BV204 OnDemand: NEW! Advanced Topics in Business Valuation

General Information

This OnDemand course offers students convenient 24/7 online access to instructional modules via "My Education Dashboard" immediately following registration. 

Experience our fully revamped course, packed with practical applications, real-world scenarios, and interactive features, including:

• Immersive Learning Experience
• Revamped Course Structure
• Engagement-Focused Delivery
• Narrated instructional modules, self-paced reading, and video content
• Downloadable PDF course handouts and additional reading materials
• Practice knowledge checks to reinforce learning

The course curriculum is followed by a final exam that must be completed within 90 days of purchase. An additional 90-day extension is available upon request by contacting education@appraisers.org (a non-refundable fee applies). The final exam is multiple-choice, securely administered online, and remotely proctored. Final exam scheduling information will be available after all course modules are completed and can be found in the NEXT STEPS section. If you have any questions or concerns, please contact education@appraisers.org. Once the course and downloadable materials have been accessed, the course is non-refundable. For more course information on course cancellation, transfers or refunds, refer to ASA's education Policies, Procedures, and FAQs.

ASA-accredited members (AM, ASA, FASA) can sign up for this course at a 50% discount, which will be automatically applied at checkout.

Course Requirement

The Valuing a Business, 6th Edition Book is required for the BV Principles of Valuation courses (BV201-BV204) and can be purchased as an electronic pdf copy, or hard copy via the ASA Shop.

Continuing Education and Contact Hours

28.8 ASA CE Instructional Hours and 3 Exam Hours | CPE hours are not awarded for this offering.

Course Description

Brand New OnDemand Course – Immersive, Engaging and Dynamic

This capstone course builds on the valuation theory and principles introduced in BV201, BV202, and BV203, guiding students through a range of advanced valuation applications. Topics covered include the valuation of pass-through entities, intangible assets, and debt and preferred stock, as well as non-U.S. cost of capital, fairness and solvency opinions, and value allocation within complex capital structures. The course also explores employee stock ownership plan (ESOP) valuations, litigation support services, and pathways for professional advancement and accreditation.

Instructional Methods

Methods include integrated videos, animations, and interactive tools that bring concepts to life.

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 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.

Learning Level 

Fundamental 

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.