FAS 157: A Paradigm Shift for Fair Value
What is FAS 157?
FAS 157 is the financial accounting standard which establishes appropriate methods to determine the fair value of assets and liabilities- particularly those that are illiquid.
Does FAS 157 apply to Pension and Endowment Funds?
YES- Trustees and fiduciaries are responsible for the fair value of fund investments.
AUDIT IS NOT A SAFE HARBOR!
Where can I learn more about FAS 157?
See Axiom on Fair Value:
Podcasts
- Stan Feldman On Misreporting Alternative Investment Values 02-16-2010 (Podcast)
- Stanley Feldman On the Five Myths About the Fair Value of Alternative Investments (Podcast)
- Stanley Feldman on Fiduciary Responsibility, Post-Madoff (Podcast)
Research Library
- Alternative Investment Report
- GIC Valuation Report
- Five Myths About the Alternative Investment Report