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Trends in FAS 123R Valuation: Market Based Models Best Practices Perspective Fair Value and the Fair Value Hierarchy Fair value has been the topic of considerable research, debate, and regulatory attention—a unified framework is rapidly emerging Markets versus Models Share-based compensation instruments are not tradable Why observable market prices have historically not existed for employee options Models became the de facto standard in measuring the fair value of employee options A model estimates fair value by modeling how a market would price the employee option if it could price the employee option (i.e., if it were tradable) Market-based Valuation: Finally? Search for a market-based valuation methodology is not a new phenomenon, and even traces back to FAS 123R and prior standards, in which it is heralded as the preferred approach Market-based Valuation: Chronology of Events Making Decisions: Is Market-based Valuation Right for You? Issue 1: Lower Valuation Undoubtedly, a central question companies will ask is how market-based valuations are likely to differ from existing model-based approaches Answers to these questions must be grounded in thoughtful economic analysis Making quick assumptions as to the potential results of a market-based valuation is a recipe for disaster Issue 1: Lower Valuation Market-based values may not always be lower than model-based values This is a firm-specific question companies should investigate based upon their own unique circumstances A more meaningful assessment will examine two general questions: First, is there some requirement in FAS 123R that my company is rigidly required to follow that may deviate from how the market would otherwise process this information in the context of my company Second, is there some difference between how the model-driven fair value developed for my company may differ from how the capital markets would price the same option An example of each is provided… Example 1: Term-matching Princi