Valuation 101: A Beginner’s Guide to Equity Valuation

From Black Scholes and Monte Carlo Simulation to implied or peer or historical volatility and various methods for estimating expected life, the panel aims to cover it all. Valuation experts will help you understand valuation models, uncover techniques to lower expense, and discover the latest audit-approved best practices.

LEVELS I, II Accounting

Track: Accounting & Taxation

Session I  (1.2)  10/18/2017 10:15 AM -  11:15 AM
Concourse: Jefferson West


Bernice Toy

Bernice Toy joined NASPP in February 2015 as the Programs Director. Prior to NASPP, Berni founded BeUbiq, Inc., where she developed UbiqIt®, a cloud-based collaboration application that centralizes and organizes the content and business knowledge that govern equity compensation programs. In 2008, Berni joined Cisco Systems, Inc., as the Senior Manager of Global Stock Plan Services, where she managed a team of 11, who administered the stock plans and all the tax and legal compliance requirements for 120+ countries. In 1992, she co-founded StockPlan, Inc., which was later acquired by AST (American Stock Transfer) and also held positions as Equity International Specialist at Applied Materials, Equity Consultant at Watson Wyatt, Functional Software Analysis at PeopleSoft, Inc., Account Manager at Smith Barney, Sales Manager at ShareData, Inc., and Stock Administrator at Linear Technology, Inc. and ROLM Corporation. She is a founding NASPP and GEO Member.

Steve Tamsula CEP
PNC Financial Services Group Inc

Steve Tamsula (retired) was the Vice President and Functional Controller for equity and executive compensation at The PNC Financial Services Group, one of the United States' largest diversified financial services organizations. Steve over 30 years of accounting and finance experience with PNC, having worked in such areas as corporate accounting, budgeting & forecasting, SEC reporting, accounting policy, mergers & acquisitions, and the Corporate Controller's Office. For the past fifteen years he has been in the equity & executive compensation finance space, working closely with his service partners in human resources, legal, and corporate tax on implementing sound incentive compensation plan design, practices and procedures from a finance perspective.

Steve and his team are responsible for the accounting, valuation, budgeting & forecasting, reporting and disclosures for all of PNC's equity and executive compensation programs. Steve also has ancillary responsibility for overseeing all of PNC's cash incentive, deferred compensation, and director compensation programs from an accounting & financial perspective, lending his support and expertise in complex accounting and valuation issues around these programs. He collaborates directly with executive management and is PNC's subject matter expert for all internal and external audit, SOX, corporate governance and risk management issues related to equity compensation from a finance perspective.

Steve has been a member of the NASPP for over 10 years, and in 2011 he received his Certified Equity Professional (CEP) designation, where he currently serves (along with the NASPP’s Barbara Baksa) on their Curriculum Committee for Accounting. He earned his Bachelor of Science degree in business administration, majoring in accounting and finance, from Clarion University of Pennsylvania. Steve is based in Pittsburgh, Pennsylvania.

Bill Storey
Kar Auction Services

Bill is the Senior Manager, Financial Reporting & Accounting (FRA) Services at Stock & Option Solutions or SOS. He enjoys collaborating with the SOS Team to help public and private clients with their equity compensation accounting challenges and financial reporting compliance. He's primarily responsible for helping clients with the stock comp portion of their accounting close and reporting processes and staying current with equity compensation developments and regulatory changes. Prior to joining SOS in October 2015, Bill spent 12+ years in roles of increasing responsibility at various publicly traded companies in the software and manufacturing industries and started his professional career as an external auditor at a Big 4 Public Accounting Firm. Bill's areas of expertise include stock-based compensation accounting/financial reporting, global external reporting (including SEC Reporting), coordinating the accounting close, monitoring internal controls compliance and performing internal and external audit services. Bill earned a Bachelor of Science degree in Business from Indiana University- Kelley School of Business and is a Certified Public Accountant and Certified Equity Professional. He is also a member of NASPP, GEO, the SEC Professionals Group and serves as a guest speaker at various equity conferences.

Carly Sanfilipo CEP
Aon Equity Services

Carly Sanfilipo is an Associate Director with Aon Equity Services. She has more than thirteen years of benefits and compensation consulting experience.

Carly consults on a variety of employee benefits and compensation issues, including Employee Stock Option and Performance-Based RSU valuations and accounting under Topic 718 and valuations and consulting for potential Underwater Stock Option exchanges under Topic 718.

In her current role, Carly manages client relationships and projects that involve analyzing equity compensation data, performing statistical analysis, developing assumptions, and producing financial reporting information for valuations and accounting under Topic 718.

Carly graduated from Florida State University with a Bachelor of Science degree in actuarial science. She is a Certified Equity Professional and is currently pursuing her actuarial designation. Carly is based in Denver.

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