The Valuation Resource Group (VRG)—formed this summer to provide the FASB with “alternative viewpoints” on implementing fair value for financial reporting—will meet on Friday, November 9, 2007.   Because the VRG does not issue “authoritative decisions,” its meeting and minutes remain closed to the public.  But if its October meeting offers any guidance, the VRG will continue to discuss concepts of “highest and best use,” an “active market,” and determination of “market participants.”  These are basically “good concepts,” according to Bruce Bingham, who commented on SFAS 157 during his ASA BV conference session.  “But some aspects [of fair value for financial reporting] defy common sense.”  For a VRG project update, including its membership and meeting schedule, click here.