A Certified Public Accountant that issues an appraisal, can, according to accounting standards, issue a "calculation report" or a "valuation report". A calculation report is one in which the accountant applies procedures and valuation methodologies agreed to by the client and the accountant in advance. This is an important distinction from a valuation report in which the accountant uses his or her professional judgment to determine which of various valuation methodologies should be applied. Different (lower) standards apply for a Calculation Report. Whichever approach is used, the report should clearly indicate it.
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