Here are the current descriptions of the core American Society of Appraiser training courses. New dates have been added recently; click the links to find that information from the ASA business valuation website. (Dates for advanced BV and CAVS classes follow the 201-204 sections.)
ASA Courses for Business Valuation Appraisers
Learning Objective: This course will introduce the novice practitioner to the three basic approaches to valuation. The valuation process as outlined in Revenue Ruling 59-60 will be the focus of the course, including instruction on how to do company analysis, industry and economic analysis and financial analysis. A full explanation of the Market Approach will emphasize the application of the subject company’s qualitative and quantitative analysis to the valuation process.
Level: Basic Recommended CPE: 27 Course is a Group/Live offering
Learning Objective: The basic theory and application of the income approach and its various methodologies is presented. Basic capitalization models and discounting models are shown in the context of earnings and cash flow measurements, as well as equity and invested capital assignments. In addition, the fundamentals of the asset approach will be taught.
Level: Intermediate Recommended CPE: 27 Course is a Group/Live Offering
Learning Objective: Learning Objectives: This is a capstone course which applies the theory learned in BV 201 and 202 in an actual valuation case study. The subject company is analyzed in a group format. Lecture is only used to present each section of the case study. Groups of 4 to 6 students are responsible for deriving their own opinion of value.
Level: Advanced Recommended CPE: 27 Course is a group/live offering
Learning Objective: Instruction in five timely advanced valuation topics is presented. Approximately one half of the course is in valuation adjustments, including discounts for lack of marketability and lack of control, as well as control premiums. Other topics include tax issues in the valuation of pass-through entities, valuation in volatile markets, international cost of capital, and accounting for intangible value. The plan for BV 204 is to rotate the advanced valuation topics as needed.
Level: Advanced Recommended CPE: 27 Course is a Group/Live Offering
BV301 focuses on key principles and real world applications for the valuation of intangible assets in a financial reporting context. This three day course includes specific references to relevant accounting guidance including audit requirements for fair value matters.
Key Topics include:
The course focuses on SFAS 141 – Purchase Price Allocations; SFAS 142- Goodwill Impairment; and SFAS 157 – Fair Value Measurement. Valuation for Financial Reporting: Fair Value Measurements and Reporting, Intangible Assets… by Michael J. Mard, ASA, James R. Hitchner, ASA and Steven D. Hyden, ASA. Hardcover; 240 pages (2007). This new 2nd edition is not required but is a good reference.
- Important Issues for Financial Reporting
- Overview of the Three Valuation Approaches
- The Cost Approach
- The Market Approach
- Overview of the Income Approach
- And much more!
BV302 expands on the intangible asset valuation theory presented in BV 301. This three day course includes six distinct modules focusing on highly complex technical areas. Emerging areas such as the valuation of contingencies and the use of differential value methods are explored. Other longstanding areas that have challenged appraisers including attrition measurement and the valuation of covenants not to compete will be examined in depth. Areas of divergence in practice and significant controversy such as the valuation of two enabling assets (Primary Income Generating Assets as discussed in BV 301) will be covered. Several of the topics presented have limited published guidance in the valuation literature.
The course modules include:
The course will be of greatest interest to experienced valuation professionals with several years of intangibles valuation experience. Less experienced valuation professionals will also benefit from the course.
- Valuation of Contingencies
- Valuations of Two "Enabling" Assets
- Attrition Measurement and Estimation
- Advanced Technology Valuation Issues
- Differential Value Methods
- Covenant Not to Compete Valuations
Similar to BV 301, ASA BV 302 was developed by a team of leading intangible asset valuation professionals including represents of the Big 4 and other major international accounting and valuation firms. The course has been vetted with leading valuation professionals from across the US.
Examination of criticisms of the CAPM --- understanding and ways to improve the inputs to the build-up and CAPM models — current evidence of the size premium --- methods of and issues with estimating company-specific risk --- practical models for use in international markets --- cost of capital for distressed companies --- other cost of capital issues such as estimating returns on venture capital investments and pass-through entities. The course material has been updated and emphasis will be placed on difficulties estimating cost of capital in these troubled economic times.