Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
Manda Trautwein
Contact via Email
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Credit points |
Credit points
2
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Prerequisites |
Prerequisites
(Admission to MAppFin or MAppFin(Adv) or GradDipAppFin) and ECFS866
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit will give students a taste of the range of assignments encountered in a career in valuations. The course will be equally useful for those who might commission or use valuations such as company directors, chief financial officers, company secretaries, corporate advisors and equity analysts. The course will equip students to value portfolio and controlling interests in both public and private companies. We will also examine the specific nuances of performing valuations for mergers and acquisitions vs independent expert’s reports vs financial reporting vs taxation purposes. The course starts with an overview of the Australian and international standards and regulations that apply to valuations in Australia. We then examine the most common circumstances that give rise to the need for a valuation. Finally, we look at what is involved in giving expert evidence in court. The objective of this unit is to build on valuation skills from Corporate Finance, and present new theory in a practical way through discussion and analysis of case studies that represent real-life situations. Students will have access to S&P Capital IQ.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
To pass this unit the student needs to (1) Achieve an aggregate mark of 50 or more, and; (2) Pass the Final Exam.
Name | Weighting | Hurdle | Due |
---|---|---|---|
Pre-unit Quiz | 10% | No | Before first class |
Assignment | 30% | No | Refer to iLearn |
In Class Participation | 10% | No | Ongoing |
Final Exam | 50% | Yes | Refer to Timetable |
Due: Before first class
Weighting: 10%
Summary of Assessment Task
Individual / Group: Individual.
Due Date: Before first class.
Submission Method: In iLearn.
Duration: Refer to iLearn.
Extension Requests:
Due: Refer to iLearn
Weighting: 30%
Summary of Assessment Task
Individual / Group: Individual. (Group discussion allowed before submission.)
Due Date: Refer to the unit's iLearn site.
Submission Method: Online via Turnitin on iLearn site.
Duration: Refer to Assignment Coversheet.
Extension Requests:
Due: Ongoing
Weighting: 10%
Summary of Assessment Task
Individual / Group: Attendance, group & individual presentation, and participation in class discussion.
Due Date: Refer to the unit's iLearn site.
Submission Method: In class.
Duration: Ongoing.
Extension Requests:
Due: Refer to Timetable
Weighting: 50%
This is a hurdle assessment task (see assessment policy for more information on hurdle assessment tasks)
Summary of Assessment Task
Individual / Group: Individual.
Due Date: Refer to Timetable.
Submission Method: As per MAFC Program Rules at www.mafc.mq.edu.au
Duration: 2 hours plus 10 minutes reading time.
Examination Conditions:
Extension Requests:
Face-to-Face Teaching: Generally 20 hours.
Timetable: Detailed timetable for classes are on the Centre’s website at www.mafc.mq.edu.au
Consultation Times:
Students who wish to contact any of the teaching staff may do so through:
Text: Nil.
Additional Readings:
Lecture Notes: Available in printed form and electronically via iLearn.
Useful References: Will be provided as part of the notes.
Calculators:
Assumed Knowledge:
Assumed Access:
Unit iLearn Site:
Important Notice:
We start by looking at the regulatory environment for valuations in Australia. By considering each of the main regulators in turn, we will look at the circumstances where a valuation may be subject to regulation and the different valuation approaches that are prescribed by each regulator.
Key learning outcomes:
We review some of the nuances of valuing private companies as opposed to public companies - where information is much more difficult to obtain and generally not of the same quality. We also look at how to deal with the additional risks typically inherent in private companies.
Key learning outcomes:
We look at the key differences between portfolio interests and controlling interests in companies, and how we account for the differences in value. We also consider empirical evidence on control premiums paid in takeover transactions.
Key learning outcomes:
We discuss valuations in a merger and acquisition context – where they fit into the process and how they might impact on due diligence and the ultimate deal structure.
Key learning outcomes:
We will discuss the circumstances in which it is advisable to commission Independent Expert’s Reports and review the key requirements of preparing Independent Expert’s Reports. We will review various examples of past Independent Expert’s Reports and undertake an in-depth group case study of a few Independent Expert’s Report.
Key learning outcomes:
We will discuss the importance of valuations in the context of the global move towards fair value reporting and look at examples of accounting standards that provide specific valuation guidance. We will look at public company annual reports as an example of how valuation information in respect of key balance sheet and income statement items is disclosed.
Key learning outcomes:
We will discuss the importance of valuations in tax compliance and review a range of scenarios that may require valuations such as tax restructures, divestments, tax consolidations and employee share schemes. We will look at the Australian Taxation Office’s (ATO) Market Valuation Guidelines on how valuations for taxation purposes should be performed.
Key learning outcomes:
We will look at some of the circumstances that may require a valuer to provide a written expert report for Court or give oral evidence in Court, and practically how these things are done.
Key learning outcomes:
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au
Students should also consult the MAFC Program Rules found at http://www.mafc.mq.edu.au
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
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For all student enquiries, please contact studentsupport@mafc.mq.edu.au
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
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For all student enquiries, visit Student Connect at ask.mq.edu.au
If you are a Global MBA student contact globalmba.support@mq.edu.au
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Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
This Unit Guide may be subject to change. Students will be advised, via an "Announcement" on iLearn, if the Unit Guide is changed.
The latest version is available at https://unitguides.mq.edu.au/.
Students should read the Unit Guide carefully at the start of term. It contains important information about the unit. If anything is unclear, please consult one of the unit lecturers.