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Article 26
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The text of an opinion which an expert issues based on the value of its own estimation of the object under review shall specify, as a minimum:
- value criterion and value premise;
- record date of evaluation;
- material assumptions and restrictions applied;
- reasons for employing the appraisal or valuation method and related parameters employed, and process of calculation;
- adjustments, analyses, and determinations made;
- information used and its sources, for example CPA-audited financial statements, Market Observation Post System, databases etc. Whether the evaluation procedure and information are appropriate and reasonable shall be indicated if information is sourced from the internal information of the principal or object under review which has not been verified by an impartial third party, for example the expert’s own unaudited figures and prospective financial information etc. ;
- final value or value interval;
- conclusions of opinions: comparison between the contents of engagement, for example the estimated transaction price or share exchange ratio, acquisition price etc. of the object under review, and the final value or value interval, and express opinion on the relevant reasonableness.
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