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GASB statement No. 72, fair value measurement and application

Get to know GASB 72

On February 27, 2015, the Governmental Accounting Standards Board (GASB) issued Statement No. 72, Fair Value Measurement and Application. The Statement provides guidance on the accounting and financial reporting for assets and liabilities measured at fair value for state and local governments. GASB’s goal is to enhance the comparability of governmental financial statements by requiring fair value be measured using a consistent definition and accepted valuation techniques. This standard also expands fair value disclosures to provide information for users of financial statements about the impact of fair value measurements on a government’s financial position.

What you'll learn

  • Differentiate current guidance from the new GASB from previous guidance
  • Define how GASB 72 interprets investments and fair value measurement, as well as what investments require value measurement
  • Learn how transparency and comparability are enhanced under the new GASB
  • Outline implementation best practices and challenges

Who should watch

  • Governmental CFOs, finance directors, controllers
  • Investment managers and accountants
  • Pension administrators or managers
  • Internal auditors

Additional information

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Government services

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GASB Statement 45 vs 75

This infographic covers four of the major changes the Governmental Accounting Standards Board has made from statement 45 to 75.

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Connect with Mike

Mike Lowry, CGFM
Senior Vice President,
Assurance Services

Mike Lowry joined CPA and advisory firm Allen, Gibbs & Houlik, L.C. (AGH) in 2004 and specializes in governmental and not-for-profit clients. Prior to joining AGH, Mike’s experience includes nearly 20 years’ financial and technology leadership positions in hospitality management companies.

Mike is a CPA with a bachelor of business administration degree in accounting from Wichita State University and a master’s degree in management information systems from Friends University. He has earned the designation of Certified Government Financial Manager from the Association of Government Accountants, and is also a member of the American Institute of CPAs, the Kansas Society of Certified Public Accountants, and the Association of Government Accountants.