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Alternative Market Briefing

AIMA updates guide to hedge fund valuation to reflect new accounting standards and regulations

Wednesday, October 09, 2013

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Andrew Baker
Benedicte Gravrand, Opalesque Geneva:

How assets managed by hedge funds are valued is a critical issue for fund managers, valuation specialists and investors. The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has just released a paper which sets out the latest guidance in this area; the updated Guide to Sound Practices for Hedge Fund Valuation is now available to AIMA members.

The paper takes account of recent regulatory reforms, including a summary of valuation requirements under the EU’s Alternative Investment Fund Managers Directive (AIFMD), and changes in accounting standards since the last edition was published in 2007. It also reflects greater demands for transparency from investors.

Indeed, following the 2008 financial crisis, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) worked on several projects for new accounting standards. "The fair valuation hierarchy has helped Investors better understand the characteristics of portfolios from a valuation perspective and, as reporting continues to evolve, sound practice will be for hedge funds, usually via their Valuation Service Providers, to provide fair valuation hierarchy disclosures to thei......................

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