16 DEC 2019
The American Society of Appraisers (ASA), the American Institute of CPAs (AICPA) and the Royal Institution of Chartered Surveyors (RICS) finalized the Quality Monitoring (QM) Program for the Certified in Entity and Intangible Valuations (CEIV) credential.
The QM Program ensures credential holders are complying with the CEIV’s Mandatory Performance Framework and the Application of the Mandatory Performance Framework (collectively the ‘MPF’), as well as educational, professional, and ethical requirements. Beginning January 1, 2020, all credential holders must comply with the QM program by completing an annual compliance assessment and maintaining credential requirements.
While credential maintenance requirements, such as continuing experience and education, have been in place since the CEIV credential was released in 2017, the new annual compliance assessment rounds out the QM program.
The assessment requires firms to report their policies and procedures to demonstrate how they are complying with the MPF. It is designed to provide ASA, AICPA and RICS the ability to identify areas where credential holders may need assistance to improve their compliance efforts. It is not intended to challenge valuation conclusions.
Credential holders will submit their first annual compliance assessment in 2021.
The CEIV credential was designed to enhance consistency and transparency in the fair value measurement process and is issued to valuation professionals who perform fair value measurements for businesses, business interests, intangible assets, certain liabilities, and inventory for financial reporting purposes.
For more information on the new QM Program or the CEIV credential, please visit www.ceiv-credential.org.
About the American Society of Appraisers
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 dedicated to providing the highest possible standards in all areas of ethics, professionalism, education and designation criteria. For more information about the American Society of Appraisers, the ASA designation program for appraisers or the Society’s free “Find an Appraiser” Referral System, visit www.appraisers.org or call (800) 272-8258.
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 429,000 members in the United States and worldwide, 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 its members 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.
Founded in 1868, RICS promotes and enforces the highest professional qualifications and standards in valuation, development and management of land, construction and infrastructure. Within the valuation sector, RICS has about 30,000 valuation specialists in over 100 countries. Their expertise covers valuations of businesses, intangible assets, real estate, machinery and equipment, and to a limited extent valuation of financial instruments. Many of our professionals provide fair value measurements for financial reporting purposes under U.S. GAAP and IFRS. Learn more at rics.org or call +1 212 847 7400 to speak to our qualifications team.