January 2008

A New Year, a New Name and New Opportunities!

As we begin 2008, I am excited about the opportunities that lay ahead for the newly branded FVS specialty area and Membership Section! The area and Section are taking a new name that best reflects their mission. Late last year, the AICPA governing Council approved a name change for what was then the Business Valuation and Forensic & Litigation Services (BVFLS) Membership Section to a newer, shorter name – Forensic and Valuation Services (FVS).

Although it’s a nice benefit that the name is shorter and easier to use, the intent behind this was to better reflect what we do as practitioners in this area today and to modernize the brand to match. In the valuation space, what was termed “business valuation” is somewhat out of date as it does not fully portray the broad scope of valuation services that CPAs offer today – this isn’t limited to business valuations, but many types of valuation work. In the forensic and litigation services area, forensic accounting has also come to signify a much broader scope of services, of which litigation services/support is one part. Forensic and Valuation Services more accurately portrays what specialists in these areas do today.

Four years ago when the AICPA launched the BVFLS Section, attention was focused on a narrower scope of services. This specialty has grown tremendously and what began as a niche for many CPAs years ago is now a broader collection of niches and subspecialties. This kind of growth is not only exciting, but invigorating! The opportunities that lay ahead for CPAs currently practicing in FVS as well as younger and newer CPAs is mind boggling. If you think about all the recent events surrounding FVS both within the CPA profession and in the greater marketplace – developments around fair value measurement, a proposed AICPA forensic accounting credential, growth in ABV, increasing demand for qualified experts in valuation and forensics among attorneys, and the list goes on – it’s no wonder this specialty practice area has expanded.

The Section will continue to serve the growing community of CPAs practicing in forensic accounting and valuation. In addition, the newly re-named FVS Executive Committee (FVSEC) has been designated as a senior committee reporting directly to the AICPA Board of Directors. That means that the FVSEC can now set standards and make official public statements on behalf of the FVS profession.

Look for our new FVS name to appear on the AICPA FVS Web site, member communications, promotional materials, advertising, resources, member email box and much more. As with any change such as this, there is a transition period as we switch things over. I humbly ask for your patience as we spread the word within the profession and among those who buy your services. In the meantime, I encourage you to let your professional colleagues, clients, employers and referral sources know about the changes.

Regards,