BC88 The Board first considered at which date the fair value of equity instruments should be determined for the purpose of measuring share‑based payment transactions with employees (and others providing similar services). [When the Board developed the proposals in ED 2, it focused on the measurement of equity‑settled transactions with employees and with parties other than employees. ED 2 did not propose a definition of the term ‘employees’. When the Board reconsidered the proposals in ED 2 in the light of comments received, it discussed whether the term might be interpreted too narrowly. This could result in a different accounting treatment of services received from individuals who are regarded as employees (eg for legal or tax purposes) and substantially similar services received from other individuals. The Board therefore concluded that the requirements of the IFRS for transactions with employees should also apply to transactions with other parties providing similar services. This includes services received from (1) individuals who work for the entity under its direction in the same way as individuals who are regarded as employees for legal or tax purposes and (2) individuals who are not employees but who render personal services to the entity similar to those rendered by employees. All references to employees therefore include other parties providing similar services.] The possible measurement dates discussed were grant date, service date, vesting date and exercise date. Much of this discussion was in the context of share options rather than shares or other equity instruments, because only options have an exercise date.