Let’s all agree on what’s fair: GASB 72 fair value explained

GASB Statement No. 72, Fair Value Measurement and Application is now in effect for financial statements for periods beginning after June 15, 2015. The objective of the Statement is to provide guidance for fair value measurements and increase comparability of assets between governmental organizations, so that financial statement readers will be able to determine how the values of the assets and liabilities were measured and how reliable those measurements are.

Organizations will need to consider what additional investments may be subject to fair value measurement, if existing internal controls are sufficient, if current IT systems are adequate to provide the information needed for the new disclosures, and if any assistance from valuation specialists or your investment manager may be needed. Coordinating up front where all this new information will come from will be critical to easy implementation.

This webinar examines the changes that GASB 72 makes to the current fair value measurement standards, outlines what you can expect as implementation begins, and provides practical advice and sample disclosures.