As the valuation profession faces demands to unite and raise the bar on its contribution to financial reporting, two key organizations are cutting ties and parting ways.

The International Association of Consultants, Valuators and Analysts says the National Association of Certified Valuators and Analysts has withdrawn its participation, abruptly ending discussions dating back to 2011 meant to hammer out how the groups would work together to define valuation requirements internationally. IACVA says the two groups had a collaborative arrangement that began in 2000, but NACVA “has not participated in the evolving requirements of valuators that operate in other international communities.”

In a statement, IACVA says management of both organization attempted to negotiate an agreement for future cooperation but NACV ended those talks in August 2013 and said it intended to separate from the IACVA network. “Management's actions at NACVA indicate that its membership no longer believes it is important to be involved with international valuation standards and the international network for collaboration that is available with other experts,” IACVA said in its statement. NACVA did not respond to a request for comment.

IACVA claims it is the largest accrediting and educational association in the world with 10,000 individual members from 30 countries. NACVA calls itself a global professional association to provide training in areas such as business valuation, forensic accounting, fraud risk management, and fair value, among others. NACVA Chairman Parnell Black focused his year-end message to members on the importance of the association's “Certified Valuation Analyst” credential, as well as its accreditation by an independent authority on certifications.

“I believe it is important that our members know that the Certified Valuation Analyst (CVA) credential meets the highest standards,” Black wrote to NACVA members. “There are no higher standards. Plus, the CVA is the only valuation or appraisal credential that has earned the right to boast about it. So, start boasting.”

PwC recently published a pair of white papers calling on the valuation profession to unify under a single professional framework and improve valuation standards. The financial reporting world needs greater quality and consistency, the Big 4 firms says, as financial reporting grows increasingly reliant on valuations to help prepare and audit financial statements.

Paul Beswick, chief accountant at the Securities and Exchange Commission, delivered a similar message two years earlier. “The fragmented nature of the profession creates an environment where expectation gaps can exist between valuators, management, and auditors, as well as standard setters and regulators,” he said. The SEC and the Public Company Accounting Oversight Board both have called on preparers and auditors to pay closer attention to the valuations they are relying on and not simply accept them at face value.