The CEIV credential was designed to address fair value measurements for businesses, business interests, intangible assets, certain liabilities, and inventory for financial reporting purposes. Financial statements issued for financial reporting purposes include, but are not limited to, financial reports issued by the following:
- Entities required to submit registration statements or filings to the SEC
- Privately held entities that prepare and issue financial statements in accordance with United States generally accepted accounting principles (U.S. GAAP)
- Any other engagement where the individual is performing services as a valuation professional
Important: If a CEIV credential holder is engaged by a privately held entity that does not issue financial statements in accordance with U.S. GAAP (for example, financial statements issued in accordance with special purpose frameworks), the CEIV credential holder should follow the MPF documents for the engagement; however, if the CEIV credential holder elects not to follow the MPF documents, this fact and rationale must be prominently displayed on the first page of the final valuation report.