The Standard of Value is the authentication of the type of value being used in a specific business valuation engagement. There are different standards of value such as fair market value, statutory fair value, investment value (strategic value), financial reporting fair value, and intrinsic value. Fair Market Value (FMV) is the standard of value which forms the basis of most business valuations. Fair market value is defined in U. S. Internal Revenue Ruling 59-60 as “the amount at which property would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of relevant facts”.