Get the free (GASB) Statement No. 72 Fair Value Measurement and Application

Office of Statewide Reporting and Accounting Policy State of Louisiana Division of Administration JAY DARDENNEJOHN BE Edwards 19, 2016 OS RAP MEMORANDUM 1620 TO:Fiscal Officers All State EntitiesFROM:France

How to fill out gasb statement no 72

How to Fill Out GASB Statement No. 72:

1. Understand the purpose: GASB Statement No. 72, also known as Fair Value Measurement and Application, provides guidance on how to measure and report fair value for state and local governments. Before filling out the statement, familiarize yourself with its objectives and requirements.
2. Gather relevant information: Review your organization's financial records and identify the assets and liabilities that require fair value measurement. This may include investments, infrastructure assets, pension obligations, and other financial instruments.
3. Determine the fair value hierarchy: GASB Statement No. 72 categorizes fair value measurements into three levels – Level 1, Level 2, and Level 3 – based on the availability of observable market data. Assess the nature of the assets and liabilities you are dealing with to determine the appropriate level for measurement.
4. Select an appropriate valuation technique: GASB Statement No. 72 allows various valuation techniques, including market prices, market multiples, discounted cash flows, or appraisals. Choose the method that best aligns with the characteristics of the asset or liability being measured. Ensure the technique provides reliable and accurate fair value estimates.
5. Document the measurement process: GASB Statement No. 72 requires transparent and detailed documentation of the fair value measurement process. Ensure all relevant information, valuation techniques, assumptions, and data sources are recorded to support and explain the fair value estimates.
6. Disclose fair value information: GASB Statement No. 72 emphasizes the importance of adequate disclosure. Provide clear and comprehensive disclosures in your financial statements, including the methods used, significant assumptions made, and any significant changes in fair value measurements from the previous period.

Who needs GASB Statement No. 72?

1. State and Local Governments: GASB Statement No. 72 is specifically designed for state and local governments to provide them with guidance on fair value measurement and reporting. It helps ensure transparency and consistency in financial reporting across different governmental entities.
2. Governmental Accountants and Financial Officers: Individuals responsible for financial reporting and accounting within state and local governments need to be aware of and understand GASB Statement No. 72. They play a crucial role in correctly implementing the statement's requirements and ensuring accurate and reliable fair value measurements.
3. Auditors and Regulators: Auditors and regulators review the financial statements of state and local governments to ensure compliance with accounting standards. GASB Statement No. 72 serves as a reference for auditors and regulators to assess fair value measurements and disclosures accurately.

Overall, GASB Statement No. 72 benefits various stakeholders by providing clear guidelines on fair value measurement, enhancing financial transparency, and improving the comparability of financial reports across state and local governments.

For pdfFiller’s FAQs

How can I send gasb statement no 72 for eSignature?

Once your gasb statement no 72 is ready, you can securely share it with recipients and collect eSignatures in a few clicks with pdfFiller. You can send a PDF by email, text message, fax, USPS mail, or notarize it online - right from your account. Create an account now and try it yourself.

How do I complete gasb statement no 72 on an iOS device?

Make sure you get and install the pdfFiller iOS app. Next, open the app and log in or set up an account to use all of the solution's editing tools. If you want to open your gasb statement no 72, you can upload it from your device or cloud storage, or you can type the document's URL into the box on the right. After you fill in all of the required fields in the document and eSign it, if that is required, you can save or share it with other people.

Can I edit gasb statement no 72 on an Android device?

You can. With the pdfFiller Android app, you can edit, sign, and distribute gasb statement no 72 from anywhere with an internet connection. Take use of the app's mobile capabilities.

What is gasb statement no 72?

Gasb statement no 72 establishes requirements for reporting deferred outflows of resources and deferred inflows of resources in financial statements.

Who is required to file gasb statement no 72?

Governmental entities are required to file gasb statement no 72.

How to fill out gasb statement no 72?

Gasb statement no 72 should be filled out by following the guidelines provided by the Governmental Accounting Standards Board.

What is the purpose of gasb statement no 72?

The purpose of gasb statement no 72 is to improve financial reporting by providing information about deferred outflows and inflows of resources.

What information must be reported on gasb statement no 72?

Gasb statement no 72 requires reporting of deferred outflows and inflows of resources related to specific transactions or events.