On June 10, 2009, The Regulatory Compliance Association (RCA) hosted a teleconference titled “A New Era in Valuation,” as part of its CCO University Outreach Series. The speakers discussed international accounting standards and the price and valuation committees charged with implementing them; the roles, responsibilities and indemnification of service providers, in particular administrators; and how due diligence has and will continue to evolve in a “new era” characterized, as RCA Chairman Walter Zebrowski said, by the convergence of “market losses, declining fund values and rising liabilities.” In this new era, Zebrowski noted, the International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, will continue to work toward more effective accounting principles, but in the glare of a political spotlight that was turned on by Enron and brightened by the off-balance-sheet accounting for various of the vehicles at the heart of the current credit crisis. See generally “Key Lessons from the Second Annual Hedge Fund Tax, Accounting & Administration Master Class: IFRS, Fair Value and SEC Examinations,” Hedge Fund Law Report, Vol. 2, No. 21 (May 27, 2009). We summarize the key topics of discussion from the RCA teleconference.