FASB Finalizes New Rule on Contractual Sale Restrictions: Final Implications for Locked Token Valuations
An Update to Houlihan Capital’s July 2026 Review of ASU 2022-03 September 20, 2026 On September 9, 2026, the Financial Accounting Standards Board issued ASU 2026-03, Fair Value Measurement (Topic 820): Contractual Sale Restrictions, finalizing the proposal it introduced for public comment in July 2026. In our July write up, we examined that proposal and […]
The Carrying Value Question: An Introduction to Intangible Asset Impairment Testing
When the Balance Sheet Becomes the Story A portfolio company loses its largest customer. Revenue falls sharply in the back half of the year, and the finance team flags the event as a potential impairment indicator. By the time the external auditors arrive, management has produced an internal memo estimating that the customer relationship asset, originally […]
FASB Reconsiders Contractual Sale Restrictions (ASU 2022-03): What the Proposal Means for Locked Token Valuations
The July 2026 proposal reinforces a market-participant approach that Houlihan Capital has applied to cryptoasset portfolios for years Executive Takeaway In 2022, the FASB issued ASU 2022-03, concluding that a contractual restriction on the sale of an equity security should not reduce fair value when the restriction is viewed as a characteristic of the holder rather than […]
Enhancing Valuation Confidence: The Role of Positive Assurance in Portfolio Valuation
When the Mark Gets Questioned The moment arrives in different forms. An auditor returns to a fair value conclusion with a request for additional support on the methodology applied to a Level 3 position. An institutional limited partner, conducting its own due diligence on the fund, asks how the manager arrived at a particular mark, and the answer that seemed […]
Personal Goodwill in Business Transactions: Not Just a Valuation Question — A Planning Imperative
Consider a professional services firm where three client relationships — each cultivated personally by the founder over fifteen years — account for 65% of annual revenue. The contracts are month-to-month. The clients call the founder directly. No formal account management structure exists. When this business goes to market, what is a buyer actually acquiring? It is […]