Stereum lobatum (false turkeytail)[1] is a basidiomycete crust fungus, which means it does not have the traditional mushroom gills nor stem, but rather grows flat or with shelf-like protrusions on wood.
[2] Stereum lobatum grows in a fan-like shape with a narrowed base, and an upper surface that becomes zonate due to the felted hairs falling off and revealing the brown colour underneath.
The distinguishing features of S. lobatum is the combination of the yellow undersurface bruising, narrow base attachment, and the felted hairs.
Stereum subtomentosum is also a yellowing species, but the hairs are straight (as seen when folded and magnified with a hand lens), and the base has a usually broader attachment then S.
[2] Stereum ostrea is almost identical, apart from the fact that current studies show that it does not grow in North America.