A valuation opinion report is a formal document that communicates the appraiser's conclusion of value and the analysis supporting that conclusion. Standard components include a transmittal or opinion letter (A), detailed sections on the valuation theory, methodology, and analysis (B), and a list of all data and documents relied upon (C). While a valuation may be prepared for litigation, the legal case documents themselves (e.g., pleadings, motions, discovery) are not part of the valuation report. The report is an independent expert opinion, and including external legal filings would be outside its scope and purpose.

A: The valuation opinion letter (or letter of transmittal) is a required introductory section that formally states the conclusion of value.

B: The body of the report must detail the theory, methodology, and analyses to ensure the conclusion is understandable and supportable.

C: Listing the data and documents relied upon is a fundamental requirement for transparency and to substantiate the appraiser's work.

1. National Association of Certified Valuators and Analysts (NACVA), Professional Standards, Standard V - Reporting Requirements, Section A. This standard outlines the required elements of a Detailed Report, which include, but are not limited to, a letter of transmittal, sources of information, valuation approaches and methods considered and used, and the conclusion of value. It does not require the inclusion of external legal case documents.

2. American Institute of Certified Public Accountants (AICPA), Statement on Standards for Valuation Services No. 1 (SSVS No. 1), VS Section 100, Paragraph 83. This paragraph details the fundamental elements of a valuation report. It specifies including "the sources of information used" and a description of the "valuation approaches and methods used," but makes no mention of including entire legal case files.

3. Mercer, Z. C., & Harms, T. W. (2008). Business Valuation: An Integrated Theory (2nd ed.). John Wiley & Sons. Chapter 18, "The Valuation Report," describes the typical structure of a valuation report, which includes a transmittal letter, sources of information, and detailed analytical sections. The chapter's outline confirms that legal case documents are not a standard section of the report itself.