What information should an appraisal report contain?

1. Identify the client, and set forth a description of the business enterprise, security or other tangible and/or intangible property being appraised.
2. Form of organization, and if incorporated, the state of incorporation, along with a description (adequate to the assignment) of all classes of securities outstanding and a list of shareholders whose interest should (in the appraiser's judgment) be specified. If a partnership, the type and the state of filing, along with a list of those partners (whether general or limited) whose interest should (in the appraiser's judgment) be specified.
3. The purpose (standard of value) of the appraisal.
4. The function (use) of the appraisal.
5. The definition of the standard of value that is the purpose of the appraisal.
6. The effective ("as of") date of the appraisal.
7. The date the appraisal report was prepared.
8. The report's assumptions and limiting conditions.
9. The principal sources and references used by the appraiser.
10. The consideration of relevant data.
11. A Certification consistent with the intent of section 1.25 of the Business Appraisal Standards of the Institute of Business Appraisers.