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Understanding and applying calibration discounts
Valuation Services

Understanding and applying calibration discounts

For calibration to be effective, valuation analysts must support the adjustments needed to ensure that the calculated fair value is equal to the original market-observable transaction price. We’ll show how.

$70 - $109
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Dec 12, 2022

NASBA Field of Study




CPE Credits



Oksana Westerbeke


3 months

Product Number


 Business & partner 
Product Details

Unravel calibration discounts

The Financial Accounting Standards Board (FASB) requires calibration of the valuation model and significant unobservable inputs to the latest transaction. But what approach should be taken when the model cannot be calibrated using reasonable inputs?

Join us as we discuss market evidence for calibration discounts, including private company convertible debt, convertible debt on public stock, and warrant transactions.

We will also explore calibration discounts and the appropriate methods to roll those discounts forward for subsequent measurement dates.

Key Topics

  • Current guidance on calibration
  • Calibration to equity transactions
  • Private company convertible debt and evidence of calibration discounts
  • Convertible debt issued by public companies and calibration
  • Warrant transaction values vs. Black-Scholes theoretical prices
  • SPAC warrants implied volatility phenomena
  • Volatility haircuts
  • Calibration discounts and value roll forwards

Learning Outcomes

  • Recognize the latest guidance related to calibration discounts.
  • Recognize situations where calibration discounts might be appropriate.
  • Identify methods for incorporating calibration discounts.
  • Identify methods for using calibration discounts for subsequent measurement dates.

Who Will Benefit

  • Valuation professionals and management who perform valuation of debt, equity, warrants, and other financial instruments
  • Auditors who review valuation of financial instruments
  • CFOs and controllers of private companies responsible for reviewing valuation reports
Credit Info
CPE Credits
NASBA Field of Study
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
1.25 hrs
For more information, please refer to CPE requirements and NASBA sponsorship information
Do you have an AICPA membership? Log in to apply your member discount.
AICPA Members
CEIV Credential Holders
CVFI Credential Holders

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6+ registrants

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Contact us
Oksana Westerbeke
Oksana is a Principal in Grant Thornton’s Transaction Services practice. She is also a leader of the firm’s National Complex Financial Instruments Group. Prior to joining Grant Thornton, Oksana spent over 10 years working with a Big 4 public accounting firm. Oksana has been working in finance for more than 20 years and has worked with numerous public and private clients on financial reporting, tax, and strategic planning.

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Understanding and applying calibration discounts
Dec 12, 2022
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Dec 12, 2022
6pm7:15pm GMT
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