This edition of the Benchmark Definition maintains the recommendation of the previous edition that market value is the conceptually ideal basis for valuing direct investment transactions and positions. The use of market prices is the only basis under which all parties can calculate their assets and liabilities consistently. In addition to outlining some of the main accounting principles, this chapter also provides guidance on the calculation of FDI at market value. While this might be relatively straightforward for equity transactions and positions involving companies where the equity securities are listed on an organised stock exchange, it is much less so for unlisted (or unquoted) shares. In this latter case market value may have to be estimated from the data provided by these unlisted companies. This chapter lists a number of recommended methods by which this can be achieved, as well as listing those methods that are not recommended. This chapter also discusses the valuation of debt where it recommends the use of the nominal value of the debt as the proxy to market value. Finally the valuation of transactions where transfer pricing is operating is discussed.