One, the 2003-07 bull market ended at precisely when FAS 157 became effective.
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After FAS 157 went into effect in January 2008, firms were forced to value their assets based on the most recent trade.
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The accounting board has been pressured in the last few months to reverse FAS 157 altogether, but these proposed changes fall short of that.
Sarbanes-Oxley inspired a slew of new accounting rules, including FAS 157.
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Scroll down until you read the section on FAS 157.
Changes are required in the VC industry to include alternate fund structures, improved performance measures, standardized data reporting, and a focus on long-term results by reconsidering accounting rule FAS 157.
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