The first course in the Principles of Valuation (POV) course series. This
course will introduce practitioners to the steps necessary to complete a valuation
assignment and provide an overview of how to apply the Market Approach. More
specifically, the course will provide a Guideline for Public Company and Merger and Acquisition Methods.
Additionally, the course will review:
► Introduction to Business Valuation, Business Valuation Theory and a general overview of the Market Approach;
► Defining the Appraisal Assignment;
► Data Gathering;
► Revenue Ruling 59-60;
► Engagement Assignments;
► Data, Company and Industry Analysis;
► Economic and Financial Statement Analysis;
► GPC Steps 1, 3, 4, 7, 8 and 9 Covering Guideline Search Selection;
► Normalizing Financial Statements;
► Calculating Selecting Multiples;
► Adjusting and Applying Multiples and Reconciliation;
► The Merger and Acquisition Method;
► Rules of Thumb and Other Market Methods.

The course was designed to build upon the learning outcomes achieved in Module 1 by
adding the income approach to the student's skill set/ toolbox. This course places
heavy emphasis on the three key variables of a valuation (regardless of whether
the valuation is concerning fair value for financial reporting, fair market value for
litigation or tax-related valuations):
► Benefit Streams;
► Risks (i.e., discount rate);
► Growth.

Module 3 is an advanced course that takes the valuation foundations covered in
Module 1 and Module 2 and extends the principles of value (POV) series into advanced topic areas, including those with diversity in their practice. Students will
learn to:
► Apply the asset approach;
► Apply discounts and premiums;
► Reconcile values;
► Write reports that illustrate the most contentious valuation topics.

This capstone course applies the general valuation theory and principles learned in Module 1,2,3 and introduces the student to a variety of advanced valuation applications. This course is presented in the following chapters (see more detail below): Pass-Through Entities; Intangible Assets; Non-US Cost ofCapital; Fairness Opinions; Solvency Opinions; Value Allocation in a Complex Capital Structure; Employee Stock Ownership Plan Valuation; Valuation of Debt and Preferred Stock; Litigation Services; and Advancement and Accreditation.
► Chapter 1. Pass-Through Entities
► Chapter 2. Intangible Assets
► Chapter 3. Non-US Cost of Capital
► Chapter 4. Fairness Opinions
► Chapter 5. Solvency Opinions
► Chapter 6. Value Allocation in a Complex Capital Structure
► Chapter 7. Employee Stock Ownership Plan Valuation
► Chapter 8. Valuation of Debt and Preferred Stock
► Chapter 9. Litigation Services
► Chapter 10. Advancement and Accreditation