Get to know GASB 72
On February 27, 2015, the Governmental Accounting Standards Board (GASB) issued Statement No. 72, Fair Value Measurement and Application. The Statement provides guidance on the accounting and financial reporting for assets and liabilities measured at fair value for state and local governments. GASB’s goal is to enhance the comparability of governmental financial statements by requiring fair value be measured using a consistent definition and accepted valuation techniques. This standard also expands fair value disclosures to provide information for users of financial statements about the impact of fair value measurements on a government’s financial position.
What you'll learn
- Differentiate current guidance from the new GASB from previous guidance
- Define how GASB 72 interprets investments and fair value measurement, as well as what investments require value measurement
- Learn how transparency and comparability are enhanced under the new GASB
- Outline implementation best practices and challenges
Who should watch
- Governmental CFOs, finance directors, controllers
- Investment managers and accountants
- Pension administrators or managers
- Internal auditors