INSIGHT

ASC 820 Season: Do You Know Your Fair Values? 

Kemp Moyer • February 4, 2026

Services: Business Valuation Services, Valuation and Appraisals

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If you are managing a fund or holding a portfolio of investments, there’s a question you may need to know the answer to right now: Do you know what your portfolio holdings are actually worth? 

For many investment funds, family offices, and private equity managers, whether with much experience or newly emerging, the beginning of the calendar year brings more than just fresh goals and updated annual budgets. It is also fair value reporting season, and that means it’s time to turn your attention to ASC 820 strategy and compliance. 

Why Valuation Reporting Matters Now 

Most companies operate on a calendar year-end schedule, which means fiscal year-end financial reporting requirements are top of mind right now. Whether you’re managing a real estate fund, venture capital portfolio, alternative investment fund, or family office holdings, your investors likely expect (or in many cases require) accurate fair value reporting of your (and their) investment positions. 

The timing varies depending on your situation. Public companies typically face tight deadlines, generally filing audited financials no later than mid-March. Private companies and funds have more flexibility, depending on bank covenant or investor requirements, but the pressure is building as auditors begin their work and investors increase their demands for transparency and sound support for reported fair values. 

Who Needs Fair Value Reporting? 

ASC 820 requirements sit at the intersection of regulatory compliance and investor relations. Your need for independent valuations depends on several factors: 

• Type of investors you serve: Naturally, any public company has strict reporting requirements. Additionally, private funds that have institutional investors, pension funds, and/or bank lenders often require audited financials with fair value reporting. 
• Stage of growth: As your fund matures and your portfolio grows, you may face these requirements for the first time. 
• New capital requirements: Landing a significant new investor often comes with enhanced reporting obligations. 

You might be managing a real estate private equity fund where investors haven’t previously required full audits. Or perhaps you’re a venture capital fund that’s raised new institutional capital, and those investors want complete visibility into regularly updated portfolio valuations. You may have an investor who passed and their estate requires updated fair value/fair market value figures. Whatever your situation, if you’re holding complex financial instruments, real estate holdings, private equity investments, or early-stage venture positions, now is the time to address your fair value reporting needs. 

Learn more about our Valuation and Appraisal services

The Complexity Challenge 

Fair value reporting isn’t one-size-fits-all. Different asset classes present unique valuation challenges: 

• Complex financial instruments that require sophisticated modeling 
• Real estate appraisals that reflect current market conditions 
• Private equity investments with potentially limited comparable transactions
• Early-stage venture capital holdings where traditional metrics may not be as simple to apply 

If you’re asking yourself whether your current valuations meet GAAP standards under ASC 820, or if you’re uncertain about your portfolio’s fair values altogether, you’re not alone. Many funds and family offices find themselves in this position, particularly when facing new audit requirements or evolving investor demands. 

Meeting You Where You Are 

Here’s what matters most: wherever you are in your reporting journey, there’s a path forward. Whether you’re: 

• Preparing for your first formal audit 
• Responding to new investor requirements for transparency 
• Scaling your operations and facing enhanced reporting obligations for the first time 
• Preparing for a public filing or potential SPAC transaction 
• Simply looking for confidence that your valuations meet current standards 

The key is addressing these needs proactively rather than waiting for them to become urgent fire drills. With filing deadlines approaching for many organizations, starting the conversation right away will provide  increased ability to execute in a timely manner with high reporting quality, while  reducing last-minute pressure. 

A Question of Timing 

If you’ve been thinking about your valuation reporting requirements (or if this article has raised questions you hadn’t considered) now is the ideal time to develop a game plan. Every fund operates on its own timeline, but the common thread is that valuation reporting season is here. 

Consider this your friendly reminder to think ahead. Whether your audit deadline is March, May, or later in the year, getting ahead of your fair value reporting needs makes the entire process more strategic and less reactive. 

Ready to Discuss Your Valuation Needs? 

At BPM, we work with funds and investment managers at every stage of growth and maturity—from emerging managers facing their first audit requirements to established funds navigating increasingly complex portfolios. We understand that your valuation needs are unique, and we’re here to help you navigate them. 

If you’re wondering about your fair value reporting requirements or want to discuss how to approach ASC 820 compliance this season, let’s talk. Contact us today to explore how we can support your financial reporting objectives. 

Contact BPM’s Valuation and Advisory Services team to discuss your fair value reporting needs.