At Accuserve, we serve both the venture capital/private equity companies (when we mark to market their portfolios) as well as portfolio companies when they issue stock options, acquire intangible assets and so on. One of the recent observations has been as to whether only one set of valuation is required for both mark-to-market purposes for the VC/PE firms as well as the underlying common stock valuation for the portfolio companies. After all, during the minority common stock valuations for the portfolio companies, the preferred price of the VC/PE holdings is calculated as well. Currently, our observation is that not all VC/PE firms may be using the preferred price calculated during the 409A valuations for their FAS 156/157 mark-to-market purposes. Neither have we come across discussions with the accounting and audit community that such a conformity is required. Note that by virtue of following the AICPA guidelines for 409A valuations, we conform to the letter and spirit, the FASB 156/157 guidelines as well. There may be minor deviations but the fair value definitions of both 409A and FASB 156/157 are virtually identical.