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PP151 Is Fair Value Fair?

Description

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.

Course Audience

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.

Learning Outcomes

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.

Douglas Krieser

Managing Director

Valcon Partners, Ltd.

Douglas Krieser has performed valuations for 37 years. He is Managing Director of Valcon Partners, LTD, is a a member of the ASA college of Fellows, is Past-President of the American Society of Appraisers, past Chair of the Board of Examiners, and has served on various ASA and Appraisal Foundation committees and task forces. He is very active in teaching and writing ASA courses and webinars.  He has performed valuations for financial reporting, ad valorem tax and litigation purposes.  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, Mr. Krieser has presented at national conferences on a variety of valuation and regulatory related topics.   Mr. Krieser is a Fellow of the ASA as well as a Fellow of The Royal Institution of Chartered Surveyors. 

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