In the world of accounting and valuation, much consternation exists among CPAs, Government Auditors, Financial Analysts, and Credentialed Valuators regarding the determination of the fair value of financial instruments. Both the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) have identified the fair value reporting of financial instruments as one of the top priorities needing improvements. Most prominent among the reasons given for the failures to accurately determine the values of these financial constructs is the complexity of these instruments, which are steadily increasing as a result of enhanced computing capabilities. And, this apprehension is not limited to the United States; the International Valuation Standards Council (IVSC) also expressed major concerns over the lack of quality derivative product valuations. To address this issue, the Center for International Business Valuation (www.cfibv.org), a research think tank, consulting, and training organization developed the three day course Advanced Studies in Financial Instruments.
Who needs to Attend:
- • Business Valuators
- • Accountants and Auditors
- • Chief Financial Officers, Comptrollers, Treasurers
- • Valuators, Appraisers, Financial and Equity Analysts, Real Estate Analysts
- • Bank Trust Officers, Credit Products Officers, Investment Analysts, Portfolio Managers, Asset Management Specialists, Mergers and Acquisitions Directors
Business Valuators with a credential such as the ICVS, ASA, ABV, CICBV, BCA, or CVA are welcome to attend. The course materials are advanced in format and require students to have a thorough understanding of business valuation techniques. For more information about obtaining these foundational skills click here.
The International Association of Certified Valuation Specialists, in conjunction with the Center for International Business Valuation, has added an advanced level to the International Certified Valuation Specialist (ICVS) credential; valuators can now earn the ICVS with Advanced Studies in Financial Instruments (ICVS-A). The body of knowledge for the ICVS-A was developed by Dr. Joel M. DiCicco, CPA, BCA, ICVS, a full-time member of the Executive Business and Department of Accounting faculty at Florida Atlantic University’s College of Business and a former Territory Manager for the Financial Products Division of the IRS. The Advanced Studies in Financial Instruments course covers the material needed to be mastered for the ICVS-A credential and, upon completion of the training program, students can sit for the ICVS-A credentialing exam. This advanced credential in the fair value of financial instruments can be earned along with the initial ICVS or can be added to enhance a current ICVS credential. The ICVS-A designation also requires acceptance as a member of IACVS.
The Credentialing Exam:
The ICVS-A designation requires an understanding of valuation techniques for various financial instruments, ranging from basic securities to complex derivative constructs. Upon completion of the training program, students can participate in the ICVS-A credentialing exam, which is comprised of a case study and valuation problems concerning derivative products. The test covers fair value accounting under both US GAAP and IFRS, the valuation of financial instruments (including derivative products), and the use of Python programming language (the language of choice for valuing financial derivatives).
Participants have six (6) months to complete the course and take the exam. The exam is a combination of online multiple-choice questions and a written case study that is submitted in electronic format. The exam has 3 parts: two levels of multiple choice and a valuation case study. The multiple-choice parts of the exam are remotely monitored and the case study is refereed. A panel of experts reviews the case study to determine if the criteria has been met pass the valuation portion of the exam.
Each part of the exam can be done separately but Part 1 of the multiple-choice must be passed before Part 2 of the multiple-choice is attempted. The case study is distributed after both parts of the multiple-choice exam are completed. During the 6 months to complete the exam, each part may be attempted twice. After the six months, applicants would have to pass all 3 parts from the beginning and pay to take the exam again.
Live Zoom and/or Online
- • Apply accounting standards for fair value and understand the history behind the fair value movement
- • Ascertain the purposes behind the issuance and usage of complex derivative products
- • Employ the current valuation techniques for these financial products
- • Utilize the programming language of Python, which is dominant in the valuation of financial constructs
- • The three valuation approaches
- • Fair value accounting and disclosure requirements
- • Fair value methodologies and techniques for valuing financial instruments (equities, debt, securitized instruments, and derivatives)
- • Python Programming Language using Financial libraries
Class Materials Participants will receive:
- • Live interactive Zoom training (with the live Zoom course only)*
- • Advanced Studies in Financial Instruments Body of Knowledge Manual
- • Six-month online access to lecture slides and videos
- • Python fundamentals course with financial applications
- • Practice ICVS-A multiple-choice questions with the correct answers and the quantitative answers explained.
* The online-only course does not include personal learning support.
Continuing Education Units:
The Advanced Studies in Financial Instruments course provides 22 hours of Continuing Professional Education units meeting the standards of the Florida State Board of Accountancy and other professional bodies. In addition, with the recommended Optional Self-Study for the ICVS-A credentialing exam utilizing the online materials, links, and practice problems included with the live training approximates 58 CPE units: 29 hours in Technical Business and 29 hours in Accounting and Auditing.
Certificate of Completion:
The ICVS-A credential certificate is awarded for passing the exam and being accepted as an IACVS Member. Participants not wishing to apply for the ICVS-A credential will receive a Certificate of Completion from the Center for International Business Valuation upon successful completion of the course.