Ray Rath of Globalview Advisors attended The American Institute of CPAs (AICPA) Task Force Meeting in San Francisco, California. Ray is a member of the AICPA Task Force which is developing a guide with a working title, “Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies.” The Task Force discussed and reviewed various elements of the guide. The Task Force includes a broad set of members including auditors, financial statement preparers and appraisers involved in the development of fair value estimates pursuant to Accounting Standards Codification (ASC) 946 for a variety of investment holdings in portfolio companies.
AICPA is the world’s largest member association representing the accounting 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, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.