AICPA, ASA and RICS to Provide Clarity to Investors, Auditors and Regulators on Understanding Value of Businesses and Intangible Assets

New Credential to Improve Quality, Consistency and Transparency of Fair Value Measurement Results in Financial Reporting

January 10, 2017

NEW YORK (January 10, 2017) – The American Institute of CPAs (AICPA), the American Society of Appraisers (ASA) and RICS (Royal Institution of Chartered Surveyors) are offering a new credential that will enhance the quality, consistency and transparency of fair value measurement results in financial reporting.

Financial professionals who obtain the Certified in Entity and Intangible ValuationsTM (CEIVTM) credential will be required to follow uniform guidance on how much documentation is necessary to support their fair value measurement results in company financial statements for entity and intangible asset valuations. Intangible assets include trademarks, patents and technology, customer sales lists, and non-compete agreements.

This uniform guidance defines the level of documentation needed to make it easier for investors, auditors and regulators to understand how fair value measurement is used to determine values of businesses and intangible assets. The CEIV credential also requires regular monitoring of credential holders to ensure they are following the guidance properly.


“Auditors and regulators have sometimes found it difficult to see how certain values in financial statements were determined using fair value measurement. The uniform guidance provided by the CEIV credential should make it easier for all parties to understand how fair value measurement was used to develop those values,” said Susan S. Coffey, CPA, CGMA, Association of International Certified Professional Accountants’ Executive Vice President for Public Practice. “The quality oversight of credential holders will provide clients, regulators, auditors, investors, and the public greater confidence that they are receiving accurate information in financial statements when fair value measurements are performed by someone holding the CEIV credential.”

AICPA, ASA and RICS joined forces in 2013 and developed one credential that provides a consistent framework around fair value measurement. The CEIV credential ensures that those conducting fair value measurement have the necessary training, qualifications, experience and expertise to perform this type of work.


The organizations believe the CEIV credential provides an opportunity to enhance the consistency of valuation processes across global markets. Its consistency in training and qualifications, uniform guidance, and ongoing monitoring of professionals can play a critical role in building investor and regulatory confidence in the valuation profession as fair value measurement becomes a more accepted part of company financial statements globally.


“With the shift in our economy toward service and technology-based companies, intangible assets are increasingly integral to a company’s financial statements,” said Neil Shah, Americas Managing Director for RICS. “The new credential responds to regulatory concerns and promotes greater audit quality, consistency and transparency in fair value measurements. Not only will the credential and fair value performance framework help unify the profession, but they will also boost market confidence and protect the public interest.”


To obtain the CEIV credential, financial professionals must meet rigorous eligibility requirements determined by the three organizations in collaboration with other organizations that contributed to its development, including The Appraisal Foundation and the International Valuation Standards Council. Those requirements include demonstrating competencies in valuation and fair value measurement through training and assessments, and passing a two-part CEIV exam that will be introduced early this year. Those interested in applying for the credential can learn more at


“The American Society of Appraisers is excited to help lead the effort to develop the new CEIV program and continue to demonstrate the Society’s dedication and commitment to providing the highest possible standards, education and professionalism,” said Susan Golashovsky, International President, ASA.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession. Media representatives are invited to visit the AICPA Press Center at


The Association of International Certified Professional Accountants (the Association) combines the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.

About ASA

The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. As the oldest and only major appraisal organization representing all appraisal specialists, ASA is devoted to providing the highest possible standards in all areas of ethics, professionalism, education and designation criteria.


ASA is a leader in providing fair value education and is the only organization that offers regional conferences solely focused on fair value topics. It is also the only organization that offers an intangible asset specialty designation and two classes focusing on valuing intangible assets for financial reporting purposes. For more information about the American Society of Appraisers or the Society’s free “Find an Appraiser” Referral System, visit or call (800) 272-8258.

About RICS

RICS is a global professional body. We promote and enforce the highest professional qualification and standards in the development and management of land, real estate, property and construction. Our name promises the consistent delivery of standards – bringing confidence to the markets we serve. 125,000 professionals carry the RICS designation in 146 countries, having demonstrated the highest standards of competence through a rigorous assessment process.


Over 14,000 RICS valuation professionals worldwide in all asset classes are qualified to appraise entity and intangible assets and are subject to proactive quality assurance, providing further confidence to clients and markets. For more information visit,