What is the difference between a calculation, estimate and comprehensive valuation report?

A valuation report comes in levels. BDC says a valuator can prepare three, ranging from basic to highly detailed, and that the more thorough the report, the greater the cost and assurance. The three are called calculation, estimate and comprehensive. This page sets out how BDC describes each and what CBV Institute says about the standards behind them. It gives no fees and no values.

Where BDC says each is used

BDC says a calculation report may be suitable to establish a preliminary valuation assessment. It says an estimate report is often used for acquisitions, and may contain sales breakdowns by service line or division. It says a comprehensive report is common in more complex acquisitions and in situations involving litigation or regulatory scrutiny, and may include market and economic research and detailed breakdowns of figures.

What the standards require

CBV Institute says its updated Practice Standards for independent valuation conclusions apply to engagements beginning on or after January 1, 2026, and that Practice Standard 100 sets a principles-based foundation for all levels of valuation conclusions. It says that even at the calculation level, significant inputs and assumptions must be supported and relevant industry and economic factors considered. It also says its Practice Standards and Code of Ethics are mandatory for CBV professional practice and address the amount of work required, how an engagement is conducted, how conclusions are communicated and the file documentation kept.

What to ask

BDC says the amount of information a valuator needs depends on the type of report they must prepare. Ask which level you are getting and why it suits your purpose, and whether someone relying on it, such as a lender or the other side of a dispute, expects a particular level. See what a valuation report includes and how to read a valuation report.