Transcription of Is Fair Value Equal to Fair Market Value?
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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.
Willamette Management Associates 5 GAAP Primer – Who Sets GAAP? (cont.) • on 5/12/11, the IASB issued IFRS 13 titled Fair Value Measurement and the FASB issued ASU 2011-04 titled Amendments to Achieve Common Fair Value Measurement
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Fair Value Measurement Topic 820, FASB, Fair Value Measurement, 2013 MEASURING THE FAIR VALUE OF, Fair value, Valuation Vantage, Financial Accounting Standards Board, Purchase Price Allocations Under ASC, Intangible Assets in Purchase Price Allocations, Intangible Assets in Purchase Price . Allocations