According to the AICPA, a valuation engagement results in a "conclusion of value," which is an opinion on the value of the business or ownership interest, and it requires more procedures than a calculation engagement. The NACVA says a valuation engagement "requires that a member apply valuation approaches or methods deemed in the member's professional judgment to be appropriate under the circumstances and results in a Conclusion of Value.A calculation engagement, according to the AICPA, results in a calculated value, which can be expressed as a single amount or a range. This type of engagement does not incorporate all of the procedures required for a valuation engagement. Therefore, the cost for a calculation of value is much lower than a conclusion of value. NACVA's standards are similar: "A Calculation Engagement occurs when the client and member agree to specific valuation approaches, methods and the extent of selected procedures and results in a Calculated Value."

The controversy can be elaborated further in the paper: "Forensic Accountants and Calculation of Value Reports."

Valuation Decision based on Professional Judgement:

You are the valuation analyst for the defendant on a contentious shareholder lawsuit. The plaintiff's expert is a well known and prestigious valuation expert. Your client demands that you do your best to keep the cost of your valuation as low as possible. Calculations of value require much less work than a conclusion of value,  prepare a calculation of value report to satisfy your client?