PP151 Is Fair Value Fair?
When does a Personal Property (PP) appraiser use Fair Value as a type of value in an appraisal assignment? This presentation covers the concept of Fair Value and when it is used for financial reporting. The presentation will cover the definitions and terms that are utilized, examples of when a PP appraiser needs to use Fair Value, and understand the differences and similarities between Fair Value and Fair Market Value. The presentation will also cover the audit process and market support considerations in appraisals concluding an opinion of Fair Value.
All personal property appraisers, including GJ and MTS, who want to more fully understand the Fair Value concept to expand their appraisal skill set and ability to perform competently as they approach a Fair Value appraisal assignment as part of the valuation team.
Upon completion of this webinar, attendees will be able to:
- Recognize when Fair Value as a type of value standard is used;
- Identify and implement the correct definitions and terms used in Fair Value reporting;
- Compare and contrast Fair Value vs Fair Market Value;
- Examine the requirements for market support considerations; and
- Understand the reporting process and audit reviews.
Continuing Education (CE) Information
This webinar will award 2.4 CE hours.
Valcon Partners, Ltd.
Douglas Krieser, ASA FRICS has performed valuations for over 34 years. He is the Managing Director at Valcon Partners, LTD. He is a Past-President of the American Society of Appraisers (ASA), the past Chair of the Board of Examiners, has served on the MTS Committee and on various committees and task forces for both the ASA and the Appraisal Foundation. He has been teaching and writing ASA courses, webinars and presentations for over 18 years.
The majority of his career has been spent performing valuations for financial reporting, ad valorem tax and litigation purposes. Mr. Krieser has performed and supervised valuations throughout the United States, Europe, Asia, and South America. In addition to his valuation experience, Mr. Krieser is regarded as an expert witness and has testified in several states regarding personal property tax matters and in federal bankruptcy court.
In addition to authoring articles for various value-related publications and being a contributing author to various textbooks published by the ASA, Mr. Krieser has presented at national conferences on a variety of valuation and regulatory related topics.
In addition to his membership in the ASA, Mr. Krieser is a Fellow of The Royal Institution of Chartered Surveyors.