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Expert Valuation Reports
As discussed last month, there are various reasons why valuation services are employed, including litigation, transactions, compliance-oriented and planning-oriented engagements. Likewise, there are two types of engagements:
- Valuation engagements ' These are generally undertaken for purposes of estimating the value of a subject interest. Here, appraisers are free to apply valuation approaches and methodologies deemed appropriate in the circumstances and the engagement results in a conclusion of value (i.e., opinion of value).
- Calculation engagements ' These are undertaken when the appraiser and the client agree on the valuation approaches and the methods to use and the procedures to be performed. A calculation engagement does not include all procedures required for a valuation engagement. The value of the subject interest is calculated in compliance with the agreement between the appraiser and the client and is expressed as a range or a single amount.
The Basics
Valuations must be based on what was known or knowable, or was reasonably anticipated, at the valuation date. Subsequent events (i.e., conditions that were not known or knowable and/or events that arose subsequent to the valuation date) can be disclosed in the valuation report but are not foundational as to the opinion expressed. SSVS-1 paragraph 43 and IBA paragraph V.C.1.(12) state that in circumstances where events may be of such nature and significance that disclosure of such events may be warranted for informational purposes only, the events do not affect the determination of value at the valuation date. USPAP Statement 3 addresses retrospective appraisals and allows for data subsequent to the effective date to be considered as a confirmation of trends that would reasonably be considered by a buyer or seller as of that date.
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