experts valued the husband’s 80% interest in a radiology software company at the beginning of the marriage (1995), for determination of its appreciation until the company’s sale three years later (for $7.5 [...]
Live NACVA Report: Calculations vs conclusions: when and where
There are more questions about standards in this area than anywhere else. Here are answers directly from the leaders of the new NACVA/IBA standards unification effort: “We do less than 10% of our work in calculations. For IRS you can meet the adequate disclosure requirements so that the gift tax work can be filed and [...]
A step towards standards unification from NACVA and IBA
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 [...]
Blue Ribbon Panel issues final report on Standard-Setting for Private Companies
Last week, AICPA/FAF/NASBA’s Blue Ribbon Panel on Standard-Setting for Private Companies (BRP) issued its report and recommendations to the Financial Accounting Foundation. The executive summary states: “This report proposes major and other enhancements aimed at fostering an accounting standard-setting system that would seek to maintain a high degree of financial reporting comparability for business entities, [...]
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