Self-Study
3
Overview
Finance
There are no prerequisites.

Course Description

Business Valuation explores the full range of valuation methods that can be used to derive a business valuation. Accounting expert Steven M. Bragg notes the circumstances under which each method should be used and describes how to sort through situations in which a range of valuations are indicated. The material also describes valuation methods for intangible assets, a number of valuation adjustment factors, valuation mistakes, and much more.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Finance
Dec 27, 2016
There are no prerequisites.
SS3158025
55
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the situations in which a business valuation may be needed.
  • Cite the presence of going concern indicators.
  • Identify the calculation methods used for each of the valuation methodologies.
  • Cite how the cost of capital is derived, including the proper derivation of beta.
  • Cite how scenario analysis can be used to refine the discounted cash flows model.
  • Identify the circumstances under which premiums and discounts are applied to a valuation.

Chapter 2

  • List the different types of intangible assets.
  • Identify the different methods available for assigning valuations to intangible assets.



Table of Contents

Chapter 1 – Business Valuation

Learning Objectives

Introduction

The Difference between Value and Price

Major Valuation Approaches

The Going Concern Concept

Liquidation Value

Book Value

Real Estate Value

Asset Accumulation Method

Enterprise Value

Multiples Analysis

Discounted Cash Flows

Post Five-Year Cash Flows

Negotiation of DCF Contents

Adjustments to DCF

Scenario Analysis

The Discount Rate

When DCF Fails

Capitalization Model

Replication Value

Comparison Analysis

The Comparison of Sales Multiples

The Comparison of Cash Flows

The Comparison of Contract Revenues

52-Week High

Influencer Price Point

The Initial Public Offering Valuation

The Strategic Purchase

Extraneous Valuation Factors

The Control Premium

The Lack of Control Discount

The Lack of Marketability Discount

The Key Person Discount

The Portfolio Discount

The Choice of Valuation Methods to Use

The Valuation Floor and Ceiling

Summary

Chapter 1 – Review Questions

Chapter 2 – Additional Valuation Topics

Learning Objectives

Introduction

Valuation of Intangibles

Incremental Cash Flow Analysis

Intangible Asset Useful Lives

Aggregate Valuation

Excess Earnings Method

Comparable Pricing Method

Replication Value

Relief-from-Royalty Method

Asset-Based Valuations

Excess or Deficient Assets

Adjustments for Business Risk

Adjusting Factors

Multiples Using Seller’s Discretionary Earnings

The Earnout

Valuation Mistakes

Rules of Thumb

Summary

Chapter 2 – Review Questions

Review Question Answers and Rationales

Glossary

Index

Qualified Assessment

Answer Sheet

Course Evaluation



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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