{"concept_id":"ALTSS-VAL-001","slug":"fair-value","canonical_name":"Fair Value","aliases":["fair value measurement"],"kind":"term","authority":"regulatory","facets":["VAL"],"domains":["VALUATION"],"display_title":"Fair Value","search_aliases":["what is fair value","fair value definition asc 820","ifrs 13 fair value","fair value private equity","exit price vs entry price","level 3 fair value","fair value vs fair market value"],"one_sentence_definition":"Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined identically in US and international accounting standards.","plain_english":"Fair value asks what a holding would fetch today in a normal, unhurried sale to a typical buyer. It is not what was paid, what the holder hopes to get later, or what a forced seller would accept. For private-fund investments with no quoted price it is estimated with valuation models, and those estimates make up most of a fund's reported NAV.","formal_definition":"Accounting Standards Codification (ASC) 820-10-35-2, as amended by Accounting Standards Update (ASU) 2011-04, and International Financial Reporting Standards (IFRS) 13 define fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. An orderly transaction assumes exposure to the market before the measurement date for the marketing usual for such assets and is not a forced liquidation or distress sale. Market participants are buyers and sellers in the principal (or most advantageous) market who are independent of each other, knowledgeable, able and willing to transact.","jurisdiction":"US; INTL","parent_concepts":[],"child_concepts":["fair-value-hierarchy"],"related_concepts":["ipev-valuation-guidelines","calibration","price-of-recent-investment","unit-of-account","net-asset-value","nav-practical-expedient","dlom","valuation-policy","mark-to-model"],"comparison_concepts":[],"not_the_same_as":[{"slug":"mark-to-market","distinction":"Mark-to-market uses observable market prices; fair value is the broader measurement objective and, for private holdings, is usually estimated with models."},{"slug":"409a-valuation","distinction":"A 409A valuation estimates fair market value of private-company stock for US tax rules on deferred compensation, under 26 CFR 1.409A-1; it is a different standard for a different purpose."},{"slug":"net-asset-value","distinction":"NAV is the net total of a fund's assets and liabilities; fair value is the measurement basis applied to the individual assets within it."}],"formula_ids":[],"worked_examples":[{"title":"Illustrative listed block under a lock-up","paragraphs":["A fund holds 3,000,000 shares of a company that listed two months ago. The closing price at the measurement date is $12.50, and the shares trade about 200,000 a day. Fair value is 3,000,000 × $12.50 = **$37.5m**, a Level 1 measurement. No discount is taken because the position is large relative to daily volume: ASC 820 measures a position in an actively traded instrument as price times quantity and prohibits blockage factors. The fund's shares are also under an underwriter's lock-up agreed at the IPO, after the fund had adopted ASU 2022-03. Under ASC 820 as amended by ASU 2022-03, a contractual sale restriction is not part of the unit of account, so no discount is taken for it either. A restriction attached to the security itself, such as shares not registered for trading, would be different and could justify a discount."]}],"sections":[{"heading":"Jurisdiction and status","paragraphs":["Fair value is an accounting measure with one definition in two frameworks: ASC Topic 820, the US fair value standard, and IFRS 13, issued in May 2011. Each applies to entities that report under its framework. Industry valuation guidance for unquoted holdings works within those standards and gives way to them where they differ. For US registered funds and business development companies (BDCs), Securities and Exchange Commission (SEC) Rule 2a-5 adds requirements for determining fair value in good faith (see below)."]},{"heading":"The elements of the definition","paragraphs":["- **Exit price.** Fair value is the price to sell, not the price paid to buy. The two are often equal at the transaction date, but not always: a related-party deal, a sale under duress, a different unit of account or a different market can separate them.\n- **Orderly transaction at the measurement date.** The hypothetical sale is assumed to have been marketed in the usual way before the measurement date, so it culminates on that date. It is not a forced liquidation or distress sale.\n- **Market participants.** Assumptions are those that independent, knowledgeable buyers and sellers able and willing to transact would use, acting in their economic best interest. The holder's own intentions (to hold, to sell later) are irrelevant.\n- **Principal or most advantageous market.** The sale is assumed to take place in the market with the greatest volume and level of activity for the asset or, if there is none, the market that maximises the net amount received.\n- **Transaction costs** are not deducted from the price; they are accounted for separately.\n- **Unit of account.** Premiums or discounts must be consistent with what is being measured. A control premium can apply where the unit is a controlling interest; a discount for the size of the holding (a blockage factor) cannot."]},{"heading":"Valuation approaches and the fair value hierarchy","paragraphs":["ASC 820 names three approaches: market, income and cost. A single technique may suffice (a quoted price for an identical asset) or several may be used, with judgement about where in the range fair value lies. Inputs are ranked:","- **Level 1:** unadjusted quoted prices in active markets for identical assets.\n- **Level 2:** other inputs observable for the asset, directly or indirectly.\n- **Level 3:** unobservable inputs, used when relevant observable inputs are not available.","Measurements must maximise observable inputs and minimise unobservable ones. Holdings in private companies typically rely on unobservable inputs such as projected earnings and chosen multiples and fall in Level 3. Interests in funds measured using the [NAV practical expedient](/glossary/nav-practical-expedient) are not categorised in the hierarchy (ASU 2015-07). See [fair value hierarchy](/glossary/fair-value-hierarchy)."]},{"heading":"Fair value in private funds","paragraphs":["Under ASC 946, as amended by ASU 2013-08, an investment company measures its investments in debt and equity securities at fair value, and managing substantially all of its investments on a fair value basis is one of the typical characteristics of an investment company; that is why private equity, venture and credit funds report portfolios at fair value rather than cost. The accounting standards define the target; industry guidance describes how to estimate it for unquoted holdings. The [IPEV Valuation Guidelines](/glossary/ipev-valuation-guidelines) are written so that following them produces measurements consistent with IFRS 13 and ASC 820, and a nonauthoritative accounting and valuation guide for venture capital and private equity portfolio companies (2019) from the American Institute of Certified Public Accountants (AICPA) covers unit of account, calibration, control and marketability, and backtesting.","Two practices follow from the exit-price definition. When the entry price was fair value, models are [calibrated](/glossary/calibration) to it, so the same technique with updated inputs drives later marks. And the price paid in a recent funding round ([price of recent investment](/glossary/price-of-recent-investment)) is a starting point, not automatically fair value at later dates; the IPEV Guidelines restate this in the 2025 edition."]},{"heading":"Restrictions, marketability and discounts","paragraphs":["Three rules are often confused.","- **Contractual sale restrictions** on an equity security, such as lock-ups, are not part of its unit of account under ASC 820 as amended by ASU 2022-03, so they are not considered in measuring fair value and no discount is recognised for them. The amendment applies to public business entities for fiscal years beginning after 15 December 2023 and to all other entities for fiscal years beginning after 15 December 2024. An investment company applies it to restrictions executed or modified on or after the date it adopted the amendment, and keeps its previous accounting policy for restrictions executed before that date until they expire or are modified.\n- **Restrictions attributable to the security** (for example shares not registered for trading) can justify a discount, because any buyer would inherit them.\n- **Marketability**, in the sense of the time needed to sell, is not a basis for a discount: the definition already assumes the asset was marketed before the measurement date. The IPEV Guidelines say a marketability discount is not appropriate in a fair value measurement and treat liquidity differences from listed comparables through calibration. A [discount for lack of marketability](/glossary/dlom) is a concept from other valuation contexts."]},{"heading":"US registered funds and BDCs","paragraphs":["For funds registered under the Investment Company Act and business development companies, SEC Rule 2a-5 sets out what a good-faith fair value determination requires: assessing and managing valuation risk, selecting and applying methodologies, testing them, and overseeing pricing services. The board may designate a valuation designee, often the adviser, subject to board oversight and reporting. The rule was adopted in December 2020, took effect on 8 March 2021 and had a compliance date of 8 September 2022. It does not apply to private funds, whose valuation obligations come from their governing documents and the accounting framework they report under."]},{"heading":"How LPs and GPs use fair value","paragraphs":["Fair value marks are the basis of reported [net asset value](/glossary/net-asset-value), so they flow into interim [IRR](/glossary/irr) and total value to paid-in capital (TVPI), into management fees where the fee base is NAV, into an LP's own financial statements and into its [asset allocation](/glossary/asset-allocation). LPs review a GP's [valuation policy](/glossary/valuation-policy), the composition and independence of its [valuation committee](/glossary/valuation-committee), the mix of techniques by holding, and [backtesting](/glossary/valuation-backtesting): comparing exit prices with the last marks before exit to see whether the process is biased."]}],"classification_rules":["A holding is Level 1 only if it is the identical instrument quoted in an active market and the quote is used unadjusted.","If a significant unobservable input drives the measurement, the measurement is Level 3, even if other inputs are observable."],"calculation_rules":[],"common_mistakes":["Holding investments at cost for several periods because \"nothing has happened\". Fair value is assessed at each measurement date; it may stay the same, but that is a conclusion, not a default.","Discounting a listed position for an IPO lock-up executed or modified after the reporting entity adopted ASU 2022-03. Only an investment company holding a restriction executed before its adoption date keeps its previous policy, until the restriction expires or is modified.","Applying a blockage discount to a large holding of an actively traded security.","Using the holder's intentions (for example, a plan to hold to maturity) instead of market participant assumptions; amortised cost of a loan is not its fair value.","Deducting expected transaction costs from the fair value of an asset.","Treating fair value under ASC 820 as the same thing as fair market value for tax purposes."],"edge_cases":["In dislocated markets fair value is still measured in the market that exists at the measurement date; a distressed or forced transaction is not determinative, but low activity alone does not make prices irrelevant.","A transaction that signs or closes after the measurement date can inform fair value at that date only to the extent it reflects conditions known or knowable then.","Where a fund holds several instruments in one company, the unit of account follows how a market participant would transact: all positions together, or each separately."],"external_standard_mappings":[{"standard":"ASC 820 (US GAAP)","reference":"820-10-35-2","relation":"equivalent","source_id":"SRC-US-FASB-ASU-2011-04","note":"Definition as amended by ASU 2011-04; the Codification is authoritative, the ASU is the public reference."},{"standard":"IFRS 13 Fair Value Measurement","reference":"Definition of fair value","relation":"equivalent","source_id":"SRC-INTL-IFRS-13"},{"standard":"IPEV Valuation Guidelines (2025)","reference":"Section I 1.1","relation":"equivalent","source_id":"SRC-IPEV-2025","note":"Same definition, stated for assets only."}],"source_ids":["SRC-EU-REG-2023-1803","SRC-INTL-IFRS-13","SRC-IPEV-2025","SRC-US-AICPA-PEVC-GUIDE","SRC-US-ECFR-26-1-409A-1","SRC-US-ECFR-270-2A-5","SRC-US-FASB-ASU-2011-04","SRC-US-FASB-ASU-2013-08","SRC-US-FASB-ASU-2015-07","SRC-US-FASB-ASU-2022-03","SRC-US-SEC-REL-IC-34128"],"citations":[{"source_id":"SRC-US-FASB-ASU-2011-04","pinpoint":"ASC 820-10-35-2, 35-3, 35-5, 35-9, 35-9B, 35-24, 35-24A, 35-24B, 35-36B, 35-40, 35-44, 35-47, 35-52; Master Glossary (orderly transaction, market participants, principal market, most advantageous market)","supports":"Definition and elements of fair value, approaches, hierarchy levels, no blockage factor, transaction costs, premiums and discounts vs unit of account","source":{"source_id":"SRC-US-FASB-ASU-2011-04","title":"ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU2011-04.pdf","publication_date":"May 2011","jurisdiction":"US","status":"in force (codified in ASC 820)","last_verified":"2026-10-01"}},{"source_id":"SRC-INTL-IFRS-13","pinpoint":"Standard summary","supports":"IFRS 13 defines fair value as an exit price; holder's intentions irrelevant; issued May 2011","source":{"source_id":"SRC-INTL-IFRS-13","title":"IFRS 13 Fair Value Measurement","publisher":"IFRS Foundation / International Accounting Standards Board (IASB)","document_type":"standard","url":"https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/","publication_date":"Issued May 2011 by the IASB; later consequential amendments (IAS 19 2011, Annual Improvements 2011-2013, IFRS 9 2014, IFRS 16 2016, IFRS 18 2024, IFRS 19 2024)","jurisdiction":"intl","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FASB-ASU-2022-03","pinpoint":"Summary (main provisions; effective dates and transition); ASC 820-10-35-36B as amended; 820-10-65-13(a)-(c)","supports":"A contractual sale restriction on an equity security is not part of its unit of account and is not considered in measuring fair value; effective dates; investment companies apply it to restrictions executed or modified on or after adoption","source":{"source_id":"SRC-US-FASB-ASU-2022-03","title":"ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU%202022-03.pdf","publication_date":"June 2022","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FASB-ASU-2015-07","pinpoint":"Summary (main provisions)","supports":"Investments measured at NAV under the practical expedient are not categorised in the hierarchy","source":{"source_id":"SRC-US-FASB-ASU-2015-07","title":"ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU%202015-07_2.pdf","publication_date":"May 2015","jurisdiction":"US","status":"in force (codified in ASC 820)","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FASB-ASU-2013-08","pinpoint":"ASC 946-10-15-6 to 15-8; 946-323-45-1 (referring to Subtopic 946-320)","supports":"Fundamental and typical characteristics of an investment company (a fair value basis for substantially all investments is a typical characteristic, 946-10-15-7(e)); investments in debt and equity securities measured at fair value","source":{"source_id":"SRC-US-FASB-ASU-2013-08","title":"ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU%202013-08.pdf","publication_date":"June 2013; effective for fiscal years beginning after 2013-12-15","jurisdiction":"US","status":"in force (codified in ASC 946)","last_verified":"2026-10-01"}},{"source_id":"SRC-US-AICPA-PEVC-GUIDE","pinpoint":"Product page description (scope of the guide)","supports":"Nonauthoritative AICPA guide (2019) on portfolio company valuation: unit of account, calibration, control and marketability, backtesting","source":{"source_id":"SRC-US-AICPA-PEVC-GUIDE","title":"Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies - Accounting and Valuation Guide","publisher":"AICPA (AICPA & CIMA)","document_type":"guidance","url":"https://www.aicpa-cima.com/cpe-learning/publication/valuation-of-portfolio-company-investments-of-venture-capital-and-private-equity-funds-and-other-investment-companies-accounting-and-valuation-guide-OPL","publication_date":"2019 edition (product page does not print a date; release reported August 2019 by trade press)","jurisdiction":"US","status":"current (nonauthoritative)","last_verified":"2026-10-01"}},{"source_id":"SRC-IPEV-2025","pinpoint":"Preface; Section I 1.5, 1.6 (commentary), 2.3, 2.5 ('Transactions after the Measurement Date'), 3.4 (calibration and lack of liquidity), 3.6(iii), 3.10; Section III 'Marketability'","supports":"Consistency with IFRS 13/ASC 820; precedence of accounting standards; calibration; price of recent investment not automatically fair value; marketability discount not appropriate; restriction discounts; unit of account across instruments","source":{"source_id":"SRC-IPEV-2025","title":"International Private Equity and Venture Capital Valuation Guidelines (2025 edition)","authors":"IPEV Board","publisher":"IPEV","document_type":"standard","url":"https://www.privateequityvaluation.com/Portals/0/Documents/Guidelines/2025%20IPEV%20Valuation%20Guidelines.pdf","year":2025,"publication_date":"Published 11 December 2025; in effect for quarterly reporting periods beginning on or after 1 April 2026; early adoption encouraged","jurisdiction":"intl","status":"Current; supersedes the December 2022 edition","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-270-2A-5","pinpoint":"17 CFR 270.2a-5(a), (b), (e)(1)","supports":"Good-faith fair value requirements and valuation designee for registered funds and BDCs ('fund' = registered investment company or BDC)","source":{"source_id":"SRC-US-ECFR-270-2A-5","title":"17 CFR 270.2a-5 - Fair value determination and readily available market quotations (Rule 2a-5)","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/270.2a-5","publication_date":"eCFR current as of 2026-09-29; last amended 2021-03-08 (effective date of adoption)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-SEC-REL-IC-34128","pinpoint":"Release page (adoption 2020-12-03, 86 FR 748, effective 2021-03-08); SEC small entity compliance guide (compliance date 2022-09-08)","supports":"Rule 2a-5 adoption, effective and compliance dates","source":{"source_id":"SRC-US-SEC-REL-IC-34128","title":"Good Faith Determinations of Fair Value (final rule), Release No. IC-34128","publisher":"U.S. Securities and Exchange Commission","document_type":"release","url":"https://www.sec.gov/rules-regulations/2020/12/good-faith-determinations-fair-value","publication_date":"Adopted 2020-12-03; 86 FR 748 (2021-01-06); effective 2021-03-08; compliance 2022-09-08","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-26-1-409A-1","pinpoint":"1.409A-1(b)(5)(iv)(B)","supports":"Tax fair market value of private-company stock for 409A purposes","source":{"source_id":"SRC-US-ECFR-26-1-409A-1","title":"26 CFR 1.409A-1 - Definitions and covered plans (incl. 1.409A-1(b)(5)(iv)(B) stock valuation)","publisher":"Internal Revenue Service / U.S. Department of the Treasury (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/26/1.409A-1","publication_date":"eCFR current as of 2026-09-29; last amended 2016-05-18","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-EU-REG-2023-1803","pinpoint":"Annex, IFRS 13 paras. 3, 9, B43-B44","supports":"IFRS 13 text: fair value definition; entity's intention to hold not relevant; transactions in markets with decreased activity","source":{"source_id":"SRC-EU-REG-2023-1803","title":"Commission Regulation (EU) 2023/1803 adopting international accounting standards (consolidated IFRS text incl. IFRS 3, IFRS 13, IFRS 16)","publisher":"European Commission (EUR-Lex)","document_type":"regulation","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1803","publication_date":"13 August 2023; OJ L 237, 26.9.2023","jurisdiction":"EU; INTL","status":"in force","last_verified":"2026-10-02"}}],"faq":[{"q":"Is fair value the same as fair market value?","a":"No. Fair value is the accounting measure defined in ASC 820 and IFRS 13. Fair market value is a tax and legal concept used, for example, in US deferred-compensation rules; the two can give similar numbers but rest on different standards."},{"q":"Can a private fund apply a discount because its holdings are illiquid?","a":"Not for the time it takes to sell: the definition assumes the asset was marketed before the measurement date. Differences in liquidity from listed comparables are reflected through calibration, and a discount can apply where a restriction is a characteristic of the security itself."}],"seo":{},"first_published":null,"last_reviewed":"2026-10-02","last_modified":"2026-10-02","content_version":"2.0.0","url":"https://altss.com/glossary/fair-value","json_url":"https://altss.com/reference/concepts/fair-value.json","title":"Fair Value","formulas":[],"sources":[{"source_id":"SRC-EU-REG-2023-1803","title":"Commission Regulation (EU) 2023/1803 adopting international accounting standards (consolidated IFRS text incl. IFRS 3, IFRS 13, IFRS 16)","publisher":"European Commission (EUR-Lex)","document_type":"regulation","url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1803","publication_date":"13 August 2023; OJ L 237, 26.9.2023","jurisdiction":"EU; INTL","status":"in force","last_verified":"2026-10-02"},{"source_id":"SRC-INTL-IFRS-13","title":"IFRS 13 Fair Value Measurement","publisher":"IFRS Foundation / International Accounting Standards Board (IASB)","document_type":"standard","url":"https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/","publication_date":"Issued May 2011 by the IASB; later consequential amendments (IAS 19 2011, Annual Improvements 2011-2013, IFRS 9 2014, IFRS 16 2016, IFRS 18 2024, IFRS 19 2024)","jurisdiction":"intl","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-IPEV-2025","title":"International Private Equity and Venture Capital Valuation Guidelines (2025 edition)","authors":"IPEV Board","publisher":"IPEV","document_type":"standard","url":"https://www.privateequityvaluation.com/Portals/0/Documents/Guidelines/2025%20IPEV%20Valuation%20Guidelines.pdf","year":2025,"publication_date":"Published 11 December 2025; in effect for quarterly reporting periods beginning on or after 1 April 2026; early adoption encouraged","jurisdiction":"intl","status":"Current; supersedes the December 2022 edition","last_verified":"2026-10-01"},{"source_id":"SRC-US-AICPA-PEVC-GUIDE","title":"Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies - Accounting and Valuation Guide","publisher":"AICPA (AICPA & CIMA)","document_type":"guidance","url":"https://www.aicpa-cima.com/cpe-learning/publication/valuation-of-portfolio-company-investments-of-venture-capital-and-private-equity-funds-and-other-investment-companies-accounting-and-valuation-guide-OPL","publication_date":"2019 edition (product page does not print a date; release reported August 2019 by trade press)","jurisdiction":"US","status":"current (nonauthoritative)","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-26-1-409A-1","title":"26 CFR 1.409A-1 - Definitions and covered plans (incl. 1.409A-1(b)(5)(iv)(B) stock valuation)","publisher":"Internal Revenue Service / U.S. Department of the Treasury (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/26/1.409A-1","publication_date":"eCFR current as of 2026-09-29; last amended 2016-05-18","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-270-2A-5","title":"17 CFR 270.2a-5 - Fair value determination and readily available market quotations (Rule 2a-5)","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/270.2a-5","publication_date":"eCFR current as of 2026-09-29; last amended 2021-03-08 (effective date of adoption)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-FASB-ASU-2011-04","title":"ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU2011-04.pdf","publication_date":"May 2011","jurisdiction":"US","status":"in force (codified in ASC 820)","last_verified":"2026-10-01"},{"source_id":"SRC-US-FASB-ASU-2013-08","title":"ASU 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU%202013-08.pdf","publication_date":"June 2013; effective for fiscal years beginning after 2013-12-15","jurisdiction":"US","status":"in force (codified in ASC 946)","last_verified":"2026-10-01"},{"source_id":"SRC-US-FASB-ASU-2015-07","title":"ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU%202015-07_2.pdf","publication_date":"May 2015","jurisdiction":"US","status":"in force (codified in ASC 820)","last_verified":"2026-10-01"},{"source_id":"SRC-US-FASB-ASU-2022-03","title":"ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions","publisher":"Financial Accounting Standards Board","document_type":"standard","url":"https://storage.fasb.org/ASU%202022-03.pdf","publication_date":"June 2022","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-SEC-REL-IC-34128","title":"Good Faith Determinations of Fair Value (final rule), Release No. IC-34128","publisher":"U.S. Securities and Exchange Commission","document_type":"release","url":"https://www.sec.gov/rules-regulations/2020/12/good-faith-determinations-fair-value","publication_date":"Adopted 2020-12-03; 86 FR 748 (2021-01-06); effective 2021-03-08; compliance 2022-09-08","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}]}