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Preparing Fair Value Measurements for financial reporting has become an increasingly large part of the activities of business valuation specialists. In a recent survey of the business valuation profession by the Appraisal Foundation, over 60% of respondents indicated that they participate in this sub-specialty. The survey results also indicated that this was the largest of the business valuation sub-specialties among respondents. Given the rigor surrounding financial statement preparation, auditing of financial statements, and the activities of Federal regulators, business valuation specialists are well advised to create and maintain an equally rigorous process and culture surrounding their preparation of Fair Value Measurements for financial reporting. Anthony Aaron will outline some of the critical features that would be characteristic of a culture and process that supports a high degree of quality. Join the discussion of the current efforts by the profession around quality, and the plans for a new accreditation for those who perform Fair Value Measurements.
Program Agenda
Introduction
The Appraisal Foundation Survey:
Mandatory Performance Framework and the Fair Value Quality Initiative:
Creating and maintaining a program to ensure quality:
Develop a “Quality Charter”
Hire competent and ethical professionals
Training
Encourage professional accreditation
Follow existing professional standards and guidance
Create a consistent process for Engagement Acceptance
Development of a standardized work product
Development of standardized work papers
Source documents
Analysis documents
Spreadsheet analysis or other calculation exhibits
Narrative explanations
Internal Quality Reviews
Ongoing Quality Process Review
Other activities to promote quality and consistency
The FVQI and the CEIV accreditation
Credentialing
Performance Requirements
Quality Review/Regulation
Summary
Learning Objectives
Build awareness of the importance of fair value measurements for financial reporting
Develop a process and culture to promote quality and consistency in performing fair value measurements for financial reporting
Understand current efforts by the valuation profession to promote quality and consistency in fair value measurements for financial reporting
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