The convergence of US and international accounting standards is changing US financial reporting from a rule-dominated system to a principle-based accounting system that emphasizes the substance of transactions over their form. This migration to a more subjective system places an increased premium on the ability to make consistently sound and readily supportable valuation judgments. Murray Devine is able to draw on decades of experience with illiquid assets to provide our clients with clear and supportable fair value conclusions and help them and their auditors to develop methodologies that will comply with the new reporting standards.