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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.)
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The DOJ's Corporate Enforcement Policy: One Year Later
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