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A valuer's guide to AICPA VS Section 100

Statement on Standards for Valuation Services No. 1, codified as VS Section 100, sets the standards AICPA members follow when they value a business, a business ownership interest, a security or an intangible asset. It applies to US CPAs in tax, transaction, litigation, financial reporting and estate work, and sits alongside USPAP Standards 9 and 10. Interpretations are in VS Section 9100.

• Part 1 of 4 · Scope

• Part 2 of 4 · Engagement types

Scope of the standard

Valuation or calculation

Applies when an AICPA member estimates the value of a business, ownership interest, security or intangible asset and expresses a conclusion of value or a calculated value. The AICPA Code of Professional Conduct also applies.

In a valuation engagement the analyst chooses the approaches and methods and reaches a conclusion of value. In a calculation engagement the analyst and client agree the approaches and procedures in advance, giving a calculated value.

• Part 3 of 4 · Development

• Part 4 of 4 · Reporting

Analysis and approaches

Three report formats

The analyst studies the subject's nature, history, financial information and industry, considers the income, market and asset-based approaches, applies discounts or premiums where appropriate, and reconciles the results.

A valuation engagement is reported in a detailed or summary report; a calculation engagement in a calculation report. Reports for matters before a court can be exempt from the reporting rules, but the development rules still apply.

• Practice point 1 of 4 · Engagement letter

• Practice point 2 of 4 · Specialists

Fix the engagement type

Disclose reliance

Agree in writing whether the work is a valuation or a calculation engagement before you start. Clients and courts read a calculated value very differently from a conclusion of value.

If you rely on a real estate appraiser, a machinery appraiser or another specialist, say so in the report and describe the extent of that reliance.

• Practice point 3 of 4 · Valuation date

• Practice point 4 of 4 · What's next

Mind subsequent events

Watch the new framework

Value as of the valuation date. Later events are generally not taken into account, but may be disclosed separately where they help users understand the conclusion.

In October 2026 the AICPA, ASA and RICS released an exposure draft of a Valuation Performance Framework to replace the Mandatory Performance Framework. Comments close on 22 December 2026; VS Section 100 remains in force.

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Read the official text, then go deeper

This guide is Valuvix’s independent summary of AICPA VS Section 100 and its interpretations in VS Section 9100. Valuvix is not affiliated with the AICPA. Rely on the official text, and compare with our USPAP 2024 guide (Standards 9 and 10) and our IVS 2025 guide.