Hitchner, Pratt, and Fishman Answer the Call In the past month, business valuation professionals have read reviews from a number of practitioners serving as reviewers for the Q&A Guide. All of them are positive. In this book review, we go into a little more detail and discuss what these established and accomplished business valuation professionals and leaders answer in the Q&A Guide. So, what does this book cover? What is not covered? These questions are answered in this review.
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Opinions are like viewpoints; everyone has one Opinions are often provided in connection with calculation values and a conclusion of value. SSVS No. 1 does not prohibit or explicitly endorse either. In this article, Jim Hitchner shares his views on whether the term “opinion”―offered in a litigation or non-litigation engagement—should be used as part of the engagement or offered in connection with a calculated value.
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Calculation engagements require development standards A proper calculation engagement requires planning, mutually agreed upon procedures, and adherence to professional standards. Otherwise, the valuation analyst and firm risk damaging their good name and reputation.
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Reconciling compliance with multi-agency valuation standards While standards exist to uphold the integrity of business valuation, multi-credentialed professionals can face a daunting task when trying to compare and comply with all guidelines across the spectrum of issuing agencies. This article seeks to root out possible conflicts and create clarity among standards so valuators may perform with less effort and more accuracy.
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Good communication skills are essential for the expert Witness Expert witnesses and litigation support professionals generally do not consider the importance of communication skill training and practice as part of their preparation process. Communication is the third leg of expert witness preparation and separates the average witness from the great witness.
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There Are Different Standards. They Have Different Places in Various Appraisals. Here’s Why. Jim Hitchner considers various responses to the query: “When valuing an operating company, is it necessary to mention USPAP in addition to SSVS 1 when talking about the standards adhered to?” Good question. There were lots of answers from various valuators in a recent discussion. Here’s Jim’s take on it all.
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There’s a Maze of Standards Out There. Here’s a Guide to Key Provisions in The Most Important Ones *AUTHORS NOTE* This article was written in May 2010. In December 2010, the Federal Rules of Civil Procedure, section 26(a)2(b) were updated such that drafts and attorney communications are now specifically recognized as work product and not discoverable. The exception to this is correspondence as it relates to compensation for the expert’s study or testimony or if the correspondence identifies facts or data that the expert considered in forming his or her opinion. For the actual updated rule click here.
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Solid Background on Recent Court Decisions, Valuation in US Tax Court, Estate & Gift Tax, Pension Protection, More The Primus Valuation blog offers an in-depth summary of the proceedings of last year’s ASA IRS Symposium in Los Angeles. Although a bit more than a year old, there’s very solid detail here and extensive coverage of issues still very relevant to today’s practitioners. Here’s an excerpt from a section describing a panel with questions fielded by Judge Halpern, Mel Abraham, Miles Friedman, and Guy Glaser: