Glossary
Fair value (ASC 820)
The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, as defined under US GAAP's ASC 820 (and IFRS 13).
In practice
Private funds classify fair value inputs in a hierarchy (Level 1–3); most private assets are Level 3, requiring documented methodology and judgement.
In FUN/D
FUN/D's valuation workflow records method, inputs and approvals for each Level 3 mark.
Related: NAV · RVPI · Due diligence questionnaire · full glossary
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