ASA Australia. in conjunction with. International Institute of Business Valuers. Presents. Business Valuation Courses

Transcription

1 ASA Australia in conjunction with International Institute of Business Valuers Presents Business Valuation Courses Coming May 2014 Melbourne, Victoria

2 Australia 1st International Business Valuation Course Table of Contents; 1. Introduction 2. Course Overview 3. When & Where 4. Who should attend 5. Cost 6. Registration

3 Introduction This course is an introduction to the principles of business valuation. The purpose of this course is to introduce the novice valuation practitioner to an overview of the areas of analysis that are common to a comprehensive business valuation. The two overriding course concepts involve the evaluation of growth and risk. Qualitative risk is considered in company analysis and industry and macroeconomic analysis as well as financial ratio analysis. Quantitative risk is considered in the evaluation of financial risk and leverage. Subject company growth is assessed as part of the forecasting exercises as well as in the selection of market multiples in the market approach to value. Two of the three approaches to valuation are covered in this course: the market approach and the asset approach. The third valuation approach, the income approach to value, is covered separately in IIBV 102. Course Overview Actual Segments of this course include; IIBV 101 Introduction To Business Valuations. This segment assumes that the student has had no prior formal training in business valuation. While a general business background will help the student grasp concepts more quickly, it is not necessary to successfully complete the material. This course is an introductory course to core business valuation theory and practice that addresses professional, practice, and theory issues. IIBV International Cost of Capital. Enables students to master the fundamental theory and practice underlying the income approach to value. This basic body of valuation knowledge is common to all countries. After understanding the fundamentals of the income approach students should be capable of adapting the theory to the challenges and issues in specific markets and countries. IIBV Business Valuation Case Studies. A capstone course that applies the theories learned in IIBV101 and 102 to a set of three case studies involved in the international auto parts manufacturing industry (two minor cases and one major case study). The objective of IIBV 103 is to assist students develop their situational awareness of the when and why to apply their valuation knowledge. This segment also focuses on the principles and IFRS issues arising when valuing intangible assets. This course is open to anyone, although it is recommended that students have knowledge of financial reporting and at least two years of business valuation experience, including some exposure to appraisals of intangible assets. ASA 204 Advanced Topics The IIBV also offers the ASA 204 course as part of our program to assist professionals obtain the ASA BV designation. The course includes 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

4 Dates Classroom Block One: Friday, Saturday, Sunday, Monday 2nd 5th May 2014 IIBV 101- Introduction to Business Valuations (Includes 3 Days of Tuition, Subject Review & End Of Subject Exam) And Friday, Saturday, Sunday, Monday 9th 12th May 2014 IIBV International Cost of Capital (Includes 3 Days of Tuition, Subject Review & End Of Subject Exam) Classroom Block Two: Wednesday, Thursday, Friday, Saturday 26th 29th November 2014 IIBV Business Valuation Case Studies (Includes 3 Days of Tuition, Subject Review & End Of Subject Exam) And Monday, Tuesday, Wednesday, Thursday 1th 4th December 2014 ASA 204 Advanced Topics (Includes 3 Days of Tuition, Subject Review & End Of Subject Exam) Cost 1. Cost for Classroom Block One: $AUD3,300 (Includes $300 GST) 2. Cost for Classroom Block Two: $AUD3,300 (Includes $300 GST) Registration Includes: All manuals & course materials Classroom style lectures with renown International Business Valuation professional lecturers Morning & Afternoon Tea Registration does NOT include: Accommodation Travel NOTE Early Bird Special: Registration and payment for Classroom Block One before 28 February 2014 entitles a 10% discount.

5 Where Pitcher Partners Seminar Facilities 15 William Street, Melbourne, VIC, 3000 Accommodation Options There are a large number of hotels in the area 1. The Sebel Melbourne Flinders Lane, 321 Flinders Lane, Melbourne, (03) Rendezvous Hotel, 328 Flinders Street, Melbourne, (03) Clarion Suites Gateway, 1 William Street, Melbourne, (03) The Rialto, 495 Collins Street, Melbourne, (03) Quest on William, 172 William Street, Melbourne, (03)

6 Detailed Course Information IIBV 101- Introduction to Business Valuations IIBV 101 assumes that the student has had no prior formal training in business valuation. While a general business background will help the student grasp concepts more quickly, it is not necessary to successfully complete the material.this course is an introductory course to core business valuation theory and practice that addresses professional, practice, and theory issues. Topics covered in this three day course include: Valuation Practice Fundamental Valuation Principles Valuation Standards Valuation Assignments Qualitative Environmental Analysis Quantitative Financial Analysis Income Approach to Value Asset Approach to Value Market Approach to Value Ethical Standards and Codes of Conduct IIBV International Cost of Capital This course is an introduction to the income approach to value. It is assumed that the student has completed IIBV 101. The purpose of this course is to bring together the concepts and tools of IIBV 101 with the new material of the income approach. After completion of the course, the student will have been introduced to all three approaches to value. This course will also introduce some new concepts necessary to address the correlation and conclusion of value. The objective of IIBV 102 is to enable students to master the fundamental theory and practice underlying the income approach to value. This basic body of valuation knowledge is common to all countries. After understanding the fundamentals of the income approach students should be capable of adapting the theory to the challenges and issues in specific markets and countries. This course covers the income approach methodologies, forecasting and required returns, with specific focus on international cost of capital. The following topics are covered over the three days: Forecasting cash flows Equity vs. invested capital income streams International economics overview Developing the cost of capital Capitalization methods Discounting methods CAPM in volatile markets Discounts and Premiums on Value Goodwill Derivation from En Bloc Value Several readings are included with the handout material. The readings will be assigned as homework and will be discussed in class. The readings are intended to help the student understand the material presented in the chapter. It is important to note that this course is introductory in nature. The assumption is that although the student may have limited experience in valuation or in a related financial field, he/she has received no formal valuation training other than IIBV 101. This is not a course in advanced cost of capital techniques.

7 IIBV Business Valuation Case Studies This is a capstone course that applies the theories learned in IIBV101 and 102 to a set of three case studies involved in the international auto parts manufacturing industry (two minor cases and one major case study). The objective of IIBV 103 is to assist students develop their situational awareness of the when and why to apply their valuation knowledge. The cases provide students with an opportunity to work through all of the steps of a valuation engagement, from initial contact through the calculations and reconciled conclusion of value. The cases are analyzed in groups of 4 to 6 students and groups are required to derive their own opinions of value. Lectures are used to introduce and present each section of the case studies. It is assumed that students have successfully completed IIBV 101 and IIBV 102 and are now ready to apply their knowledge to an actual case situation. The major case study involves an Indian auto parts manufacturer and is used to form the basis of the economic and industry analyses. This case is then used to value the subject company both under the guideline public company method under the market approach and the discounted future earnings method under the income approach. In addition this case study forms the basis for reconciling the results from the market approach method and the DCF income method. The course also reviews the current status and structure of the International Valuation Standards. It is important to note that the course is introductory in nature. The assumption is that although the student may have limited experience in valuation or in a related financial field, he/she has received no formal valuation training other than IIBV101 and IIBV102. This is not a course in advanced market analysis or cost of capital techniques. IIBV Valuation of Intangible Assets The purpose of this course is to focus on the principles and IFRS issues arising when valuing intangible assets. This course is open to anyone, although it is recommended that students have knowledge of financial reporting and at least two years of business valuation experience, including some exposure to appraisals of intangible assets. The objective of this course is to provide students with a comprehensive understanding of the valuation approaches to intangible assets. As preparation for this course, students are encouraged to review both (a) the AICPA Practice Aid entitled Assets Acquired to Be Used in Research and Development Activities, Working Draft Released November 18, 201, and (b) The Appraisal Foundation, Best Practices for Valuations in Financial Reporting: Intangible Asset Working Group, The Identification of Contributory Assets and the Calculation of Economic Rents, issued May 31, ASA Advanced Topics in Business Valuation The IIBV also offers the ASA 204 course as part of our program to assist professional obtain the ASA BV designation. The course includes 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; Valuing Early State Development Companies and Complex Capital Structures; Valuation Adjustments, including discounts for lack of marketability and lack of control, as well as control premiums; Valuation of Intangible Assets (an introduction); and Valuation of Debt and Preferred Stock.

8 Who we are About ASA The American Society of Appraisers (ASA) is an international valuation association that teaches tests, accredits and refers professional appraisers. The society is dedicated to the benefit of the appraisal profession. It is one of eight major appraisal societies that, in 1987, founded the Appraisal Foundation, a national non-profit organization created to establish uniform criteria for professional appraisers. Setting the Australian Standard From aviation to agriculture, business worth to marine and machinery, you need to know what your property is accurately worth. Only appraisal professionals like the accredited members of the American Society of Appraisers can give you the unbiased, reasoned opinions of value you can truly trust. Purpose and Mission of the International Institute of Business Valuers The IIBV, together with its member associations, leads the business valuation profession globally by providing educational opportunities, promoting consistent professional ethics and standards, facilitating the exchange of information and ideas, and encouraging international co-operation and communication. The IIBV is an organization that: All prominent professional business valuation associations aspire to be a part of; Unifies existing associations and disparate groups with an interest in business valuation; Leads the profession s thinking in the areas of ethics, integrity and excellence in practice; Facilitates the exchange of knowledge amongst member associations through educational materials and courses, conferences and publications; Offers education to those who want to join the profession and continuing education to existing professionals; and Increases the pre-eminence of the business valuation profession globally. Contact us for a registration form Mr. David Crick President ASA Australian Chapter Ph: david@lloydsassetservices.com.au Mr. Shane Miller Treasurer ASA Australian Chapter Ph: shane.miller@cba.com.au Web: