Financial Facts

June 3, 2015

FinancialFacts15

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

- Related Blog Posts -

Local Government Policy Council Meets with Governor McAuliffe

October 4, 2016

View Blog Post

Visit Lancaster County and the Mary Ball Washington Museum & Library

September 4, 2014

View Blog Post

Joint Subcommittee for HHR Oversight Discusses CSA Private Day Placements; Mary Biggs Offers Testimony on Behalf of Local Governments

December 5, 2017

View Blog Post