Description: 1994 SOA Spring Meeting, San Francisco. This session explored the process of marking liabilities to market. Topics included: 1. A summary of the FAS 115 requirements. 2. The ACADEMY TASK FORCE ON FAIR VALUE OF LIABILITIES. 3. APPRAISAL METHODS SUBGROUP - FOUR APPROACHES TO FAIR VALUING LIABILITIES. 4. THE PROBLEM OF MARKING LIABILITIES TO MARKET. 5. FOUR APPROACHES TO DISCOUNTING LIABILITY CASH FLOWS.