A calculation engagement relates to a business valuation engagement where the valuation analyst and the client agree on the specific valuation approaches and valuation methods that the valuation analyst will use and the extent of valuation procedures to be performed to estimate the value of a business, business ownership interest, security, or intangible asset. As calculation engagement generally does not cover all of the valuation procedures required for a full business valuation engagement. Because calculation engagement is not fully independent and may vary significantly from full scope fair market value assessment, such reports are used largely for internal purposes and most valuers would not defend calculation value in courts and for settlements.