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In an arrangement in which a customer makes a payment in advance of vendor performance , the vendor would recognize deferred revenue at the time the payment is received . I came away from that experience having not only learned a great deal , but also gained an appreciation of the importance of valuation issues in accounting today . And I have them there because that says there 's life after being secretary ; maybe not that kind of life , but there is life afterwards . I would now like to discuss the expected term assumption that is needed to use a closed-form option pricing model , such as the Black-Scholes-Merton model.5 When developing an estimate of expected term for input into a closed-form model , Statement 123R notes that there may be several different sources of information available , such as a company 's historical data , industry averages , or academic research.6 When the SAB was being developed , the staff understood that there were minimal sources of publicly available information that could assist companies in determining the period of time that an employee share option would remain outstanding . The extent to which management is comfortable basing its assessment on monitoring activities and other separate evaluations may depend upon the risks associated with a significant account , the relevant assertions involved , and whether there have been changes in the underlying process-level controls .