This memo discusses FASB Staff Position 157-4 which amends FASB Standard No. 157, Fair Value Measurements.  FSP 157-4 is intended to help companies, auditors and investors assess the fair value of assets and liabilities in illiquid markets by providing additional guidance for (i) estimating fair value when the volume and level of activity for an asset or liability have significantly decreased and (ii) identifying transactions that are not orderly.