An FMV opinion is typically an individual’s opinion of the value of a specific service (as opposed to an asset or business interest).  Trained and certified appraisers are normally the types of professionals that are hired to express their opinion on the value of a service.  Three of the more common professional appraisal standards include the Uniform Standards of Professional Appraisal Practice (USPAP), The AICPA’s Statement on Standards of Valuation Services  (SSVS) and the American Society of Appraisers’  ASA Business Valuation Standards. An appraiser who holds an appraisal credential from the AICPA or ASA is required to follow the standards of their professional association as well as the USPAP.  These published standards include elements such as professional ethics, objectivity, competence, development and identification of assumption and limiting conditions that an appraiser must adhere to when expressing an opinion of value.  There are reporting standards for expressing a value for a business interest, tangible asset or intangible asset. But, what is not clearly explicit are formal reporting standards when issuing an FMV opinion of a service
 
However, for an FMV opinion to be defensible and credible, the expert’s report should include enough information that allows the reader to fully understand how the appraiser arrived at his/her opinion.  A thorough FMV opinion report tells a story which may include the theory behind the story, the appraisal methods used, sufficient relevant market data, and solid research.  An expert’s FMV opinion report should answer the ultimate question: “What’s the basis of your opinion?”