Valuation date versus report date
The valuation date is the point in time at which value is assessed. The report date is when the analysis is completed and issued. A report issued later should not automatically import information that was not known or reasonably knowable at the valuation date.
Known or knowable information
Historical valuations require careful separation between evidence available at the date and later outcomes. Later events may confirm conditions that already existed, or they may represent genuinely new circumstances. The distinction should be documented.
Subsequent events
Events after the valuation date—such as financing, contract awards, litigation outcomes, market shocks or a sale—may need disclosure even when they are not included in the value conclusion. Whether an update is required depends on purpose, standards, materiality and user needs.
When to refresh a valuation
- A material change in forecasts, financing or business conditions
- A new transaction or external investment
- A major market or regulatory event
- A reporting, audit or transaction deadline that requires a more current date
- A change in the instrument, ownership rights or capital structure
- Significant new information affecting key assumptions
Retrospective and dispute valuations
For litigation, tax, probate or transaction disputes, the valuer may work retrospectively. The instruction should specify what information may be considered and how hindsight is to be avoided. Legal advisers may need to define the evidential framework.
Good report practice
The report should state the valuation date, report date, financial-information dates, market-data cut-off and treatment of subsequent events. Where the conclusion is sensitive to later developments, a clear caveat or update mechanism may be appropriate.