The Governmental Accounting Standards Board has issued a statement that requires government endowments to report their land and other real estate investments at fair value.
GASB Statement No. 52, "Land and Other Real Estate Held as Investments by Endowments," is intended to create consistency in reporting among similar entities that invest resources to generate income. It is effective for financial statements for periods beginning after June 15, 2008, but can be applied sooner.
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