Valuation standards have been around for decades. IRS Revenue Ruling 59-60, issued in 1959, is considered the seminal work on the valuation of ownership interests in closely held businesses. The most important of these was the Uniform Standards of Professional Appraisal Practice (USPAP), issued by the Appraisal Foundation in 1987, followed by standards from professional associations such as the American Society of Appraisers (ASA) in 1992, the Institute of Business Appraisers (IBA) in 1993, and the National Association of Certified Valuation Analysts (NACVA). In June 2007, after several years of work, the AICPA issued its Statement on Standards for Valuation Services 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset (SSVS), with the goal of improving the "consistency and quality of practice among AICPA members performing business valuations". Whether business valuation professionals need more standards is a reasonable question.
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