Patel: In today’s environment where companies are more intangible asset-based rather than tangible asset-based, there’s probably an evolution that needs to happen in terms of how you value inventory.
Patel: We’ve seen constant change around goodwill in the past few years.
Nearly a year since the Tax Cuts and Jobs Act was signed, there are still a number of questions about how to apply the new law but some areas, such as valuation, are beginning to get some clarity.
“We’ve come a long way in terms of determining how to calculate fair value.”
Companies will need to take more ownership of their valuations.