Tri-State Business Appraisal, LLC prepares all of its reports in compliance with the NACVA/Institute of Business Appraisers Professional Standards. These standards allow for three types of reports.
The formal appraisal report is a comprehensive business appraisal and is sometimes called the long form, narrative or comprehensive report. A Detailed Reports must be coherent, supportable, and understandable.
Summary Reports should set forth the Conclusion of Value through an abridged version of the information that would be provided in a Detailed Report and does not contain the same level of detail. By its nature, the Summary Report is an instrument of brevity.
The Calculation Report does not include all the procedures required for a Conclusion of Value. Had a Conclusion of Value been determined, the results may have been different since the appraiser has not performed the detailed investigation and analysis essential to a cogent appraisal.
Appraisal reports are written for a specific use and specific audience. When a report is used for a purpose or with an audience for which the report was not intended problems can occur. The audience may not understand and accept the conclusions in the report and result in a lawsuit or punitive actions by the Internal Revenue Service.
All business appraisers have their own form of the certification statement and most have similar concepts and content. Since our principal, Steven J. Iannelli, has received the Certified Business Appraiser (CBA) designation from the Institute of Business Appraisers (IBA) and NACVA, our certification statement incorporates the NACVA/IBA’s strictest requirements.
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