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VFR certificate, part 1: Fundamental valuation principles

Build a strong foundation with the key principles, concepts and methodologies you need to perform accurate valuations.

Over the course of seven online modules, you will establish a solid foundation of knowledge and skills in valuation.

Learn how to navigate important issues in the field, like how to determine fair market value using different approaches such as the asset-based, market, and income (levered vs. unlevered) approaches as well as selecting an appropriate rate of return and distinguishing between enterprise and equity value. You’ll also receive some practical guidance on performing calculations and how to account for case-specific factors.

Note: Part 1 can be taken individually or paired with Part 2 to earn the VFR Certificate.

CPA Canada and Chartered Business Valuators (CBV) Institute

You will learn about:

  • building a foundation – concepts and principles
  • asset or cost-based approaches to valuation
  • market-based approach to valuation
  • income-based approaches to valuation such as the capitalization of earnings or cash flow method and the discounted cash flow method
  • selecting a capitalization or discount rate
  • the levered vs. unlevered approach to value
  • determine an appropriate capital structure

Who should attend?

  • controllers
  • analysts
  • business valuators
  • auditors
  • accountants
  • financial executives


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