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- CPA firms build revenue with business valuation and litigation support
A report from an industry analyst forecasts slow growth for U.S. accounting firms during the next five years. Small accounting firms were hit hardest by the recession, with many closing shop. Growth was also stagnant for the Big Four. To build business, practitioners recommend specializing by focusing on specific industries and providing services beyond audit and tax work, including business valuation, dispute resolution and litigation support. AccountingWEB
(3/21)     
 | New Forensic Accounting Educational Certificate Program — Coming in May 2013!
Forensics/Fraud and Financial Litigation Support are hot niche practice areas for the profession. To help CPAs build expertise in this area, the AICPA is developing a new online Certificate Program that will provide a broad understanding of financial forensics.
> Learn More
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| Valuation Corner |  |  |
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- Proceed with caution when valuing tax shelters
The U.S. Tax Court has overturned a precedent holding individuals harmless from penalty when an asset claimed in a tax return is overvalued. Taxpayers can be liable for a penalty of as much as 40% for a valuation misstatement, and the ruling means there is little chance for an individual to find relief outside of going to trial. Tax Insider
(4/11)
- Q-and-A: How to value gifts in kind
This question-and-answer session offers the lowdown on determining fair market value for noncash donations. The burden of proof falls on the donator, and taxpayers are advised to consult Internal Revenue Service guidance for methods of determining fair market value. AdvisorOne
(3/22)
- Replacement cost can trump market value in some liability cases
A replacement valuation is appropriate when no market for the property exists to determine lost value, according to a decision by the U.S. Court of Appeals for the 5th Circuit. The case involved damages to a refinery's sewage-treatment plant that was destroyed in an explosion, and defendants admitted liability. The court ruled that the plant was a unique facility and no market equivalent existed. Therefore, the replacement cost could be used for assessing damages. Business Valuation Law blog
(3/28)
- Study finds link between earnings data and market trends
An examination of data from publicly traded companies from 1981 to 2009 shows a link between aggregate accounting earnings and stock market valuation. The study author says "aggregate accounting earnings are very relevant for determining the value of aggregate stock market." PhysOrg.com
(4/5)
- AICPA study ranks issues facing FVS accountants
Business-development concerns are in top place among forensic and valuation services accountants in the 2013 FVS Membership Top Issues Survey. They are followed by human resources, client retention and pricing of services. The survey reflects a big change from 2010, when technical concerns tied to new valuation standards topped the list. JournalofAccountancy.com
(3/14)
- Applicable companies must implement IFRS rule for next reporting period
Guidance on measuring an asset's fair value went into effect Jan. 1. International Financial Reporting Standard No. 13 applies to any company that must disclose fair-value measurement for mergers and acquisitions, asset impairment or activity involving investment entities. The measure is meant to aid investors in analyzing corporate assets in accordance with generally accepted accounting principles. CFO.com
(4/5)
| Forensic Corner | | |
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- Apple encryption makes interception impossible
The Drug Enforcement Administration says the encryption program for Apple's iMessage chat service makes it impossible to intercept messages between Apple devices. Other law enforcement agencies are reporting similar concerns, resulting in a call for legislation to address the problem. CNET
(4/4)
- QDROs are underused in divorce settlements
Qualified domestic relations orders can help divorcing couples collateralize assets that are high in value but low in liquidity. QDROs typically assign a portion of the value of the payer spouse's assets to the recipient spouse, then uses the rest to secure future obligations, such as child support and alimony. Tax Insider
(4/11)
| AICPA FVS News | | |
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- Cyber Security Fraud: What CPAs Should Know webcast series
Emerging, relentless cybersecurity threats pose a significant danger to organizations that are unprepared to detect and deter them. Known as advanced persistent threats, these attacks are not easily thwarted by traditional controls. For an expansive overview of all aspects of cybersecurity, register for the Cyber Security Fraud: What CPAs Should Know webcast series, scheduled from April 25 to July 11. Attendees will learn how to assess damage from cyberattacks, potential criminals, methods of discovering weaknesses leading to attacks and how to prevent future attacks. FVS/ABV/CFF members can attend for free (without credits for continuing professional education). Not an FVS Section member? Join and save $50 when you use promo code FVE12.
| SmartQuote | | |
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 | A rainy day is the perfect time for a walk in the woods."
--Rachel Carson,
American marine biologist and conservationist
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| AICPA FVS Section Resources |
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| About the Forensic and Valuation Services Section |
The Forensic and Valuation Services Section
is designed to provide CPAs with a vast array of resources, tools and information about forensic and
valuation services. The FVS Section serves CPAs who hold the Accredited in Business Valuation and
Certified in Financial Forensics specialty credentials, members of the FVS Section, AICPA members
and others.
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| About the Accredited in Business Valuation Credential |
The Accredited in Business Valuation
program provides specialized access to information, education, tools and support that enhance credential
holders' ability to make a genuine difference for their clients and employers. ABV credential holders may
brand or position themselves as premier business valuation service providers who differentiate themselves
by going beyond the core service of reaching a conclusion of value and creating value for clients through
the strategic application of this analysis.
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| About the Certified in Financial Forensics Credential |
The Certified in Financial Forensics
credential combines specialized forensic accounting expertise with the core knowledge and skills
that make CPAs among the most trusted experts. The CFF credential encompasses fundamental and
specialized forensic accounting skills that CPA practitioners apply in a variety of service areas,
including: bankruptcy and insolvency; computer forensics; economic damages; family law; fraud
investigations; litigation support; stakeholder disputes and valuations. To qualify, a CPA must be
an AICPA member in good standing, have at least five years of experience in practicing accounting,
and meet minimum requirements in relevant business experience and continuing professional education.
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| | Recent Forensic & Valuation Reporter Issues:
- Tuesday, March 19, 2013
- Tuesday, February 19, 2013
- Tuesday, January 15, 2013
- Tuesday, December 18, 2012
- Tuesday, November 20, 2012
| | | Lead Editor: Jim Berard
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 | |
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