Appraisal Witness: Qualified Expert

Appraisal Witness: Qualified Expert

FASB Appraisal 141, 142, 157

FASB appraisal 141, 142, 157 are required and outlined by FASB (Federal Accounting Standards Board). FASB Statements 142, 141, 157 require all (20,000 plus, at this date) publicly traded U.S. companies to classify their assets on fair values that can be calculated with new guideline certainty and appraised ANNUALLY. These annual appraisals of assets and liabilities are included in the financial reports submitted to the SEC (Securities and Exchange Commission). The rules for these annual appraisals have been recently updated by USPAP (Uniform Standards of Professional Appraisal Practice) and are combined with GAAP (Generally Accepted Accounting Principles) that the CPA will use to submit the financial report to the SEC. NO LONGER IS THE CPA QUALIFIED TO RENDER THE FASB APPRAISAL IN THIS FINANCIAL REPORT TO THE SEC unless the CPA has been personally accredited through education, experience and has passed the FEDERAL USPAP TEST. ALL appraisals included in financial reports submitted to the SEC must be made by an accredited appraiser.

FASB 141 Appraisal

FASB 141 is a statement of SFAS (Statements of Financial Accounting Standards) enacted by FASB. These enactments require public companies to reveal the most accurate financial information to public investors.

FASB 141 prevents the pooling of interests method and requires all combinations of businesses to be evaluated by the purchase method of accounting. Criteria for valuing the intangible assets from a legal right or contract such as a copyright, patent or trademark are outlined in FASB 141. Other non-contractual assets that must be appraised annually include any assets (other than goodwill and tangible assets) that can be licensed, sold, rented, transferred or exchanged in combination or individually with a related asset, liability or contract.

FASB 141 requires business combinations to value intangible assets by Fair Value using only accredited USPAP appraisers. USPAP appraisers MUST BE 2008-13 COMPLIANT!

FASB 142 Appraisal

FASB 142 appraisal conforms to FASB 141 that requires all intangible assets such as software, trademarks, patents, copyrights etc. be divided into two categories:

    • Finite lifespan
    • Indefinite lifespan

The indefinite lifespan assets will now be labeled “goodwill” assets. FASB 142 no longer allows the amortization of goodwill and requires the ANNUAL accredited appraisal (test of impairment) of all goodwill (intangible) assets.

FASB 157 Appraisal

FASB 157 appraisal is accomplished using the new definition of Fair Value as outlined for FASB 141 and FASB 142 as of November 15 2007.

FASB 157 clarifies the Fair Value as the value of the asset if it were sold at the time of the appraisal. FASB 157 assigns three levels of valuation methodology for the assets being valued. The Accredited Appraiser is held solely responsible for determining the correct level of methodology in preparation of the financial report to be submitted to the SEC.

FASB appraisal 141, 142, 157 using the correct valuation methodology, combined with a valuation team that has 70 years of total valuation experience, including Senior Appraisers with J.D., PHD, M.D. and a current certified instructor of USPAP will insure that your business valuation is current and correct. Durkin Valuation Associates offer irrefutable expert appraisal witness testimony for litigation purposes. Email below or call (617) 720-0332.

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FASB appraisal, FASB 141, FASB 142, FASB 157

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