COMPLIANCE
Marshall & Stevens provides valuation opinions, investigative accounting, damages calculations, and dispute resolution services in compliance with all of the following standards and guidelines.
Established in 1973, the Financial Accounting Standards Board (FASB) is the independent, private-sector, not-for-profit organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).
The FASB is recognized by the Securities and Exchange Commission (SEC) as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports.
The Financial Accounting Foundation (FAF) supports and oversees the FASB. Established in 1972, the FAF is the independent, private-sector, not-for-profit organization responsible for the oversight, administration, financing, and appointment of the FASB and the Governmental Accounting Standards Board (GASB).
In 1989, the U.S. Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which authorized the Appraisal Foundation as the source of appraisal standards and qualifications. The Foundation is not a membership organization but rather is composed of other organizations. Today, with Sponsoring Organizations and Advisory Councils, close to one hundred organizations, corporations and government agencies are affiliated with the Foundation.
The IFRS® Foundation is a not-for-profit international organization responsible for developing a single set of high-quality global accounting standards, known as IFRS Accounting Standards.
The mission of the IFRS Foundation is to develop standards that bring transparency, accountability, and efficiency to financial markets around the world. Its work serves the public interest by fostering trust, growth, and long-term financial stability in the global economy.
The Internal Revenue Service (IRS) provides guidance and expectations for valuations performed for federal tax reporting purposes. Marshall & Stevens complies with its understanding of applicable IRS valuation guidance for specific tax reporting assignments.
The International Private Equity and Venture Capital Valuation (IPEV) Guidelines set out recommendations, intended to represent current best practices on the valuation of Private Capital Investments. The objective of these Valuations Guidelines is to set out best practice where Private Capital Investments are reported at ‘Fair Value’ and hence to help investors in Private Capital Funds make better economic decisions.
Marshall & Stevens has adopted the Mandatory Performance Framework (“MPF”) prescribed under the Certified in Entity and Intangible Valuations (CEIV) credential for all financial reporting assignments.
MPF serves as a guide that defines the necessary work to provide supportable and auditable fair value measurements for financial reporting purposes. MPF also helps to ensure the consistency and transparency of those reports.
The healthcare industry is a highly regulated industry, and as such, it is imperative for healthcare providers to make sure that their organizations pass government scrutiny or face severe consequences. At the Federal Level, healthcare organizations need to be in compliance with the Stark Law and Anti-Kickback Statute. In addition, each state has its own laws that require compliance. Within these bodies of law, the government stipulates that contracted compensation in a professional service arrangement between referring parties be set at Fair Market Value and that they are Commercially Reasonable.
In 1986, nine leading professional appraisal organizations in the United States and Canada formed an Ad Hoc Committee on the Uniform Standards of Professional Appraisal Practice (USPAP) in response to the crisis in the savings and loan industry. In 1987, the Committee established the Appraisal Foundation to implement USPAP as the generally accepted set of appraisal standards in the United States.
The Appraisal Foundation is the nation’s foremost authority on the valuation profession. The organization sets the Congressionally authorized standards and qualifications for real estate appraisers as well as qualifications for personal property appraisers and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. This work advances the profession by ensuring that appraisals are independent, consistent, and objective.
PROFESSIONAL DESIGNATIONS
Most of Marshall & Stevens’ senior professionals are credentialed through one or more distinguished professional organizations. Those credentials are listed below.
The Accredited in Business Valuation (ABV) designation is offered through the American Institute of Certified Public Accountants (AICPA) to Certified Public Accountants (CPAs) and other finance professionals to demonstrate their proficiency in business valuation. For more information, click here.
The Accredited Member (AM) designation is offered through the American Society of Appraisers (ASA) to professional appraisers with at least two years of full-time appraisal experience, in addition to other qualifications. For more information, click here.
The Accredited Senior Appraiser (ASA) designation is offered through the American Society of Appraisers (ASA) to professional appraisers with at least five years of full-time appraisal experience, in addition to other qualifications. For more information, click here.
The Certified in Distressed Business Valuation (CDBV) designation is offered through the Association of Insolvency and Restructuring Advisors (AIRA) to professionals to demonstrate their expertise in valuing distressed businesses, which can present unique challenges from regular business valuations. For more information, click here.
The Chartered Financial Analyst (CFA®) designation is offered through the CFA Institute to professionals who demonstrate proficiency in the fundamentals of investment tools, valuing assets, portfolio management, and wealth planning, and who have completed work experience requirements. For more information, click here.
The Certified Financial Examiner (CFE) designation is offered through the Association of Certified Fraud Examiners (ACFE) to professionals who demonstrate proficiency in preventing, detecting, and investigating fraud. For more information, click here.
The Certified in Financial Forensics (CFF) designation is offered through the American Institute of Certified Public Accountants (AICPA) to CPAs and other professionals who demonstrate expertise in fraud detection, prevention, and response, forensic accounting, damages calculations, expert witness services, and more. For more information, click here.
The Chartered Global Management Accountant (CGMA®) designation is offered through the American Institute of Certified Public Accountants (AICPA) to CPAs and other professionals who demonstrate advanced proficiency in finance, operations, strategy, and management. For more information, click here.
The Certified Insolvency and Restructuring Advisor (CIRA) designation is offered through the Association of Insolvency and Restructuring Advisors (AIRA) to professionals who demonstrate expertise in rendering financial advisory services for cases of bankruptcy, restructuring, turnaround, and other distressed business situations. For more information, click here.
The Certified Public Accountant (CPA) designation is offered through the American Institute of Certified Public Accountants (AICPA) and is available for accounting professionals who can demonstrate that they meet their state's requirements for a CPA license, which usually includes work experience in general accounting, completing specific education requirements, and passing the CPA Exam. For more information on the CPA exam, click here.
The Member, Appraisal Institute (MAI) designation is offered through the Appraisal Institute to real estate property appraisers and related professionals who demonstrate their expertise in the valuation of commercial and other income-producing properties. For more information, click here.
The Member, Royal Institution of Chartered Surveyors (MRICS) designation is offered through the Royal Institution of Chartered Surveyors (RICS) to professionals who demonstrate their expertise in valuation, management and development of land, real estate, construction, and/or infrastructure. For more information, click here.