Hedge Funds Warned of Fair Value Challenges

SFAS 157, which comes into force for financial statements issued after November, changes long-established valuation practices with guidelines for measuring fair value in accordance with Generally Accepted Accounting Principles (GAAP). As a result, hedge fund managers need robust valuation policies and documentation, panelists said.

The Statement requires firms to denote what inputs have been used to value securities. Level 1 inputs refer to quoted prices in active markets, while Level 2 inpu

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