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Updated International Business Valuation Glossary Released

Nov 10, 2021

 
ASA's Business Valuation Discipline Committee has voted to officially adopt the updated International Valuation Glossary – Business Valuation.

The Glossary is the result of a collaborative effort by ASA, CBV Institute, RICS, TAQEEM and the International Valuation Standards Council (IVSC) to provide a common understanding and consistency of technical terms used within the various sub-practice areas of business valuation, and for those operating in different markets.

Last updated more than 20 years ago, the Glossary needed modernizing because new terms have gained traction and become more popular in the market and in practice, particularly with the introduction of fair value in IFRS and US GAAP and the increasing importance of intangible asset valuation. The new glossary contains a net 24 new terms, several of which emerged since the prior edition was published in 2001.

The update process began in May 2019. Following the December 2020 public comment period, more than 40 parties provided valuable input, which was thoroughly reviewed and reflected where appropriate. ASA's technical advisors were Lucas Parris and Jeff Tarbell. A video introduction to the revised Glossary is available for viewing online.

The updated Glossary is neither authoritative nor prescriptive, rather it is practice guidance designed to aid communication among appraisers and users of appraisal services. Accordingly, this important resource will be published separately from the ASA Business Valuation Standards.

View or download a complimentary copy of the Glossary here.