Present Value LLC’s Move into the International Appraisal Business and Why it Will Benefit Our Clients
You may or may not have noticed a few months back that we changed the description of Present Value LLC from “a nationwide appraisal firm” to “an international appraisal and advisory firm.” In addition to continuing to serve clients across the U.S., we have been working with businesses all over the world, including Canada, Europe, Africa, the Caribbean, and South America, which we will provide some details about in upcoming posts. Our assignments have varied, including providing straight inventory appraisals and machinery and equipment appraisals, and working with lenders and mergers and acquisitions (M&A) firms.
Of course as a company, we are extremely excited to report our growing international presence, but we are even more excited to talk about how this can benefit all our customers, namely because of our knowledge and use of International Financial Reporting Standards (IFRS). The IFRS are international accounting standards stating how particular types of transactions and other events should be reported in financial statements, which will, at least in part, be required for U.S. companies to adopt within the next few years.
As it stands now, the SEC plans to vote on whether or not to adopt IFRS in June 2011. It’s more than likely that some part of IFRS will merge with or supersede the Generally Accepted Accounting Principles (GAAP), principles used in the U.S. regarding how corporations prepare their income, expenses, assets, and liabilities on their financial statements.
IFRS requires that a company’s balance sheet recognize all allowable assets and liabilities under IFRS reporting standards, re-classify items that were previously classified under GAAP, and apply IFRS standards when measuring the value of all assets, which requires a certified appraisal.
Because Present Value LLC has performed machinery and equipment appraisals worldwide, we are intimately familiar with IFRS accounting principles used in other countries. And we aim to be at the forefront of the appraisal industry to better serve our clients and partners as they navigate these changes when they occur.
Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!
By: Present Value
SEC: Companies Will Need Time to Adopt International Financial Reporting Standards (IFRS)
More International Financial Reporting Standards (IFRS) Information Is Available