Less smoke fewer mirrors: fair value pricing to the rescue? After years of poor transparency into financial firms’ valuation processes, it appears that a significant step has been taken towards greater standardisation and disclosure of how investment mana

First announced in late 2006, FAS 157 won't fully impact buy-side and hedge fund managers until their 2008 fiscal year ends, but some implications are already clear - and preparations had best be well underway. Just how onerous the new rule proves will depend largely on how well-developed individual managers' current valuation processes are.

Compliance with the rule will require managers to ensure (or adopt) adequate internal valuation policies and procedures, back-office