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1、TrendsinFAS123RValuation:MarketBased&ModelsBestPracticesPerspectiveDavidRobertsPresident&CEOEquityMethodsUseavaluationtechniqueUseobservablemarketpricesforsimilarassets/liabilities,adjustasappropriateQuotedpricesinactivemarketsforidenticalassetsorliabilitiesLevelILevelI
2、ILevelIIIFairValueandtheFairValueHierarchyFairvaluehasbeenthetopicofconsiderableresearch,debate,andregulatoryattention—aunifiedframeworkisrapidlyemergingDerivedfromFAS157,“FairValueMeasurements”MarketsversusModelsShare-basedcompensationinstrumentsarenottradableWhyobserv
3、ablemarketpriceshavehistoricallynotexistedforemployeeoptionsModelsbecamethedefactostandardinmeasuringthefairvalueofemployeeoptionsAmodelestimatesfairvaluebymodelinghowamarketwouldpricetheemployeeoptionifitcouldpricetheemployeeoption(i.e.,ifitweretradable)Market-basedVal
4、uation:Finally?Searchforamarket-basedvaluationmethodologyisnotanewphenomenon,andeventracesbacktoFAS123Randpriorstandards,inwhichitisheraldedasthepreferredapproachIfanobservablemarketpriceisnotavailableforashareoptionorsimilarinstrumentwiththesameorsimilartermsandconditi
5、ons,anentityshallestimatethefairvalueofthatinstrumentusingavaluationtechniqueormodelthatmeetstherequirementsinparagraphA8andtakesintoaccount…(FAS123R,ParagraphA18)Aquotedmarketprice,ifoneisavailable,isthebestmeasureofthefairvalueofanasset,liability,orequityinstrument.In
6、itsdeliberationsleadingtothisStatement,theBoardwasnotabletoidentifycurrentlyavailablequotedmarketpricesornegotiatedpricesforemployeestockoptionsthatwouldqualifyasapriceatwhichawillingbuyerandawillingsellerwouldexchangecashforanoption.…(FAS123,Paragraph161)Market-basedVa
7、luation:ChronologyofEventsDecember1994FAS123providesfairvalueframeworkforvaluingemployeeoptions,notingapreferenceforusingobservablemarketpricesDecember2004FAS123Rreaffirmsfairvalueframeworkanddesirabilityofusingquotedprices,whilerecognizingnoneareknowntoexist1995–2004In
8、tenselobbyinganddebate,withparticularfocusonthelimitationsofapplyingvaluationmodelstoemployeeoptionsAugust2005
