61H1-22.011: Standards for Business Valuations
PURPOSE AND EFFECT: The Board proposes the rule amendment in order to provide the standard for licensees performing business valuations for clients.
SUBJECT AREA TO BE ADDRESSED: Standards of Business Valuations.
SPECIFIC AUTHORITY: 473.304, 473.315 FS.
LAW IMPLEMENTED: 473.315 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Veloria Kelly, Division Director, Board of Accountancy, 240 N.W. 76th Dr., Suite A, Gainesville, Florida 32607
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
61H1-22.011 Standards for Business Valuations.
Licensees performing business valuations for clients shall comply with “Consulting Services Practice Aid 93-3, Conducting a Valuation of A Closely Held Business,” published by the American Institute of CPAs “Statement on Standards for Valuation Services No. 1,” as published by the American Institute of Certified Public Accountants, in effect as of January 1, 2008. (Available from the AICPA’s + Resource Online at http://bvfls.aicpa.org/Resources/Laws+Rules+Standards+and+Other+Related+Guidance/AICPA+valuation+Standard+and+implementation+Toolkit.htm or call 1(888)777-7077). The rule does not encompass consulting engagements wherein a licensee provides written or oral advisory services in which the client is informed in writing that the services provided were not performed in accordance with “Statement on Standards for Valuation Services No. 1,” Consulting Services Practice Aid 93-3 established by the AICPA.
Rulemaking Specific Authority 473.304, 473.315 FS. Law Implemented 473.315 FS. History–New 11-2-95, Amended 2-18-96, 9-30-97,________.