Use of net asset value in determining fair value of fund-of-fund investments.

In 2007, the Financial Accounting Standards Board formed a valuation resource group (VRG) to provide the board with input on potential clarifying guidance on issues relating to the application of the principles of FASB Statement No. 157, Fair Value Measurements, to fair value information required or permitted under U.S. GAAP. The VRG has met four times. The goal of these meetings is to assist the board in evaluating any known implementation issues (http://www. fasb.org/project/valuation_resource_group. shtml).

Recently, a brief summary of the issues discussed to date by the VRG along with tentative plans for addressing those issues was posted to the FASB Web site (http:// www.fasb.org/project/vrg_summary_of_ discussions.pdf. [Note that the VRG does not make any authoritative decisions. Any authoritative decisions are subject to the FASB's normal open due...