I took extra care in remaking our materials for the revised SVILAC Ch. 24, which covers VM-21 (PBR for VAs). As I explained earlier, this chapter was completely rewritten by the authors, and the new version is quite different from the original version in the print edition of the book.
Unfortunately there are also some significant errors in the numerical illustration included in the revised Ch. 24, and these took me a while to sort out. I’ve made the exam committee and authors aware of the problems, and I also created a new custom example, which you’ll find in the updated video lesson. VM-21 is arguably the most complex valuation standard that exists today, and it’s difficult to absorb. Hopefully the video lesson’s examples and extra work we’ve done to simplify the key steps will help you get through it more easily for the purpose of passing the exam.
The updates to the TI material in Section B will go much quicker and should be posted on schedule in early December. As always, check out the Revision History and Scheduled Updates spreadsheet in the Introduction section to see what’s changed since the last time you downloaded anything.