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Is Fair Value Equal to Fair Market Value?

Portland, Oregon Chicago, Illinois Atlanta, GeorgiaIs fair Value Equal to fair Market Value ?(Is GAAP fair Value a Relevant Value Measure for Ad Valorem Property Tax Purposes?)NAPTR-TEC Annual ConferenceCharleston, South CarolinaOctober 25-26, 2011 Robert F. Reilly, CPAM anaging DirectorWillamette Management AssociatesChicago, Management Associates1 Discussion Outline GAAP Primer Who Sets GAAP? GAAP Primer Hierarchy of GAAP GAAP Primer When Does fair Value Apply? GAAP Definition of fair Value Common Definition of fair Market Value fair Value and fair Market Value Definitions are Similar Valuation Procedures and Assumptions are Different Level of Account Differences HABU Differences Allowed Methodology Differences Other Differences Illustrative Example of FV vs. FMV Differences Summary and ConclusionWillamette Management Associates2 IntroductionWhy is this topic relevant to NAPTR-TEC?

Portland, Oregon Chicago, Illinois Atlanta, Georgia Is Fair Value Equal to Fair Market Value? (Is GAAP Fair Value a Relevant Value Measure for Ad Valorem Property Tax Purposes?)

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