In business valuation, Assumptions and Limiting Conditions are the parameters and boundaries under which a valuation is performed, acknowledged or understood by the valuation analyst and the client for defining the existing circumstances for the valuation. The limiting conditions define the boundaries of the valuation and what the valuation conclusion cannot be used for and the conditions under which the valuation conclusion will remain valid. When the assumptions and limiting conditions change, the valuation conclusion will cease to be applicable and relied upon. Any professional business valuation report must include a section on assumptions and limiting conditions.