July 26, 2005
CalCPA Council Opposes Inclusion of Tax in Proposed Valuation Standards
REDWOOD CITY, Calif. -- The governing council of the California Society of CPAs (CalCPA) opposes the inclusion of tax in the AICPA’s Proposed Statement on Standards for Valuation Services.
The Council passed a resolution opposing the inclusion at its annual meeting this past weekend.
The AICPA’s Consulting Services Executive Committee, which developed the proposed statement, recently extended the comment period for the exposure draft until Sept. 30.
“We believe that in terms of tax engagements, the proposed valuation standards are not in the public’s best interest and are not in the interest of those AICPA members providing tax services,” said Bob Petersen, chair of CalCPA’s Government Relations Committee. “Furthermore, the Consulting Services Executive Committee does not have the authority to issue standards in any area other than consulting services.”
CalCPA is urging its members to write the AICPA about how the inclusion of tax in the proposed standards will affect their practice.
For more information, including how to comment, go to www.calcpa.org/BUZZ/ValuationGR.htm.
