Types of Reports
Detailed Report (Full Appraisal): If the report is required by the IRS for tax filings, this report contains all the necessary information.
Summary Report (Full Appraisal): This type of report may not contain the amount of detail and explanation that is included in a full written report. It is appropriate in many cases. For example, it can be used in litigation or to assist with structuring a buy-sell agreement between two parties.
Calculation Report (Calculation Engagement): This type of valuation is often performed to assist an owner in developing an “asking price for the sale of the business or a buyer an “offering” price. The report contains an estimate that is an approximate indication of value based on the performance of limited procedures agreed upon by the appraiser and the client.
Appraisal Review: Appraisers are often asked to review and critique a report issued by another appraiser. A letter describing the review and critique is typically issued.