BV204 Advanced Topics in Business Valuation
Includes Multiple Live Events. The next is on 07/30/2024 at 10:00 AM (EDT)
Tuesday, July 30, 2024 - Friday, August 2, 2024
10:00am-6:00pm Eastern Standard Time
Class registration will close on Friday, July 26, 2024.
- Access to virtual zoom sessions will be accessible via education dashboard (login required)
- Electronic student materials*
*All course materials included with your registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.
- The Valuing a Business, 6th Edition Book is required for this class and can be purchased as an electronic pdf copy, or hard copy via the ASA Shop. If opting to order a hard copy, be sure to place order in advance to prevent shipping delays.
(All Times are Eastern US)
- Day 1 - Tuesday, July 30, 10:00am - 6:00pm
- Day 2 - Wednesday, July 31, 10:00am - 6:00pm
- Day 3 - Thursday, August 1, 10:00am - 6:00pm
- Day 4 - Friday, August 2, 10:00am - 1:00pm (Final Exam)*
*The final exam will be administered and proctored as shown on the scheduled date. Exams are no longer provided in a written format and students MUST have a personal laptop or computer device to complete the secure online exam. For any exam questions or technical/logistic concerns, contact firstname.lastname@example.org. More detailed information will be provided before class concludes.
Please note: Partial credit will not be awarded for this offering. Students must participate in all the live session(s) virtually to complete the course and receive full credit following successful completion of the final exam. The virtual session(s) will not be recorded and/or made available after class.
Continuing Education (CE) Credit
Class provides 28.8 ASA CE Instructional Hours and 3 Exam Hours
NASBA and Continuing Professional Education (CPE) Credit
Policies: ASA's Refund and Cancellation Policy and ASA's Complaint Resolution Policy. ASA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.learningmarket.org
CPE Credit: Up to thirty (30) CPE credits
Program Level: Fundamental
NASBA Knowledge Type: Specialized Knowledge
Delivery Method: Virtual
Advanced Preparation: None
ASA-accredited members (AM, ASA, FASA) who would like to attend this class will receive a 50% discount. This discount will be automatically applied at checkout.
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 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. Valuation for Employee Stock Ownership Plans 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 3. Non-US Cost of Capital 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. Valuation of Debt Securities 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 5. Allocating Value Across Complex Capital Structures 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 6. Fairness Opinions covers topics including (i) corporate directors’ duties, (ii) foundational issues of fairness opinions, (iii) underlying financial analyses and (iv) unique fairness-related issues.
- Chapter 7. Solvency Opinions 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 8. Litigation Services 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 9. Intangible Assets 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 10. Writing the Business Valuation Report covers topics including (i) valuation standards pertaining to report writing and content, (ii) guidelines for writing an effective report, and (iii) common report errors and shortcomings.
- Chapter 11. Advancement and Accreditation 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.
Methods include lectures and interactive discussions
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.
Upon completion of this course, students will be able to:
- Appropriately value pass-through entities (e.g., Subchapter S corporations, limited partnerships, and limited liability companies) in a manner that appropriately reflects any benefits associated with the tax benefits afforded to such entities.
- Recognize the differences between intangible assets, intellectual property, and goodwill, and understand methods commonly used to value intangible assets.
- Examines the difference in risk characteristics of investing in various countries, and explore the principal models used to estimate present value discount rates that incorporate country-risk premia.
- Understand the legal obligations of corporate directors in the context of control transactions, and how fairness opinions help directors manage that risk and enable directors to make better-informed decisions.
- Apply commonly used valuation and financial modelling techniques to assess the capital adequacy of companies undertaking highly leveraged transactions, and recognized how solvency opinions assist corporate boards in fulfilling their fiduciary duties.
- Recognize a complex capital structure and interpret how the various rights of each security class translates into economic value in a liquidity event or a corporate valuation.
- Identify the key aspects of Employee Stock Ownership Plan valuation, including the regulatory environment and unique attributes of ESOP-owned stock that affect fair market value.
- Distinguish between debt and equity securities, and employ credit analysis and DCF techniques to value interest-bearing debt.
- Understand generally the litigation process and how appraisers can provide vital assistance in many types of legal disputes, and explore the principal models used to assess economic damages.
- Prepare a written appraisal report in a manner consistent with relevant standards and which expresses the underlying analyses in a clear, concise, consistent, convincing, and credible manner.
All course materials included with you registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.
eMaterials are provided electronically in PDF format and posted to the class within the education dashboard for all registrants to securely access prior to the start of class. Attendees should come to the class prepared with an electronic or printed copy of all eMaterials to use as a refence during class. PDF course materials are presented in color, are bookmarked, and comment enabled. When opting to print downloadable materials, it is recommended that settings be adjusted to print in black and white (or grayscale) and consider printing double-sided on recycled paper.
Certificate of Completion
A certificate will be available to view and/or download immediately via your education dashboard following successful completion of the final exam and all required components are completed.
Jeffrey S. Tarbell, ASA, CFA
Jeffrey S. Tarbell, ASA, CFA, is director of financial and valuation advisory at Houlihan Lokey. He has over 30 years of experience in valuation and financial opinions. Mr. Tarbell has been a designated member of ASA for 25 years, and an active volunteer with numerous leadership positions. He is also an expert witness, instructor, author and frequent speaker.
ASA's Education Foundation recognizes students who choose to invest their time in appraisal studies by providing assistance to students demonstrating a financial need. Please visit the Educational Foundation's webpage for more information and to download an application.