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GASB issues guidance on fair value measurements

  • GASB document Image

Mar 02, 2015

The GASB has issued Statement No. 72, “Fair Value Measurement and Application,” to enhance the transparency and comparability of fair value measurements and disclosures in state and local governments’ financial statements.

Statement 72 clarifies the definition of fair value and provides guidance on fair value valuation techniques, the fair value measurement hierarchy, and disclosures. The Statement is effective for periods beginning after June 15, 2015.

For more information, see Deloitte's State Government Spotlight and the press release, Statement, and GASB in Focus article on the GASB’s Web site.

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