Business Valuation Standards and Definitions
The following guide provides sources for business valuation standards and definitions issued by the professional appraisal organizations. Each entry listed below identifies the issuing organization and includes a brief description of the resource and notes any information that is available free online.
Select from the following resources:
Uniform Standards of Professional Appraisal Practice (USPAP)
The Appraisal Foundation
USPAP provides generally accepted standards for professional appraisal practice for various types of property including real estate, personal property, business interests, and intangible assets, with Standards 9 and 10 specifically addressing performance and reporting requirements for business valuations. The current version of USPAP can be viewed free online in a digital flipbook format.
International Glossary of Business Valuation Terms
AICPA, ASA, CICBV, NACVA
The international glossary is a joint effort of five business appraisal organizations, with sponsoring organizations including the American Institute of Certified Public Accountants, American Society of Appraisers, Canadian Institute of Chartered Business Valuators, National Association of Certified Valuation Analysts, and The Institute of Business Appraisers. The glossary is available free online.
ASA Business Valuation Standards
American Society of Appraisers
ASA members are required to follow these standards in conjunction with the Uniform Standards of Professional Appraisal Practice (USPAP) issued by The Appraisal Institute and the ASA Principles of Appraisal Practice and Code of Ethics in performing business valuation engagements. The ASA BV Standards and the Principles of Appraisal Practice and Code of Ethics are available free online.
AICPA Statement on Standards for Valuation Services (SSVS) No. 1
American Institute of Certified Public Accountants
AICPA members are required to follow these standards in conjunction with the AICPA Statement on Standards for Consulting Services No. 1 in performing valuations of businesses, business ownership interests, securities, or intangible assets. The AICPA Statement on Standards for Valuation Services No. 1 and the Statement on Standards for Consulting Services No. 1 are both available free online.
NACVA Professional Standards
National Association of Certified Valuators and Analysts
NACVA and IBA members are required to follow principles-based professional standards developed jointly by these organizations in performing business valuation engagements. Each organization is responsible for providing their own independent interpretations of the standards and communicating them to their respective memberships. The NACVA Professional Standards are available free online.
CICBV Practice Standards
Canadian Institute of Chartered Business Valuators
CICBV members are required to comply with these standards, which represent a minimum required standard of care, and with the Institute's Code of Ethics, which sets a minimum level of acceptable professional conduct for its members, in performing business valuations. The Institute's Code of Ethics, Practice Standards, Practice Bulletins, and Exposure Drafts are all available free online.
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