GASB Proposes Exposure Draft on Fair Value
To address fair value measurement accounting and financial reporting matters, the Governmental Accounting Standards Board (“GASB”) has issued an exposure draft for public comment. Entitled Fair Value Measurement and Application, the exposure draft explains how fair value is to be defined, assets and liabilities to be determined, and what information regarding fair value should be mentioned in financial statements. The GASB’s goal is to define fair value as the price that would be accepted to sell an asset or paid to shift a liability in a transaction between market participants at the date of measurement. Comments regarding Fair Value Measurement. Read More.