IFRS/GAAP convergence: a profitable area for business appraisers

May 13, 2011 “was a momentous day for valuators” James Catty (Corporate Valuation Services Limited) told NACVA attendees in San Diego this week. That was the day FASB issued its 331 page document “Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs.” Now there is a single fair value concept for GAAP and IFRS. Catty remarks that the changes affect almost everyone in the expanding financial world - except some users of national accounting standards. “This is a very lucrative area,” says Catty. “You can charge twice as much, but it is a lot of work and your work will be audited.”