IACVA's CPE Requirement
Each ICVS (International Certified Valuation Specialist) is required to earn 12 hours of professional education each year. Members must attest at the time of annual membership renewal that they have satisfied such requirements during the past 12 months. Evidence of compliance should be maintained by the associate member and is subject to a random review by the Charter. IACVA does not define specific courses as a member's selection will depend on local conditions. In general, courses or conferences with a business valuation, litigation, appraisal, fraud, detection or deterrence, or forensic accounting focus comply. When in doubt, members may consult their Charter or IACVA Headquarters member service specialists to obtain an assessment. Associate Members must keep detailed records available for review when requested. Members attest annually to (continued) ethical conduct, meeting our continuing professional education requirements, and payment of annual dues.
CPE Information
Prerequisites: Knowledge of Business ValuationProgram Level: Intermediate Preparation Required: None Delivery Method: Group Live Recommended CPE: 2 Credit Hours
CPE Course & ScheduleWe're pleased to announce that we have scheduled 6 online training sessions in the next three months. We would encourage more qualified members to participate. Below are the requirements and registration details.REGISTER
Course Name: Estimating Expected Equity Volatility Instructor: Frank Mainville
Date: GMT 1:00 am May 28, 2015 / GMT 1:00 pm May 28, 2015
Course Duration: 120 minutes
Valuation models and techniques, such as the Black-Scholes Option Pricing Model and Monte Carlo Simulations; and discount for lack of marketability models, such as Longstaff, Finnerty, the Asian Put Option models, and Chaffe, require estimates of expected equity volatility that can be challenging to develop and support.
The "Estimating Expected Equity Volatility" webinar will include guidance from both IFRS 2 and Topic 14 of the Codification of Staff Accounting Bulletins published by the U.S. Securities and Exchange Commission to develop expected volatility using historic publicly-traded stock prices and implied volatility from publicly-traded option prices. It will also address adjusting volatility for a company's capital structure, and the relationship between expected equity returns and expected volatility.
Course Name: Forecasting Cash Flows Instructor: Chris Mellen & Heather Tullar
Date: GMT 1:00 pm June 23, 2015 / GMT 12:00 am June 25, 2015
Course Duration: 120 minutes
Valuation is a prophecy of the future. Buyers invest in companies based on future expectations. Therefore, fundamental to almost any valuation of a going-concern business is a set of financial forecasts. This course will demonstrate that a capitalization of cash flow method and a market multiple method are each as much a forecast as a discounted cash flow method. It will demonstrate the building blocks involved in forecasting and alert the appraiser to several forecasting errors that can be made.
Learning Objectives• Review the fundamental essentials to forecasting cash flows.• Assess Management's forecasts. • Understand how to help Management help the appraiser develop forecasts when the Company has none. • Walk through a "role play" discussion between Management and the appraiser to develop forecasts for a valuation assignment. • Discuss the optimal time horizon to forecast in each scenario. • Explore the option of multiple forecast scenarios and a probability analysis. • Introduce when a three-stage discounted cash flow is better for a valuation assignment. • Determine the applicable terminal value. • Identify common errors in forecasting. • Check the reasonability of your forecast. • Share relevant language in an engagement agreement regarding forecasts.
Course Name: Brand Valuation Instructor:Rene Hlousek
Date: GMT 12:00 June 16, 2015 / GMT 12:00 June 17, 2015
Course Duration:120 minutes
The purpose of this course is to introduce the Residual Contribution Method for valuing corporate brands. This valuation-driven approach is designed to minimize the high level of irrelevance, subjectivity, as well as lack of practicality that are inherent in the existing population of "marketing-focused" models, by exploring the relation between a business enterprise, its underlying key intangible assets, goodwill, and ultimately, corporate brand value. The valuation of a corporate brand, which can be viewed in many cases as one of the most valuable assets held by a corporation, is a function of thoroughly identifying, isolating, and quantifying the economic value of that complex array of forces that make up a business enterprise. Whether held by a financially healthy or distressed company, the valuation drivers surrounding a corporate brand may be dominated and led by the intangible assets held by the entity employing it.
Registration Fees: Member (USD $195) Non-member ( USD $225)
Everyone is welcome. Sign up 30 days in advance will save you $30! REGISTER NOW. Click HERE to view additional courses or email to info1@iacva.org.
The International Association of Certified Valuation Specialists