GASB Releases Postimplementation Review Report on Fair Value Statement

The GASB has published a postimplementation review (PIR) report on Statement No. 72, Fair Value Measurement and Application. Among other conclusions, the PIR report indicates that the fair value standard has achieved its overall purpose, its benefits exceed its costs, and its application provides users of governmental financial reports with “decision-useful information, including fair value measurements that are highly relevant to the analysis of governmental financial information and fair value-related disclosures.”

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