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.

Authors: Jay E. Fishman, Shannon P. Pratt, and William J. Morrison, John Wiley & Sons, 346 pages