---
title: Business Valuation Report: What It Contains | Assetica
description: The ten sections of a business valuation report, what the GDRFA, ICP, banks, buyers, courts and the FTA check first, and the red flags in a weak report.
url: https://assetica.net/blog/business-valuation-report-what-it-contains/
source: Assetica, independent business valuation firm, Dubai and the UK
---

# What a Business Valuation Report Contains, Section by Section

By **Bill Anderson**, FCCA, Chief Executive Officer, Assetica · Published 2026-10-30

![What a Business Valuation Report Contains, Section by Section (Assetica, independent business valuation, Dubai)](https://images.unsplash.com/photo-1579621970795-87facc2f976d?auto=format&fit=crop&w=1100&q=65&h=620)

**Direct Answer:** A business valuation report has ten core sections. It opens with scope, basis of value, valuation date and the information relied on. It then analyses the company, normalises earnings and reconciles the methods. It closes with the conclusion, the assumptions and a signed valuer's statement. Each reader checks a different section first. Test the date, the basis of value and the bridge from enterprise value to the interest valued first, because errors there move the figure most.

Many clients read only the conclusion. Yet the conclusion is only as strong as the pages behind it. The officer, banker, buyer or judge who receives the report reads those pages, and they know where to look.

This guide walks through a business valuation report section by section. It explains what each part should say, which reader turns to it first, and the red flags that mark a report as weak. If you are still collecting papers for the valuer, start with our [business valuation documents checklist](https://assetica.net/blog/business-valuation-documents-checklist/). If you already hold a report from the other side and want to test it, our guide to [challenging a valuation with a second opinion](https://assetica.net/blog/challenge-business-valuation-second-opinion/) covers that process.

## Why the structure of the report matters

A valuation is an opinion. A report is how that opinion is made checkable. The [International Valuation Standards](https://www.ivsc.org/standards/international-valuation-standards/) deal with this directly. IVS 106, Documentation and Reporting, sets minimum requirements for recording the work and reporting it, so that the intended users can follow how the figure was reached.

The [RICS Red Book](https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards) builds on the same idea for its members. Where the value feeds financial statements, [IFRS 13 Fair Value Measurement](https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/) adds its own disclosure logic. We compare the three frameworks in our guide to [IVS, RICS and IFRS 13](https://assetica.net/blog/business-valuation-standards-ivs-rics-ifrs/).

Headings vary between firms, but the content cannot be skipped. A report that leaves out a section is not shorter. It is incomplete.

## The ten sections of a business valuation report

The table summarises each section and the question a careful reader asks of it.

Section What it should contain The reader's question
1. Scope and purpose Client, intended users, purpose, the exact interest valued Was this report written for my use?
2. Standards and basis of value Standards followed, basis of value, premise of value Is this the right kind of value?
3. Valuation date One date, separate from the report date Is the figure current enough?
4. Information relied on Every source, whether audited, and what was not verified How reliable are the inputs?
5. Company and market analysis Licence, ownership, customers, sector and economy Does the valuer understand this business?
6. Normalisation Each earnings adjustment, line by line, with reasons Are the earnings real and repeatable?
7. Methods and reconciliation Methods used and rejected, key inputs, weighting Why this method, and why this weight?
8. Conclusion Figure or range, bridge to equity, value of the subject interest What exactly am I being told it is worth?
9. Assumptions and limiting conditions Special assumptions, restrictions on use, reliance limits What could make this wrong?
10. Valuer's statement Independence, qualifications, signature, any conflicts Who stands behind this figure?

## Sections one to four: the foundations

### Scope and purpose

This section names the client and the intended users. It states why the valuation was done and defines the subject. The subject is not just "the company". It is a specific interest, such as 100 per cent of the shares, a 40 per cent holding, or a business carved out of a group. A report written for a sale should not be reused for a visa, a loan or a tax filing without being reissued for that purpose.

### Standards and basis of value

Here the valuer names the standards followed and the basis of value. Market value, fair value under IFRS 13 and investment value can give different answers for the same business on the same day. The premise also matters: a going concern is valued differently from a business being wound down. A mismatch between basis and purpose is a serious technical fault, because the figure then answers the wrong question.

### Valuation date

The valuation date is the day the opinion speaks to. It is not the date the report was signed. Both dates should appear, clearly separated. The financial information used should sit close to the valuation date, and any later events the valuer has considered should be noted.

### Information relied on

Every source should be listed: audited accounts, management accounts, forecasts, contracts, licences, market data and interviews. The report should say which figures were audited and which were taken from management without verification. A short source list with no mention of audit status tells the reader very little.

## Sections five to seven: the analysis

### Company and market analysis

This part shows that the valuer understands what drives the business. In a UAE context it should cover the licence and jurisdiction, mainland or free zone, the shareholding and any share classes, key customers and suppliers, and the sector outlook. Share rights matter more since the Commercial Companies Law was amended. Federal Decree-Law No. 20 of 2025 allows mainland LLCs to have multiple share classes, so the rights attached to the subject shares need stating.

### Normalisation

Private company accounts rarely show the earnings a buyer would actually receive. Normalisation adjusts for owner salaries above or below market, one-off costs, related-party rent and non-operating income. Each adjustment should be shown line by line, with a reason and an amount. The report should also show how UAE Corporate Tax is reflected in the earnings or cash flows. Under Federal Decree-Law No. 47 of 2022, tax is charged at 9 per cent on taxable income above AED 375,000, as explained on the [FTA Corporate Tax pages](https://tax.gov.ae/en/taxes/corporate.tax.aspx).

### Methods and reconciliation

A good report explains which of the income, market and cost approaches it used, and why it rejected the others. For a discounted cash flow, it shows the forecast period, the discount rate build-up and the terminal value. For multiples, it names the comparable companies or deals and explains any adjustment for size or jurisdiction. Where two methods give different answers, the reconciliation explains the weighting in plain words. Take a hypothetical distributor valued by a DCF and an earnings multiple. If the results differ, the report must say which carries more weight and why.

## Sections eight to ten: the conclusion and its limits

### Conclusion

The conclusion states a figure, or a range with a point estimate where the purpose needs one. It then bridges from enterprise value to equity value, by deducting debt and adding surplus cash. Finally, it applies the value to the subject interest, including any discount for lack of control or marketability where the basis of value allows it.

### Assumptions and limiting conditions

This section is not boilerplate. It lists any special assumptions, such as a pending licence being granted or a contract being renewed. It also limits who may rely on the report and for what. A reader should check whether a special assumption is carrying a large part of the value.

### Valuer's statement

The report should close with a signed statement of independence, the valuer's qualifications and any past or present relationship with the company. Assetica does not audit, broker deals or take success fees. That is why our statements can say there is no outcome-based interest in the figure.

## What each reader checks first

The same report is read differently depending on who receives it. The table shows typical focus, not official checklists.

Reader Usually checks first Why
GDRFA or ICP (Golden Visa) Subject interest, conclusion, valuer's statement The figure should reflect the applicant's own share and come from an independent valuer
Bank Normalisation, debt bridge, assumptions Lenders care about cash to service debt, not the headline
Buyer Normalisation, forecast, information relied on Due diligence will test every adjustment against the ledger
Court Scope, independence, reasoning An expert's duty is to the court, and the reasoning must be easy to follow
FTA Basis of value, date, methods Related-party transfers are tested against an arm's length value

**Golden Visa.** The officer will usually look for the value of the applicant's own shareholding, not the company as a whole. The valuation date and supporting accounts should be recent, and the report should come from an independent firm. Our [Golden Visa valuation](https://assetica.net/golden-visa-valuation/) page sets out how we prepare reports for this purpose.

**Bank.** A lender reads the normalisation and the debt bridge before the conclusion. It wants to know whether the earnings are recurring and what is already owed. Our note on [valuations for bank loans](https://assetica.net/blog/business-valuation-for-bank-loan-uae/) covers this reader in more depth.

**Buyer.** A buyer's adviser will rebuild the normalisation from the general ledger. Any adjustment without evidence becomes a price reduction in negotiation.

**Court.** In the DIFC and ADGM courts, the expert's independence and the clarity of the reasoning can be tested under cross-examination. We cover court reports in detail in our [DIFC court valuation report guide](https://assetica.net/blog/difc-court-valuation-report/).

**FTA.** For related-party transfers and other tax uses, the basis of value and the valuation date matter most. A value on the wrong date or the wrong basis gives the authority an easy reason to query it.

## Red flags in a weak valuation report

Consider a report that runs to four pages, quotes one multiple and gives a single number. It may be right, but nobody can check it. These are the warning signs we look for when reviewing reports:

**No stated basis of value.** Without it, the reader cannot tell what kind of value the figure represents.

**A missing or blurred valuation date.** If the report date and valuation date are the same day, ask which accounts were used.

**Enterprise value presented as equity.** If debt is never deducted, the figure overstates what the shares are worth.

**The company figure used for a minority holding.** A 30 per cent shareholder does not own 30 per cent of a control value without explanation.

**Normalisation in one line.** A single "adjusted EBITDA" figure with no workings cannot be tested.

**A discount rate with no build-up.** If the rate is simply asserted, it can be argued up or down at will.

**Comparables that do not compare.** Large listed companies from other regions need explicit adjustment before they say anything about a private UAE business.

**No independence statement.** A report prepared by the company's own auditor, or by someone paid on the deal outcome, will draw questions.

**Template text.** Paragraphs that name a different sector or jurisdiction suggest the work was not done for this business.

## How long a business valuation report should be

There is no fixed length. A Golden Visa report for a simple trading company can be concise. A report for a court or a complex group will be much longer, with appendices. What matters is that each of the ten sections is present and that a reader can trace the conclusion back to the evidence.

Assetica prepares reports to RICS, IVS and IFRS standards. They have been used with the GDRFA, the ICP, the FTA, banks, buyers and the DIFC and ADGM courts. A standard [business valuation report](https://assetica.net/services/business-valuation/) takes five to seven business days from complete documents. Fees are quoted as a fixed fee in writing after a scoping call.

Need a report every reader can check?

We write each report so the officer, lender, buyer or judge can follow the figure from evidence to conclusion. Tell us who will read it and we will scope the work around that reader.

[Book a scoping call](https://assetica.net/services/business-valuation/)

## Frequently Asked Questions

What should a business valuation report include?

It should include the scope and purpose, the standards and basis of value, the valuation date and the information relied on. It then needs a company and market analysis, normalised earnings, and the methods with their reconciliation. It ends with the conclusion, the assumptions and limiting conditions, and a signed statement of independence.

What is the difference between the valuation date and the report date?

The valuation date is the day the value applies to. The report date is when the document was signed. They can be weeks apart. Both should be stated clearly, and the financial information used should sit close to the valuation date so the figure reflects the business at that point.

Can I use one valuation report for a Golden Visa and a bank loan?

Usually not without reissuing it. Each report names its purpose and intended users, and the reliance clause limits who can use it. The Golden Visa reader needs the value of your own shareholding, while a bank focuses on earnings and debt. The valuer can often reissue the report for a second purpose.

What are the red flags in a business valuation report?

The main red flags are a missing basis of value, an unclear valuation date, and enterprise value presented as equity. Others include a company figure used for a minority stake, one-line normalisation, a discount rate with no build-up, unadjusted comparables and no statement of independence.

Does a business valuation report give one figure or a range?

It depends on the purpose. Negotiation and planning reports often give a range with a central estimate. Authorities and courts often need a single figure they can act on. Either way, the report should show the sensitivity of the conclusion to the key inputs.

Which standards should a UAE business valuation report follow?

A UAE business valuation report is commonly prepared to the International Valuation Standards, and RICS members also follow the Red Book. Where the value is used in financial statements, IFRS 13 applies. The report should name the standards in its scope section so the reader knows the rules the valuer worked to.

This article is general information, not legal, tax or investment advice.

**Disclaimer.** This article is general information about valuation practice in the UAE and is not a valuation, an opinion of value, or tax, legal or investment advice. Any figures or reference ranges are indicative and are not a quotation for any specific business. Rules, rates and the requirements of individual authorities change, so confirm the current position before relying on anything here. For your own circumstances, [book a scoping call](https://assetica.net/contact/).

## Speak to Assetica about Business Valuation

Assetica is an independent business valuation firm in Dubai. We do not audit and we do not broker deals, so the number carries no conflict. Read more about [business valuation](https://assetica.net/services/business-valuation/), or [book a scoping call](https://assetica.net/contact/). Standard reports are issued in five to seven business days.

## Related Guides
- [Documents Needed for a UAE Business Valuation The Complete Checklist](https://assetica.net/blog/business-valuation-documents-checklist/)
- [Getting a Second Opinion: How to Challenge a Business Valuation](https://assetica.net/blog/challenge-business-valuation-second-opinion/)
- [Business Valuation Standards Explained: IVS, RICS Red Book and IFRS 13](https://assetica.net/blog/business-valuation-standards-ivs-rics-ifrs/)
- [ICP or GDRFA: Who Handles Your Golden Visa Business Valuation?](https://assetica.net/blog/icp-vs-gdrfa-golden-visa-business-valuation/)
- [How UAE Valuation Multiples Compare Across the GCC and MENA](https://assetica.net/blog/gcc-mena-valuation-multiples-benchmark/)

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