Clarification of the AudioParam time/values in the spec

The AudioParam definition in the spec relies on notions such as the
previous time and previous value.  So far I have assumed that when the spec
is talking about the previous time or the previous value, it's talking
about the time and value parameters of the previous event in the timeline.
Is that true?

It would be very helpful for somebody to clarify this section of the spec.

Thanks!
--
Ehsan
<http://ehsanakhgari.org/>