Woodbury, NY (PRWEB) January 24, 2014
Gettry Marcus CPA, P.C. lists the designations to look for when searching for a business valuation professional.
“The proper credentialing by the individual being engaged to value a business cannot be overstated. Keeping current with any of the major business valuation designations requires the professional to maintain a level of competence by way of continuing education requirements. The credentialing associations also have professional standards that must be adhered to,” says Andrew P. Ross, Partner at Gettry Marcus CPA, P.C. and a member of the firm’s Business Valuation & Litigation Services Group.
The major professional organizations in the specialized field of business valuation are the National Association of Certified Valuation Analyst ("NACVA"), the Institute of Business Appraisers ("IBA"), the American Institute of Certified Public Accountants ("AICPA") and the American Society of Appraisers ("ASA").
When engaging a business valuation professional, it is important to inquire about the designations the individual maintains. It is recommended that the business valuation professional you engage have at least one of the designations listed below. If the business valuator becomes part of a litigation, or is questioned by the IRS in a tax matter, the credentials of the business valuator will almost certainly be raised as an issue.
Certified Valuation Analyst ("CVA") and Accredited Valuation Analyst ("AVA") are designations of NACVA. The distinction between the two designations is that the CVA requires the applicant to hold a valid CPA license. Candidates for both credentials must pass a rigorous two-part examination consisting of a five-hour proctored exam and the submission of a comprehensive case study and valuation report for review by a member of the NACVA National Valuation Exam and Grading Committee.
The Certified Business Appraiser ("CBA") credential is governed by IBA. The IBA requires a candidate to hold a 4-year college degree (or 10,000 hours of active appraisal experience), successfully complete a number of IBA courses and a six-hour comprehensive exam covering the theory and practice of business appraisal. In addition, candidates are required to submit two examples of their work to the Institute of Business Appraisers for review by the Institute's Qualifications Review Committee before being granted the CBA designation.
The Accredited in Business Valuation ("ABV") credential is awarded by the American Institute of Certified Public Accountants (AICPA). To obtain this designation a candidate must be a CPA, demonstrate an accumulation of education and business experience and successfully complete a six-hour exam. Business experience is based on work or teaching experience, while the lifelong learning requirement is based on CPE and additional courses of study in all areas of valuations.
An Accredited Senior Appraiser ("ASA") is a designation regulated by the American Society of Appraisers. The ASA requires a candidate to have five years of full-time equivalent business valuation experience, as well as the successful completion of a number of ASA-administered courses (and subsequent course examinations) on business valuation theory and practice, and the Uniform Standards of Professional Appraisal Practice (USPAP). In addition, candidates are required to submit appraisal reports to the American Society of Appraisers for panel review and qualification before the designation of ASA is granted.
Gettry Marcus CPA, P.C., a top New York City and Long Island CPA firm with offices in Woodbury, Long Island and New York City. We provide accounting, tax, and consulting services to commercial businesses, high net worth individuals and various industries which include Real Estate and Health Care. We have one of the premier and most credentialed Business Valuation, Litigation and Forensic Accounting Groups in the New York Area. Our experience in diverse industries and a highly talented and experienced professional staff gives us the ability to share valuable insights into our clients’ businesses, to better understand their goals and problems and to help them attain the vision they have for their company.
Gettry Marcus is "Always Looking Deeper" to build value for our clients.
Media inquiries: Contact Fayellen Dietchweiler at 516-364-3390 ext. 225 or at fdietchweiler (at) gettrymarcus (dot) com.