The Board proposes the rule amendment in order to provide updated instruction concerning the standards for valuation services.

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Board of Accountancy

RULE NO: RULE TITLE
61H1-20.0098: Standards for Business Valuations
PURPOSE AND EFFECT: The Board proposes the rule amendment in order to provide updated instruction concerning the standards for valuation services.
SUMMARY: The updated instructions regarding the standards of valuation services will be provided in the rule amendment.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 473.304, 473.315 FS.
LAW IMPLEMENTED: 473.315 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN FAW.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Veloria Kelly, Division Director, Board of Accountancy, 240 N. W. 76th Dr., Suite A, Gainesville, Florida 32607

THE FULL TEXT OF THE PROPOSED RULE IS:

       61H1-20.0098 Standards for Valuation Services Business Valuations.

“Standards for Valuation Services” Business Valuations shall be deemed and construed to mean “Issues Statement on Standards for Valuation Services No. 1,” “Consulting Services Practice Aid 93-3, Conducting a Valuation of a Closely Held Business,” dated 1993 as published by the American Institute of Certified Public Accountants, in effect as of January 1, 2008 June 30, 2002. (Available from the AICPA’s + Resource Online at: http://bvfls.aicpa.org/Resources/Laws+Rules+Standards+ and+Other+Related+Guidance/AICPA+valuation+Standard+and +implementation+Toolkit.htm  or call 1(888)777-7077) www.cpa2biz.com.

Specific Authority 473.304, 473.315 FS. Law Implemented 473.315 FS. History–New 11-8-95, Amended 9-30-97, 9-29-02,________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Board of Accountancy
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Board of Accountancy
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 19, 2007
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: June 22, 2007