Webcast Replay: AICPA Issues Interpretative Guidance on Using NAV to Value Interests

On December 23, 2009 the AICPA issued Technical Guidance (TIS Section 2220) providing additional clarification on implementing FASB Accounting Standards Update (ASU) 2009-12, Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The AICPA Technical Guidance clarifies what LPs and indirectly GPs must do to generate reliable fair value estimates. 


Duration is 1 hour

This webcast, hosted by Duff & Phelps, will help both General Partners (GPs) and Limited Partners (LPs) further understand the requirements of ASU 2009-12 through a discussion of the new AICPA Technical Guidance.

Key Content:

Duff & Phelps' industry experts will clarify the following:

  • How LPs can demonstrate to their auditors that they have determined that NAV reported by their GPs is fair value derived
  • How LPs can rehabilitate NAV which is not fair value based
  • How LPs can bring "in-phase" NAV which is not as of the LPs measurement date
  • How GPs can demonstrate to their LPs that the GP process for determining fair value is compliant with Topic 820
  • Why GPs will be receiving pressure to accelerate the timing of their fair value estimates and financial reporting
  • Best practice GP procedures which facilitate the information needs of LPs
  • New disclosure requirements for LPs

Presented By:

  • Warren Hirschhorn, Managing Director, Duff & Phelps, Portfolio Valuation Services
  • David L. Larsen, Managing Director, Duff & Phelps, Portfolio Valuation Services
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