[boomzilla]

I think you misunderstand the purposes of auditing. They have very strict accounting that they have to follow. There is a degree of "interpretation" on what numbers can be assigned to certain items, but by and large, they just follow a big book of rules. Of course there are certain new business practices that are not reflected fairly and properly by these rules, but that should be the exception, not the norm.

[justincormack]

With hedge funds it should be mark to market, not use the big book of rules, as these are available to trade securities. Marking them down would seem correct given the current market situation, depending on what other information there is about trades and offers.