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Standards Board (SDB)

The SDB has the responsibility to provide clarification/interpretation of the Standards in response to questions from our members, or to address elements of practice and application not addressed in our principles based Standards, but determined by the Board to require clarification. These clarifications/interpretations are published in a document entitled, “Frequently Asked Questions” (FAQs), posted on NACVA’s website along with our Standards. The Board will support the broad use and acceptance of our Standards by pursuing bipartisan relationships with other standards-making organizations. They also have the charge to stay abreast of other industry standards, rules and requirements, and practice aids that impact our members. Accordingly, the Board will be proactive in influencing other organizations’ pronouncements in the best interest of our members. Members of the SDB are responsible for fielding phone calls referred to them by HQ to explain or interpret any portion of our Standards. The Board’s purpose is to promulgate NACVA’s Standards throughout the business valuation provider and user communities. This is achieved by addressing issues in the business valuation community and providing interpretations, amendments, restatements, and new releases of NACVA’s Standards as deemed necessary and prudent. Six positions must be represented by CVAs/CBAs/MCBAs. The SDB reports directly to the EAB, and apprising the EOB when and where their involvement is appropriate. All decisions approved by the SDB must also be approved by the EAB before going to the membership. The SDB works in conjunction with the Leadership Initiative Board (LIB) in matters of legislation or regulatory when and where the SDB has concerns. In such matters, two assigned representatives from the SDB act as liaisons between the two bodies and participate on LIB meetings where common issues are being discussed.