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Valuing Businesses
A question I often receive from attorneys in matrimonial or other litigated matters is whether or not there are any specific standards that a CPA must adhere to when performing a business valuation engagement. Until Jan. 1, 2008, the answer was, effectively, 'No.' As of the beginning of this year, that answer has now changed.
The American Institute of Certified Public Accountants' (AICPA) Statement on Standards for Valuation Services No. 1 (SSVS#1), titled Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset and issued in 2007, applies to business valuation engagements accepted on or after Jan. 1, 2008. Accordingly, the standard will begin to apply to work performed by CPAs in matrimonial cases going forward. (Although a CPA is not required to be a member of the AICPA to maintain his or her license, most CPAs are members of the AICPA, and for purposes of this article all references to a CPA will assume the CPA is a member of the AICPA.)
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
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Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.