The article discusses fair value accounting and its impact on businesses. It covers topics such as valuation methods, determining the worth of a business, litigation involving valuation, accounting for M&A transactions, due diligence in assessing a target's value, and testing for impairment. The main goal is to provide guidance on navigating the complexities of fair value accounting rules and ensuring accurate financial reporting. Key findings include the importance of developing supportable cash flow projections, the impact of fair values on reported income, and the need for periodic valuations of partnerships and closely-held companies.