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1、TrendsinFAS123RValuation:MarketBased&ModelsBestPracticesPerspectiveDavidRobertsPresident&CEOEquityMethodsUseavaluationtechniqueUseobservablemarketpricesforsimilarassets/liabilities,adjustasappropriateQuotedpricesinactivemarketsforidenticalassetsorliabilitiesLevelI
2、LevelIILevelIIIFairValueandtheFairValueHierarchyFairvaluehasbeenthetopicofconsiderableresearch,debate,andregulatoryattention—aunifiedframeworkisrapidlyemergingDerivedfromFAS157,“FairValueMeasurements”MarketsversusModelsShare-basedcompensationinstrumentsarenottrada
3、bleWhyobservablemarketpriceshavehistoricallynotexistedforemployeeoptionsModelsbecamethedefactostandardinmeasuringthefairvalueofemployeeoptionsAmodelestimatesfairvaluebymodelinghowamarketwouldpricetheemployeeoptionifitcouldpricetheemployeeoption(i.e.,ifitweretradab
4、le)Market-basedValuation:Finally?Searchforamarket-basedvaluationmethodologyisnotanewphenomenon,andeventracesbacktoFAS123Randpriorstandards,inwhichitisheraldedasthepreferredapproachIfanobservablemarketpriceisnotavailableforashareoptionorsimilarinstrumentwiththesame
5、orsimilartermsandconditions,anentityshallestimatethefairvalueofthatinstrumentusingavaluationtechniqueormodelthatmeetstherequirementsinparagraphA8andtakesintoaccount…(FAS123R,ParagraphA18)Aquotedmarketprice,ifoneisavailable,isthebestmeasureofthefairvalueofanasset,l
6、iability,orequityinstrument.InitsdeliberationsleadingtothisStatement,theBoardwasnotabletoidentifycurrentlyavailablequotedmarketpricesornegotiatedpricesforemployeestockoptionsthatwouldqualifyasapriceatwhichawillingbuyerandawillingsellerwouldexchangecashforanoption.
7、…(FAS123,Paragraph161)Market-basedValuation:ChronologyofEventsDecember1994FAS123providesfairvalueframeworkforvaluingemployeeoptions,notingapreferenceforusingobservablemarketpricesDecember2004FAS123Rreaffirmsfairvalueframeworkanddesirabilityofusingquotedprices,whil
8、erecognizingnoneareknowntoexist1995–2004Intenselobbyinganddebate,withparticularfocusonthelimitationsofapplyingvaluationmodelstoemployeeoptionsAugust2005
