Performing a valuation engagement with professional competence involves special knowledge and skill. Statement on Standards for Valuation Services Number 1 states that a valuation professional should consider, at a minimum, the scope of the valuation engagement, including applicable standard of value (for example, fair value or fair market value), and the applicable premise of value (for example, going concern) when completing a valuation engagement.
Learn more by accessing this FVS quick reference guide on standards and premises of value.