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, Registered 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 CBVs are well suited for.
In addition to the course notes, supplementary textbooks are recommended. To order the textbooks for this course, please see the Course Materials page.
Level I includes:
- 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 – Discounted cash flows, capitalized earnings and capitalized cash flow approaches
- Redundant assets
- Intangible assets and goodwill
- Industry rules of thumb
It is strongly recommended to complete Level I before registering for Level II – Intermediate Business Valuation.
Registered Students will expand on the knowledge and skills gained in Level I and will dive deeper into issues with the income approach and developing rates of return for valuation. They will also have knowledge of the market approach and tax issues which impact value.
In addition to the course notes, supplementary textbooks are required. To order the textbooks for this course, please see the Course Materials page.
Level II includes :
- The various types of business organization, types of income and tax rates
- Common tax assets and liabilities
- Acquisition of control rules and the tax consequences of sales of assets versus shares
- Issues in developing rates of return in valuations and the interrelationship between cash flows and discount rates
- The market approach to value
- The asset approach to value
- Discounts and premiums
It is strongly recommended to complete Levels I and II before registering for Level III – Advanced Business Valuation.
Level III elaborates on the foundational knowledge gained in Levels I and II and strengthens Registered Students’ awareness of valuation theory. By the end of this course, Registered Students will have an understanding of more sophisticated valuation techniques and the skills to apply those methods to real life cases.
Level III includes:
- Intangible assets and tax assets
- Valuation considerations of specific assets: real estate and cryptoassets
- Valuation of debt instruments
- Valuation of derivative instruments
- Contingent consideration and real options
- Valuation of specific share classes
It is strongly recommended to complete Levels I, II, and before registering for Level IV – Special Topics in Business Valuation.
After completing Levels I, II, and III, Registered Students will have developed skills and knowledge in valuation theory and methodology. The purpose of Level IV is to extend Registered Students’ learning to additional specialized topics, each of which significantly and regularly impacts CBVs in real-world practice.
In addition to the course notes, supplementary textbooks are required. To order the textbooks for this course, please see the Course Materials page.
Level IV includes:
- Legal terminologies and concepts for litigation-related work
- Taxation terminologies and concepts for g corporate reorganization and tax-planning work
- The Canadian Court system and litigation process, including different roles a CBV may fulfill best practices for acting as an expert witness
- Theory and methodology involved in calculating economic losses, and damages
- The application of valuation methodology and theory in specific contexts, including family law, personal injury and wrongful death
- Valuation considerations for financial reporting, including Impairment testing and purchase price allocations
- Tools for valuing private investments and evaluating investment returns
- Valuing a business in a different country
- Valuation considerations when valuing companies within specific industries including: mining, oil and gas, timberlands, power generation, and infrastructure