GASB Issues Final Guidance on Fair Value

Source: Stephen J. Gauthier, Government Finance Review, Vol. 31 no. 3, June 2015

In February 2015, the Governmental Accounting Standards Board (GASB) released GASB Statement No. 72, Fair Value Measurement and Application. The new standard will change how fair value is measured, but not the specific items that must be reported at fair value. The new standard will take effect starting with the fiscal period that ends June 30, 2016. …