BV Course Library


Please find the library of BV courses offered by ASA including both introductory and advanced courses.

Course Description

This three-day, interactive course provides a high-level overview of general business valuation concepts without regard to the specific standard of value or purpose of the valuation.  The course provides a fundamental understanding of the application of valuation approaches and methods to arrive at an opinion of value through the use of a case study and incorporates individual and group classroom exercises to emphasize other important business valuation concepts. Specifically, the course provides a basic overview of the following topics:

  • The Foundation of Business Valuation;
  • Introduction to Business Valuation;
  • Definitions and Terminology;
  • The Valuation Process;
  • Introduction to the Income Approach;
  • Components of a Financial Statement;
  • Adjusting the Financial Statement;
  • Developing Rates of Return;
  • Financial Forecasting;
  • Introduction to the Market Approach;
  • Introduction to the Asset Approach;
  • Discounts and Premiums; and 
  • Reconciliation of Values.

Instructional Methods

Instructional methods include lectures, discussions, and individual/ group exercises and assignments.  Laptops and/or mobile devices are necessary for this course as students will receive eHandouts throughout the class.

Course Audience

This course is most beneficial to those interested in pursuing a career in the business valuation profession, those who are new to the business valuation profession, those who are interested in an introductory study in basic concepts of business valuation, and/or users of appraisal reports who wish to gain a better understanding the valuation process.

Course Description

BV201 is the first course in the Principles of Valuation (POV) course series. This course will introduce practitioners to the steps necessary to complete a valuation assignment and will provide an overview of how to apply the Market Approach . More specifically, the course will provide a Guideline for Public Company and Merger and Acquisition Methods. Additionally, the course will review:

  • Introduction to Business Valuation, Business Valuation Theory and a general overview of the Market Approach;
  • Defining the Appraisal Assignment;
  • Data Gathering;
  • Revenue Ruling 59-60;
  • Engagement Assignments;
  • Data, Company and Industry Analysis;
  • Economic and Financial Statement Analysis;
  • GPC Steps 1, 3, 4, 7, 8 and 9 Covering Guideline Search Selection;
  • Normalizing Financial Statements;
  • Calculating Selecting Multiples;
  • Adjusting and Applying Multiples and Reconciliation;
  • The Merger and Acquisition Method; and
  • Rules of Thumb and Other Market Methods.

Instructional Methods

Methods include lectures, discussions and individual/group exercises and assignments. Students are required to bring a laptop or mobile device to class as eHandouts will be provided throughout the course.

Course Audience

BV201 is one of four Principles of Valuation (POV) courses required for those seeking a credential with ASA.  In addition, this course is of interest to accountants, attorneys, business brokers, investment bankers, Internal Revenue Service staff and the appraisal community at large who are involved and/or interested in the valuation of businesses.

Course Description

BV202 was designed to build upon the learning outcomes achieved in BV 201 by adding the income approach to the student's skill set/ toolbox. This course places heavy emphasis on the three key variables of a valuation (regardless of whether the valuation is concerning fair value for financial reporting, fair market value for litigation or tax-related valuations):

  • Benefit Streams;
  • Risks (i.e., discount rate); and
  • Growth.

Students will be provided with the core concepts necessary for them to immediately apply the income approach without regard to the specific standard of value or purpose for the valuation. 

Instructional Methods

Methods include lectures, discussions and individual/ group exercises and assignments.  Laptops or mobile devices are necessary for this course as you will receive eHandouts throughout the class.

Course Audience

BV202 is one of four Principles of Valuation (POV) courses required for those seeking a credential with ASA.  In addition, this course is also of interest to accountants, attorneys, business brokers, investment bankers, Internal Revenue Service staff and the appraisal community at large who are involved or interested in the valuation of businesses.

Course Description

BV203 is an advanced course that takes the valuation foundations covered in BV201 and BV202 and extends the principles of value (POV) series into advanced topic areas, including those with diversity in their practice. Students will learn to:

  • Apply the asset approach;
  • Apply discounts and premiums;
  • Reconcile values; and  
  • Write reports that illustrate the most contentious valuation topics.

Instructional Methods

Methods include lectures, discussions and individual/group exercises and assignments.  Laptops or mobile devices are necessary for this course as eHandouts will be made available throughout class.

Course Audience

BV203 is one of four Principles of Valuation (POV) courses required for those seeking a credential with ASA.  In addition, this course is also of interest to accountants, attorneys, business brokers, investment bankers, Internal Revenue Service staff and the appraisal community at large who are involved or interested in the valuation of businesses.

Course Description

This capstone course applies the general valuation theory and principles learned in BV201, BV202 and BV203 and introduces the student to a variety of advanced valuation applications.  This course is presented in the following chapters (see more detail below): Pass-Through Entities; Intangible Assets; Non-US Cost of Capital; Fairness Opinions; Solvency Opinions; Value Allocation in a Complex Capital Structure; Employee Stock Ownership Plan Valuation; Valuation of Debt and Preferred Stock; Litigation Services; and Advancement and Accreditation.

 

  • Chapter 1. Pass-Through Entities (2 hours) covers topics including (i) the economic and tax differences between pass-through entities and C corporations, (ii) the Tax Court cases that changed the landscape of pass-through entity valuation and (iii) the emerging valuation models used to quantify the value differential between pass-through entities and C corporations.

  • Chapter 2. Intangible Assets (4 hours) covers topics including (i) definition, identification and categorization of intangible assets, (ii) introduction to applicable valuation methods, (iii) issues related to goodwill and (iv) the excess earnings method.

  • Chapter 3. Non-US Cost of Capital (2 hours) covers topics including (i) defining and evaluating various non-US country specific risks and (ii) an overview of several quantification methods for non-US cost of capital, including advantages and disadvantages of each.

  • Chapter 4. Fairness Opinions (1.5 hours) covers topics including (i) corporate directors’ duties, (ii) foundational issues of fairness opinions, (iii) underlying financial analyses and (iv) unique fairness-related issues.

  • Chapter 5. Solvency Opinions (1.5 hours) covers topics including (i) underlying bankruptcy and fraudulent conveyance issues, (ii) foundational issues of solvency opinions, (iii) underlying financial analyses and (iv) unique solvency-related issues.

  • Chapter 6. Value Allocation in a Complex Capital Structure (5 hours) covers topics including (i) fair value considerations, (ii) valuation methods for early-stage companies, (iii) relevant features of equity securities, (iv) primary equity allocation methods and (v) issues relating to estimating volatility.

  • Chapter 7. Employee Stock Ownership Plan Valuation (1.5 hours) covers topics including (i) an introduction to ESOPs, (ii) various ESOP-specific engagement issues and (iii) the valuation impact of various ESOP-specific characteristics.

  • Chapter 8. Valuation of Debt and Preferred Stock (1.5 hours) covers topics including (i) an overview of security characteristics affecting value, (ii) fundamentals of credit analysis and (iii) adjusting a market-derived yield for company-specific issues.

  • Chapter 9. Litigation Services (1.5 hours) covers topics including (i) an overview of the U.S. judicial system, (ii) types of disputes requiring valuation evidence (iii) principals of evidence and testimony, (iv) the litigation process and (v) measures of economic damages and available remedies.

  • Chapter 10. Advancement and Accreditation (1 hour) covers topics including (i) prerequisites for advancement, (ii) experience requirements, (iii) guidelines for submitting appraisal reports, (iv) a review of common report flaws and (v) recommendations for success.

Instructional Methods

Methods include lectures, discussions and individual/ group exercises and assignments.  Laptops or mobile devices are necessary for this course as you will receive eHandouts throughout the class.

Course Audience

BV204 is one of four Principles of Valuation (POV) courses required for those seeking a credential with ASA.  In addition, this course is also of interest to accountants, attorneys, business brokers, investment bankers, Internal Revenue Service staff and the appraisal community at large who are involved or interested in the valuation of businesses.

Course Description

A common stumbling block for many candidates going through ASA’s accreditation process is the successful preparation of a satisfactory appraisal report.  After reviewing hundreds of reports and working directly with candidates, ASA’s Board of Examiners realized many BV practitioners need specialized assistance in preparing high-quality appraisal reports. This course has been prepared keeping in mind the types of report-writing errors commonly found in submitted reports and with a view to the high degree of competence and report-writing skill required to pass the rigorous report review by ASA's Board of Examiners.  Candidates who follow the guidelines presented in this course stand a much better chance of preparing a satisfactory report on the first try.

This course will:

  • Review the rules for report writing set forth in relevant appraisal standards;
  • Suggest proven solutions to logistical problems like organization, layout, style, printing, etc;
  • Present a workable outline for a formal written business valuation report;
  • Suggest suitable content for each section of an appraisal report; and
  • Present a sound background for preparing appraisal reports which will meet the requirements of the ASA’s Board of Examiners.

A Note on Sample Reports

Some students have requested that ASA provide them with a sample report showing the content and organization discussed in this course. Experience has shown, however, that when students are provided with a sample report, they do not learn the underlying skills and analysis necessary to become competent appraisers and report-writers. Accordingly, no such sample report is included with this course; however, the many examples included in the course and the suggested table of contents are a “great start” and serve as a sound foundation for good report writing.

The Skilled Report-Writer

While this course will serve as a guide for writing business valuation appraisal reports, no one-day session can teach everything the skilled and competent appraiser needs to know about report writing. Competency and proficiency in report writing can only be gained through years of continuing appraisal education and hands-on appraisal report writing experience.

Pre-Requisites

This course assumes students are at least minimally qualified to perform business appraisals and have passed the four BV Principals of Valuation courses (BV201 - BV204).  This course also assumes students can demonstrate an expected level of common sense and good judgment, as well as proper and comprehensive grammatical skills.  While this course will assist you in writing a report that will be acceptable for ASA’s accreditation process, taking this course does not guarantee that your report will pass the Board of Examiners review process.

Course Description

This course presents key principles and real-world applications in the valuation of intangible assets. This four-day course includes internationally recognized guidance developed for the valuation of intangible assets in a financial reporting context including audit requirements for fair value matters. Course materials emphasize materials specific to intangible asset valuation presented by FASB and IFRS releases and developed by task forces established by The Appraisal Foundation or the AICPA.

A partial listing of key topics discussed in depth in the course include:

  • Intangible asset characteristics, identification and recognition
  • Rolls and contributions of various intangible assets of a going concern
  • Valuation methodologies under the Cost, Market and Income Approaches to value
  • Market participant and entity specific assumptions to include in valuation models
  • Different types of projections and correct integration into intangibles valuations
  • Relief from Royalty Method – theory and application
  • Royalty rate estimation based on licensing transactions and the profit-split method
  • Multi-Period Excess Earnings Method – theory and application
  • Differential value methods including With and Without Method and Greenfield Method – theory and application
  • Economic life estimates for intangible assets including a detailed discussion of alternative means of developing attrition rate estimates
  • Discount rate development for different intangible assets
  • Financial reporting guidance pertaining to developing fair value estimates both in general and as it relates to valuing intangibles
  • Rolls of the WACC, internal rate of return (IRR) and weighted average return on assets (WARA) in developing estimates of intangible asset values
  • Numerous other

Completion of this course is mandatory for individuals interested in obtaining the ASA’s Specialty Designation in Intangible Assets valuation. 

Instructional Methods

Methods include lectures, discussions and individual/ group exercises and assignments.

Course Audience

This course is relevant for individuals that value intangible assets for financial reporting, tax, litigation and other purposes.

Suggested Pre-Requisites

While this course is open to all who wish to enroll, the following suggested prerequisites may provide for a more meaningful student experience:

  • Degree in finance and/or accounting;
  • At least two years of business valuation experience;
  • Six months’ or more experience performing or reviewing intangible asset appraisals; and
  • General familiarity with fair value guidance.

Advanced Preparation

For detailed insights on intangible asset valuation, students should read:

  • The Appraisal Foundation, Best Practices for Valuations in Financial Reporting: Intangible Asset Working Group, The Identification of Contributory Assets and the Calculation of Economic Rents, issued May 31, 2010;
  • AICPA Practice Aid entitled Assets Acquired to Be Used in Research and Development Activities, issued 2013;
  • The Appraisal Foundation, The Valuation of Customer-Related Assets, issued June 15, 2016;
  • The Appraisal Foundation, The Measurement and Application of Market Participant Acquisition Premiums, issued September 6, 2017;
  • The Appraisal Foundation, Valuation of Contingent Consideration, final document issued February 2019.

For insights on relevant rules impacting fair value, students should review:

  • IFRS 13, Fair Value Measurement;
  • ASC 820, Fair Value Measurements and Disclosures;
  • International Financial Reporting Standard (“IFRS”) 3, Business Combinations; and
  • Accounting Standard Codification (“ASC”) 805, Business Combinations.this entire line.

Course Description

BV 401 is intended to provide appraisers that currently (or those who would like to in the future) perform valuations for financial reporting for U.S. public companies with the additional technical expertise in valuation and other areas required to perform these valuations. Completion of the course and passing both parts of the related exam is one of several requirements to obtain the (CEIV™) certification.  The exam fees are included in the price of the course.

The broad areas covered in BV 401 include:

  • Fair Value Accounting and Regulatory Environment
  • Technical Guidance Related to Valuations for Financial Reporting
  • Use of the Valuation Report in the Audit Process
  • Mandatory Performance Framework

Instructional Methods

Methods include lectures, discussions, exercises and assignments.  While this course may occasionally be offered in a classroom format, most students will take this course in an OnDemand, self-paced format accessible via "My ASA Courses" online after registration.

 

Course Audience

This course was designed for professionals who provide fair value measurements for SEC-registered, U.S. publicly traded companies for financial reporting purposes and is required for those pursuing the Certified in Entity and Intangible Valuations™ (CEIV™) certification.

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ASA is a member of the International Institute of Business Valuers (IIBV).  IIBV's educational program focuses on the international student, and its core courses (IIBV101 - IIBV104) have been accepted in ASA's Professional Educational Equivalency Certification Program (PEECP) as equivalent to ASA's BV201-BV204 courses making them acceptable toward a designation program with ASA.    

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