Audit-ready Valuations

ASC 820 and 409A valuations

ASC 820 Fair Value Measurements

Accurate and defensible valuations for financial reporting, investor transparency, and audit readiness.

Guideline public company (GPC) method: multiples of listed comparable companies
Option pricing method (OPM): divides value among share classes
Probability-weighted expected return method (PWERM): share values across weighted exits
Backsolve method: value implied by the latest financing round

Discounted cash flow (DCF) method: value from forecast cash flows
Guideline transaction method: multiples paid in comparable acquisitions
Equity waterfall: debt deducted, equity paid out class by class

409A Valuations

Tailored and accurate fair market value (FMV), compliant with IRC (Section 409A) standards.

Market approach: equity transactions, and multiples of public comparable companies
Income approach: value from forecasted cash flows
Asset approach: cost to recreate assets

Audit Support

We stay with you through the audit and answer your auditor’s questions on each value. Our methods follow the guidance that auditors test against. If we also administer your fund, one firm answers your auditor on both the books and the values, from records we already hold.

Frequently Asked Questions

Yes. You can order valuations on their own or together with fund administration, for your whole portfolio or for selected investments. If we administer your fund, we already hold the investment records, capitalization tables and financing round details.
At every reporting date. A fund that reports under US GAAP carries each investment at fair value, so quarterly reports to investors and the audited year-end statements each need a current value. A financing round, a sale of shares or a marked change in a company’s prospects calls for an update between those dates.
Yes. We stay with you through the audit and answer your auditor’s questions on each value. Our methods follow the guidance that auditors test against.
Before your company grants stock options, and then at least once every 12 months. A material event, such as a financing round, a signed term sheet or an offer to buy the company, calls for a new valuation before the next grant. The valuation sets the fair market value of your common stock, which is the floor for the exercise price of the options.
Only while that price still reflects the company and the market. ASC 820 measures fair value at each valuation date, so a round that closed months ago is a starting point, not an answer. We calibrate the model to that round, then update it for what has changed in the company and in the market since.

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Audit-ready Valuations

ASC 820 Fair Value Measurements

Venture Capital

Private Equity

409A Valuations

Audit Support

Frequently Asked Questions

Can we order valuations without your fund administration?

How often does a fund need to value its investments?

Will you work with our auditor?

When does our company need a 409A valuation?

Can we keep an investment at the price of the latest financing round?

Talk to us about your next valuation