ASC 820 Fair Value Measurements describes the cost approach to valuation as the cost to a market participant to buy an asset of comparable utility, adjusted for obsolescence. Financial valuation specialist in financial reporting often rely upon the work of experts in other disciplines, such as real estate appraisers. The financial valuation expert may encounter circumstances where the returns on assets may not be sufficient for the indicated value. In these circumstances, the financial valuation specialist and the real estate appraiser may consider the application of obsolescence on the fair value of the individual assets. In this session Mark will describe situations where application of economic obsolescence may be appropriate.