BVWire attended last week’s CBV Connect conference, and one session discussed the three levels of valuation reports Canadian valuation standards identified: comprehensive, estimate, and calculation. The calculation report is the lowest level and is based on minimal review and analysis and little or no corroboration of information given by management. According to practice inspection declarations for 2022, more calculation reports were issued from 2018 to 2021 than the other types. There were 633 calculation reports issued and 547 estimate valuation reports (the midlevel report)—only 158 comprehensive valuation reports were issued in that time frame. What’s more, more than half (60%) of conference attendees said they would most likely not use a comprehensive report for litigation purposes. Full coverage of the conference will be in the August issue of Business Valuation Update.