The Certified in Entity and Intangible Valuations (“CEIV”) credential was designed to enhance consistency and transparency in the fair value measurement process and is issued to valuation professionals who perform fair value measurements for businesses, business interests, intangible assets, certain liabilities, and inventory for financial reporting purposes. Key components of this credentialing program includes compliance with the Mandatory Performance Framework that will help define how much work is necessary to provide supportable and auditable fair value measurements which will be reviewed through an ongoing Quality Control process.
The CEIV credential was designed to address fair value measurements for businesses, business interests, intangible assets, certain liabilities, and inventory for financial reporting purposes. Financial statements issued for financial reporting purposes include, but are not limited to, financial reports issued by the following:
Important: If a CEIV credential holder is engaged by a privately held entity that does not issue financial statements in accordance with U.S. GAAP (for example, financial statements issued in accordance with special purpose frameworks), the CEIV credential holder should follow the MPF documents for the engagement; however, if the CEIV credential holder elects not to follow the MPF documents, this fact and rationale must be prominently displayed on the first page of the final valuation report.
The Mandatory Performance Framework is a practical non-authoritative framework that defines how much work is necessary to provide supportable and auditable fair value measurements for financial reporting. The Framework is designed to enhance consistency and transparency in the performance of fair value measurements, to the benefit of the public interest. CEIV credential holders are required to comply with the Mandatory Performance Framework.
In addition to baseline ASA course requirements (BV201-204), CEIV credential candidates are required to take BV401 which is education related to the fair value measurement Body of Knowledge and training on the Mandatory Performance Framework.
BV401 has been developed to identify the competencies required to obtain the CEIV credential. This knowledge focuses on the four following components:
CEIV credential candidates must successfully pass a two-part, uniform CEIV examination. Part 1 of the CEIV Examination relates to the Body of Knowledge and Part 2 relates to the Mandatory Performance Framework (MPF) and the application of the MPF as related to the fair value measurements Body of Knowledge. Both parts of the CEIV Examination will be in a timed, multiple choice format and will be administered online. All CEIV credential candidates must successfully pass both parts of the CEIV Examination in order to obtain the CEIV credential.
To apply for the CEIV credential you must have a college degree or the equivalent and a minimum of 3,000 hours of qualifying fair value measurement experience related to businesses, business interests, intangible assets, certain liabilities, and inventory over the ten (10) years prior to application for the CEIV credential. At least half of those hours (1,500) must be earned within the preceding five (5) years. Experience must be attested to by a supervisor of a peer if a supervisor is not available. If neither of these are available, you may submit a log of your experience in lieu of a letter of attestation.
No. All CEIV credential candidates, regardless of years of experience, are required to undertake both the Body of Knowledge and the Mandatory Performance Framework training and successfully pass both parts of the CEIV Examination (Part 1 relates to the Body of Knowledge and Part 2 relates to the Mandatory Performance Framework).
Qualifying fair value measurement experience, for the purpose of the CEIV credential, may include: auditor specialists valuation reviews of fair value measurements prepared by a third party or by management; firm review of fair value measurements prepared by the firm’s valuation team; reviewing and signing valuation reports; performing, mentoring, supervising or managing fair value measurement engagements; and consulting on, instructing, authoring, developing thought leadership and staff development on fair value measurement matters.
If you do not pass the exam (or you do not pass one of the parts of the exam), you are provided the opportunity to retake the exam. More information may be found on the CEIV Next Steps/Retake Exam Application.
As an AM or ASA in BV, you have already met the baseline credential education and therefore just need to take and pass the CEIV course and exam. In terms of the experience requirement, you will need to meet the current qualifications for CEIV to include 3,000 hours of experience related to business and intangible asset fair value measurements over the ten (10) years prior to applying for the CEIV credential with at least half of those hours (1,500) earned within the preceding five (5) years. Once your CEIV education and experience requirements have been met, you may apply for the CEIV credential.
You will first need to join ASA and be at least at the Candidate level to be eligible to apply for the credential. Before you submit an application, be sure you have completed the baseline education and met all of the CEIV education and experience requirements.
If you have a designation with an organization in which ASA accepts equivalency, you may be able to apply that designation toward satisfying baseline BV education. To attain the CEIV credential; however, everyone is required to take the Mandatory Performance Framework training course and pass the CEIV examination.
It is possible to fulfill ASA and CEIV requirements simultaneously. Please check with your ASA's Credentialing Specialist for more information.
All CEIV credential holders must meet the following requirements to maintain the CEIV credential:
The goal of the Quality Monitoring Program is to provide confidence to markets and regulators that CEIV credential holders are performing high quality valuations in compliance with the requirements of the MPF. All CEIV credential holders are subject to the CEIV Quality Monitoring Program. The Program encompasses a combination of ongoing credential maintenance requirements and the completion of an annual Quality Compliance Assessment to evaluate whether core areas of the MPF are being properly implemented and followed.
The minimum key steps of the Quality Monitoring Program involves a three-tiered approach that includes:
Should the Quality Compliance Assessment identify any areas of non-compliance that cannot be resolved through direct exchanges in dialogue between the CEIV contact and ASA, or if ASA has received complaints against a credential holder, an interview will be requested by and between ASA and the CEIV contact. This will provide the CEIV contact with the opportunity to make representations on any information regarding aggravating or mitigating circumstances in the quality monitoring process. It will also allow the interviewer to inquire into the CEIV contact’s understanding of the MPF and its proper use, and document the specific measures being taken by the credential holder to correct any identified issues.
After the interview and any subsequent dialogue, if the interviewer feels a satisfactory resolution has been met, ASA will “approve” continued use of the credential. Should the interviewer determine that areas of non-compliance have not been satisfactorily resolved, he or she may recommend an appropriate level of recourse which may include, but are not limited to:
In situations where all avenues have been exhausted and resolution is not possible through ongoing engagement, ASA reserves the right to request a review of a redacted valuation work product for compliance with the MPF. Should the CEIV contact choose not to participate in this process, they will be asked to surrender the CEIV credential.
Other behavior which may result in the surrendering of the CEIV credential includes, but is not limited to:
The trademarks CEIV and CERTIFIED IN ENTITY AND INTANGIBLE VALUATIONS are owned by Corporate and Intangibles Valuation Organization, LLC, and are used under license agreements between Corporate and Intangibles Valuation Organization, LLC and RICS, ASA and AICPA.