What does an appraiser's certification in a business or intangible asset appraisal report lack?

In an appraisal report for a business or intangible asset, the appraiser's certification typically excludes a reference to the inspection of the subject property because intangible assets do not have a physical existence that necessitates a physical inspection. Unlike real property appraisals, where the appraiser must inspect the physical characteristics of the property, appraisals of intangible assets often rely on financial data and market analysis rather than on the examination of tangible features or qualities.

The other aspects, such as providing a summary of market trends, a detailed comparison with other properties, and a description of the appraisal methodology, are essential components of an effective appraisal report. These elements ensure that the analysis is robust, substantiated, and supports the appraiser's conclusions about value, even when the subject does not involve physical inspection. The omission of a property inspection reference is appropriate given the nature of intangible assets, emphasizing that the approach to valuation reflects their unique characteristics.