REPORTS & STANDARDS

 

Key Principles of Professional Appraisal Practice​:

• Professional appraisal is not a casually delivered verbal estimate.

• A credible valuation conclusion requires research, documentation, methodology, and professional accountability.

• Not all appraisal assignments require IRS-qualified appraisal reports, but all professional appraisal assignments require appropriate reporting standards.

• The valuation conclusion is supported by the research and reporting process - not produced independently from it.

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Professional Appraisal Deliverables

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Professional appraisal assignments may result in different forms of reporting depending on the intended use of the assignment.

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Deliverables include:

• valuation reports,

• collection documentation,

• inventory-related valuation documentation,

• market research analysis,

• or fully documented qualified appraisal reports.

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Professional appraisal reports may involve:

• intended use and assignment conditions,

• valuation methodology,

• market and comparable sales analysis,

• provenance review,

• supporting documentation,

• condition-related consideration,

• and formal certification statements where appropriate.

 

The valuation conclusion is developed through the research and reporting process supporting assignment.

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Levels of Appraisal Reporting

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Professional appraisal assignment vary depending on the intended use and reporting requirements of the assignment.

Some assignments may involve:

• insurance coverage,

• collection management,

• equitable distribution,

• internal asset review,

• or financial discussions with attorneys and advisors.

 

Other assignments may require fully documented qualified appraisal reports prepared for federally regulated tax purposes.

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IRS-Qualified Appraisal Reports

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Certain appraisal assignments prepared for federally regulated tax purposes require qualified appraisal reports prepared in compliance with USPAP and applicable IRS regulations.

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These assignments may involve:

• non-cash charitable contributions,

• estate tax filings,

• gift tax reporting,

• and other federally regulated tax matters.

 

Such assignments generally require expanded documentation, reporting standards, certification requirements, and supporting research appropriate to IRS reviews.

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Important Clarification 

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Appraisal is distinct from formal authentication.

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When authenticity concerns arise during the appraisal process, additional expert consultation, scientific examination, or specialized authentication review may be recommended depending on the assignment.

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