In brief: GASB issues fair value measurement standard
GASB's newly released Statement No. 72 prescribes how governments should define and measure fair value.
The Governmental Accounting Standards Board (GASB) is the independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local governments.
The Governmental Accounting Standards Board (GASB) has issued an Invitation to Comment (ITC) on potential improvements to the governmental funds portion of the financial reporting model.
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of four new members to the Governmental Accounting Standards Advisory Council (GASAC).
The accounting and financial reporting standard for state and local governments that addresses fund balance reporting and governmental fund type definitions achieves its purpose, according to a report issued by the Financial Accounting Foundation (FAF).
The FAF has published its Post-Implementation Review (PIR) Report on GASB Statements No. 49. The Report concluded that Statement 49 accomplished its objectives of providing more consistent, timely, and complete reporting of pollution remediation obligations by state and local governments.