Level II – Intermediate Business Valuation

Students will expand on the knowledge and skills gained in Level I and will dive deeper into the market approach and tax issues which impact value. Students should complete Level I prior to beginning Level II.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level II covers the following concepts:

• The various types of business structures, and how business structure impacts taxation and valuation
• Common tax assets and liabilities
• The market approach to value
• The cost approach to value
• Taxation issues impacting value
• Tangible asset backing
• Real estate and equipment valuation methodologies
• Discounts and premiums
• Special interest purchasers and synergies

Valuation for Financial Reporting

Registration for VFR requires completion of Level III –Advanced Business Valuation

Accounting and valuation standards for financial reporting are constantly changing and are increasingly complex. This course builds on concepts covered in Level III, which introduced valuation for financial reporting concepts and the valuation of intangible assets. VFR continues and expands on this foundation with coverage of a number of the financial reporting-related standards and guidance, as well as related valuation issues.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

VFR covers the following concepts :

• IFRS and ASPE standards and framework
• Business combinations
• Purchase price allocation
• Impairment testing
• Valuation of investment entities
• The role of the valuator in an audit or other VFR engagement

A background in financial accounting and reporting and taxation obtained through university level courses or other professional designations will be greatly beneficial.

On completion of this course, Students will be comfortable with valuation terminology and methodologies, have a developing awareness of issues which require specialized valuation knowledge, and will be familiar with the roles that a CBV may take.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level I covers the following concepts:

• The concept of value
• Open market and notional market valuations
• Commonly used value-related terms
• Overview of valuation approaches and methodologies
• CBV Institute Code of Ethics
• CBV Institute Practice Standards
• The valuation assignment
• The cost of capital, discount rates, and capitalization rates
• The unlevered and levered approaches to valuation
• The income approach to value
• Redundant assets
• Intangible assets and goodwill

Registration for Corporate Finance requires completion of Level I –Introductory Business Valuation

When companies seek financing, they often turn to valuators to assist them in preparing financing proposals and in structuring financing deals. It is crucial for valuators to understand how to best serve their clients during these key business-developing stages.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

Corporate Finance covers the following concepts:

• The components of a business plan and financing proposal, and the valuator’s role in assessing both
• Feasibility assessments of a private company’s financing options
• Financing capacity and deal structuring considerations
• Capital structure options and related valuation considerations
• Ownership structures and voting rights considerations, and related valuation considerations
• Negotiation of and considerations involving debt products
• Equity, joint venture, project, and royalty financing

Private Investments

Registration for Private Investments requires completion of Level I –Introductory Business Valuation

Private investments is an area of specialized practice. It requires that valuators know private investment terminology, have an understanding of fundamental concepts in the field, and are aware of the issues that require specialized industry knowledge.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

Private Investments covers the following topics:

• Private investments strategies, including methods of investing and key private investment asset classes
• Types and valuation of infrastructure and private equity investments
• Common market multiples, investment returns, and benchmarks
• Introduction to key sources and features of financing used by financial investors
• Key tax considerations related to private investments
• The deal bidding and pricing process as it relates to private investments
• Purchase agreements and shareholder/partner rights
• Take private transactions
• Valuation for financial reporting as it relates to private investments

Litigation  Support in Business Valuation

Registration for Litigation requires completion of Level IV –Special Topics in Business Valuation

In this course Students will apply the foundational skills and knowledge of valuation theory and methodology, as they learn about litigation matters involving the valuation of business and/or quantification of economic losses. Upon completion of this course, Students will have a sound understanding of the ways in which law and business valuation connect and interact.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

Litigation covers the following concepts:

• The litigation engagement process
• Joint valuation assignments
• The quantification of economic losses in personal injury, motor vehicle, and wrongful death claims
• Valuation matters involved in matrimonial disputes, including the calculation of family property and income for support purposes
• Patents and other intellectual property
• The quantification of value and economic losses with respect to insurance claims, expropriation, and construction losses

Level IV – Special Topics in Business Valuation

After moving through Level I, II, and III courses, Students will have developed skills and knowledge in valuation theory and methodology. The purpose of Level IV is to extend Students’ learning to a number of additional specialized topics, each of which signi?cantly and regularly impacts CBVs in real-world practice. Students should complete Levels I, II, and III prior to beginning Level IV.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level IV covers the following concepts:

• Legal terminologies and concepts, which CBVs need to be familiar with when doing litigation-related work
• Taxation terminologies and concepts, which CBVs need to be familiar with when doing corporate reorganization or tax-planning work
• The Canadian Court system and litigation process, including the different roles which a CBV may fulfill in the litigation process
• Best practices for acting as an expert witness
• Theory and methodology involved in calculating economic losses, damages, and other litigation awards
• The application of valuation methodology and theory in specific contexts, including family law, personal injury and wrongful death, public company matters, and fairness opinions

Level II – Intermediate Business Valuation

Students will expand on the knowledge and skills gained in Level I and will dive deeper into the market approach and tax issues which impact value. Students should complete Level I prior to beginning Level II.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level II covers the following concepts:

• The various types of business structures, and how business structure impacts taxation and valuation
• Common tax assets and liabilities
• The market approach to value
• The cost approach to value
• Taxation issues impacting value
• Tangible asset backing
• Real estate and equipment valuation methodologies
• Discounts and premiums
• Special interest purchasers and synergies

Level III elaborates on the foundational knowledge gained in Levels I and II and strengthens the Student’s awareness of business valuation theory. By the end of this course, Students will have an understanding of more sophisticated valuations techniques and the skills to apply those methods to real life cases. Students should complete Levels I and II prior to beginning Level III.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level III covers the following concepts:

• Allocation of value amongst different classes of shares
• Common, preferred and special shares
• Valuation of financial instruments
• Valuation of start-up, high-tech, and financially distressed companies
• Fair value measurement in the context of valuation for financial reporting
• Valuation of intangible assets
• Contingent consideration
• Tax loss carry forwards

Valuation for Financial Reporting

Registration for VFR requires completion of Level III –Advanced Business Valuation

Accounting and valuation standards for financial reporting are constantly changing and are increasingly complex. This course builds on concepts covered in Level III, which introduced valuation for financial reporting concepts and the valuation of intangible assets. VFR continues and expands on this foundation with coverage of a number of the financial reporting-related standards and guidance, as well as related valuation issues.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

VFR covers the following concepts :

• IFRS and ASPE standards and framework
• Business combinations
• Purchase price allocation
• Impairment testing
• Valuation of investment entities
• The role of the valuator in an audit or other VFR engagement

A background in financial accounting and reporting and taxation obtained through university level courses or other professional designations will be greatly beneficial.

On completion of this course, Students will be comfortable with valuation terminology and methodologies, have a developing awareness of issues which require specialized valuation knowledge, and will be familiar with the roles that a CBV may take.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level I covers the following concepts:

• The concept of value
• Open market and notional market valuations
• Commonly used value-related terms
• Overview of valuation approaches and methodologies
• CBV Institute Code of Ethics
• CBV Institute Practice Standards
• The valuation assignment
• The cost of capital, discount rates, and capitalization rates
• The unlevered and levered approaches to valuation
• The income approach to value
• Redundant assets
• Intangible assets and goodwill

Private Investments

Registration for Private Investments requires completion of Level I –Introductory Business Valuation

Private investments is an area of specialized practice. It requires that valuators know private investment terminology, have an understanding of fundamental concepts in the field, and are aware of the issues that require specialized industry knowledge.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

Private Investments covers the following topics:

• Private investments strategies, including methods of investing and key private investment asset classes
• Types and valuation of infrastructure and private equity investments
• Common market multiples, investment returns, and benchmarks
• Introduction to key sources and features of financing used by financial investors
• Key tax considerations related to private investments
• The deal bidding and pricing process as it relates to private investments
• Purchase agreements and shareholder/partner rights
• Take private transactions
• Valuation for financial reporting as it relates to private investments

Litigation  Support in Business Valuation

Registration for Litigation requires completion of Level IV –Special Topics in Business Valuation

In this course Students will apply the foundational skills and knowledge of valuation theory and methodology, as they learn about litigation matters involving the valuation of business and/or quantification of economic losses. Upon completion of this course, Students will have a sound understanding of the ways in which law and business valuation connect and interact.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

Litigation covers the following concepts:

• The litigation engagement process
• Joint valuation assignments
• The quantification of economic losses in personal injury, motor vehicle, and wrongful death claims
• Valuation matters involved in matrimonial disputes, including the calculation of family property and income for support purposes
• Patents and other intellectual property
• The quantification of value and economic losses with respect to insurance claims, expropriation, and construction losses

Registration for Corporate Finance requires completion of Level I –Introductory Business Valuation

When companies seek financing, they often turn to valuators to assist them in preparing financing proposals and in structuring financing deals. It is crucial for valuators to understand how to best serve their clients during these key business-developing stages.

This course does not have additional required textbooks, aside from the course notes (which can be found in Moodle).

Corporate Finance covers the following concepts:

• The components of a business plan and financing proposal, and the valuator’s role in assessing both
• Feasibility assessments of a private company’s financing options
• Financing capacity and deal structuring considerations
• Capital structure options and related valuation considerations
• Ownership structures and voting rights considerations, and related valuation considerations
• Negotiation of and considerations involving debt products
• Equity, joint venture, project, and royalty financing

Level IV – Special Topics in Business Valuation

After moving through Level I, II, and III courses, Students will have developed skills and knowledge in valuation theory and methodology. The purpose of Level IV is to extend Students’ learning to a number of additional specialized topics, each of which significantly and regularly impacts CBVs in real-world practice. Students should complete Levels I, II, and III prior to beginning Level IV.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level IV covers the following concepts:

• Legal terminologies and concepts, which CBVs need to be familiar with when doing litigation-related work
• Taxation terminologies and concepts, which CBVs need to be familiar with when doing corporate reorganization or tax-planning work
• The Canadian Court system and litigation process, including the different roles which a CBV may fulfill in the litigation process
• Best practices for acting as an expert witness
• Theory and methodology involved in calculating economic losses, damages, and other litigation awards
• The application of valuation methodology and theory in specific contexts, including family law, personal injury and wrongful death, public company matters, and fairness opinions

Level III elaborates on the foundational knowledge gained in Levels I and II and strengthens the Student’s awareness of business valuation theory. By the end of this course, Students will have an understanding of more sophisticated valuations techniques and the skills to apply those methods to real life cases. Students should complete Levels I and II prior to beginning Level III.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level III covers the following concepts:

• Allocation of value amongst different classes of shares
• Common, preferred and special shares
• Valuation of financial instruments
• Valuation of start-up, high-tech, and financially distressed companies
• Fair value measurement in the context of valuation for financial reporting
• Valuation of intangible assets
• Contingent consideration
• Tax loss carry forwards

Level II – Intermediate Business Valuation

Students will expand on the knowledge and skills gained in Level I and will dive deeper into the market approach and tax issues which impact value. Students should complete Level I prior to beginning Level II.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level II covers the following concepts:

• The various types of business structures, and how business structure impacts taxation and valuation
• Common tax assets and liabilities
• The market approach to value
• The cost approach to value
• Taxation issues impacting value
• Tangible asset backing
• Real estate and equipment valuation methodologies
• Discounts and premiums
• Special interest purchasers and synergies

A background in financial accounting and reporting and taxation obtained through university level courses or other professional designations will be greatly beneficial.

On completion of this course, Students will be comfortable with valuation terminology and methodologies, have a developing awareness of issues which require specialized valuation knowledge, and will be familiar with the roles that a CBV may take.

This course has additional required textbooks in addition to the course notes (which can be found in Moodle). To order the textbooks for this course, please see the Course Materials page.

Level I covers the following concepts:

• The concept of value
• Open market and notional market valuations
• Commonly used value-related terms
• Overview of valuation approaches and methodologies
• CBV Institute Code of Ethics
• CBV Institute Practice Standards
• The valuation assignment
• The cost of capital, discount rates, and capitalization rates
• The unlevered and levered approaches to valuation
• The income approach to value
• Redundant assets
• Intangible assets and goodwill