Standards of Value: Theory and Applications - Tapa dura

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JAY E. FISHMAN, FASA, CBA, is coauthor or contributing author of seven professional books. He is a managing director of Financial Research Associates, a regional business valuation and forensic accounting firm. He has conducted hundreds of business valuations, has qualified as an expert witness, and has provided testimony in several federal and state courts. SHANNON P. PRATT is a renowned leader in the field and author of several industry-standard books. Over a distinguished career of more than three decades, he has performed valuation engagements for M&A, ESOPs, and numerous other purposes. Mr. Pratt is a founder and managing director of Willamette Management Associates and Editor in Chief of Shannon Pratt's Business Valuation Update newsletter. WILLIAM J. MORRISON, CPA, ABV, is President of Morrison & Company and is frequently appointed by the courts as a valuation expert. He has published articles on forensic accounting and valuation. He is a former FBI agent and has conducted thousands of forensic accounting investigations and business valuations of closely held companies.

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Three leading valuation practitionersprovide expert guidance on interpretingand applying standards of value

When it comes to business valuation, the appraisal process can be filled with ambiguities. Numerous standards can apply, each one appropriate under various circumstances, including the purpose of the appraisal, the appraisal user, and the legal arena in which the appraisal is performed. Written by three expert valuation practitioners, Standards of Value helps professionals understand the underlying intricacies involved in determining "value."

An indispensable reference for judges, lawyers, and valuation practitioners, this provocative guide addresses common standards of value as applied in four distinct contexts: estate and gift taxation, financial reporting, shareholder dissent and oppression, and divorce. Covering the underlying assumption in many of the prominent standards of value, including fair market value, investment value, and fair value, Standards of Value explores:

• FASB and AICPA accounting and auditing standards, statutory changes, and case law updates
• How a standard of value sets the appraisal process in motion
• A review of court cases from the valuator's perspective
• Interpretations of each standard of value and its practical applications
• The many reasons why a standard of value previously used in court cases may not apply across all cases
• Why fair value is subject to wider interpretation than fair market value
• The development of fair value as a standard of value in both shareholder dissent and oppression

Laying the groundwork for discussion and further research, Standards of Value provides a comprehensive, state-by-state analysis of standards of value.

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It is axiomatic that every valuation of a business or business interest must contain a definition or standard of value. Each standard of value contains numerous assumptions, and there can be significant variation in the application of a particular standard of value and its underlying assumptions. Standards of Value addresses many of the ambiguities inherent in applying common standards of value.

Written by Jay Fishman, Shannon Pratt, and William Morrison?three renowned valuation practitioners who deal with these issues on a daily basis?this book discusses the interaction between valuation theory and its judicial and regulatory application. A must-read for appraisers, accountants, judges, attorneys, and appraisal users, this insightful book addresses standards of value as applied in four distinct contexts: estate and gift taxation; shareholder dissent and oppression; divorce; and financial reporting. Here, practitioners will discover some of the intricacies of performing services in these venues, and appraisers will find this book helpful in understanding why the practitioners are asking such questions.

Providing expert direction on interpreting and applying standards of value, this guide includes:

• Valuations for estate and gift tax, shareholder dissent and oppression, and divorce matters presented within their respective judicial frameworks
• Case-by-case reasoning behind appraisal-related decisions
• State-by-state analyses that provide a clearer idea of how a state's established case law may give insight on the standard of value
• A general overview of the concepts of value, cost, and price
• Fair market value in estate and gift tax valuations
• Fair value in dissenting and oppressed shareholder matters
• The premises and standards of value used when valuing a business in divorce
• Current and proposed standards for the reporting of assets and liabilities for corporations as established by the Financial Accounting Standards Board (FASB) of the AICPA