The Value of Standards-SSVS No. 1 Released and the Impact on CPAs in Tax Practice

For Independence Day we take a look at a new set of standards released by the American Institute of CPAs' Consulting Services Executive Committee that will take effect for engagements entered into after January 1, 2008.  The Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset can have an impact on tax practice where the value of an asset covered by this standard has an impact on a tax issue.  CPAs will need to be aware of when this standard may become applicable and the options when that might take place.  Those that work with CPAs in tax practice, include tax attorneys who are working with the client's CPA, need to be aware of this change and the impact of this standard on both what the CPA can do and the cost of having the CPA perform certain functions.The materials for this podcast can be downloaded from http://www.edzollars.com/2007-07-04_SSVS.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com .