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GASB issues proposal on fair value measurement

  • GASB (Governmental Accounting Standards Board) (blue) Image

May 19, 2014

The GASB has issued an exposure draft that “is intended to improve financial reporting by clarifying the definition of fair value for financial reporting purposes, establishing general principles for measuring fair value, enhancing the fair value application guidance, and enhancing disclosures about fair value measurements.”

According to GASB Chairman David A. Vaudt, the proposed changes would “increase clarity, consistency, and comparability in governments’ fair value measurements and their related disclosures.”

Comments on the proposal are due by August 15, 2014.

For more information, see the press release and exposure draft on the GASB’s Web site.

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