FAS 157 reckoning in TheDeal.com

Today, at last, FAS 157 made its splash in the private equity scene as it was granted an appropriately-sized article in The Deal. As Dan Primack says (separately, in PE Hub), it's "the most important private equity issue that not enough of us are reporting on."

Our thoughts:

• FASB 157 is here to stay, and PE firms are beginning to debate the merits of its implementation.


• Recent volatility in the markets and controversies regarding valuation over illiquid investments have brought the issue to the forefront.


• There is uncertainty over who will take on the new duties of developing the valuations and defending them in front of the audit community. Some firms are have created groups or positions internally, while others have gone to independent professionals. Regardless of what they do, it's a substantial commitment of time and effort.