Financial Facts

June 3, 2015


GASB provides a definition of fair value and describes how it should be measured in new accounting and financial reporting guidance for state and local governments.

GASB Statement No. 72, “Fair Value Measurement and Application,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

VACo Contact: Vicky Steinruck

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