CalCPA Remains Opposed to Tax in Proposed Valuation Standards

The AICPA has released a new exposure draft of the Proposed Statement on Standards for Valuation Services, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset.

The standard would apply to AICPA members who perform valuation services in a variety of circumstances, and could apply to simple tax compliance work that included valuation calculation.

CalCPA Council remains opposed to the inclusion of tax in the standard.

Download the proposed standard from http://bvfls.aicpa.org/Resources/Second+Exposure+Draft+of+Proposed+Valuation+Standards.htm.

Several CalCPA committees and individual members have commented on the standards; copies of some of those letters are posted below. Not all of the comment letters have addressed the issue of tax. 

To download the exposure draft and for information on where to send your comments, go to www.aicpa.org/exposure/Proposed_Stmt_Stds_Val_Serv.asp

The comment deadline was Dec. 15, 2006.

Recent comment letters
CalCPA Estate Planning Committee (Dec. 14, 2006) [PDF]

CalCPA Chair Marc Parkinson (Dec. 12, 2006) [PDF]

CalCPA Litigation Sections (Dec. 7, 2006) [PDF]

CalCPA Committee on Taxation (Dec. 6, 2006) [PDF]

Comment letters submitted regarding previous draft of standard:
CalCPA’s Litigation Sections comment letter.

CalCPA’s Estate Planning Committee comment letter.

CalCPA’s Committee on Taxation comment letter.

Letter from Bob Petersen, CalCPA Government Relations Committee chair.