The Governmental Accounting Standards Board has issued for public comment a proposed concept statement that would guide GASB when establishing standards regarding the measurement of assets and liabilities for U.S. state and local governments.
GASB also issued its preliminary views regarding the measurement of fair value and the application of fair value, including note disclosures, along with a plain-language supplement addressing both proposals to solicit feedback on the proposals from non-accountant financial statement users.
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