ASC 820 for LP Investors: How to Know Your Fund Valuations Are Accurate

This article explains what LP investors should understand about ASC 820 and fund valuation reporting. It covers why fair values matter for NAV, performance, and asset allocation; how ASC 820 and ASC 946 work together; and what LPs should look for in the valuation process, including independence, documentation, assumptions, and third-party support.