Financial reporting under the International Financial Reporting Standards (IFRS) or US financial reporting standards (US-GAAP), and increasingly also under commercial law provisions, requires the reporting of many asset values and liabili-ties at the recognised current value (fair value). This gives rise to a considerable number of requirements for the proper valuation of assets and liabilities in relation to the preparation of financial statements.
The importance of intellectual capital has increased steadily in recent years. Intangible assets such as client bases, trademarks and technology are progressively becoming the focus of entrepreneurial investment decisions. Their increasing importance for commercial success means that they are frequently the subject of legal and tax disputes.