FASB Initiates Fair Value Measurement and Disclosure Project
February 26, 2009
Last week the Financial Accounting Standards Board (FASB) announced the addition of new projects that will address the application of fair value guidance and disclosure of fair value estimates. Of particular interest to higher education is the inclusion of alternative investments in the scope of the projects.
The projects were added in response to recommendations contained in the Securities and Exchange Commission’s (SEC) recent study on mark-to-market accounting, as well as input provided by the FASB’s Valuation Resource Group. Current market conditions have led both the SEC and Valuation Resource Group to ask for more application guidance. The Valuation Resource Group is a group of valuation and accounting professionals who provide the FASB staff and Board with information on implementation issues surrounding fair value measurements used for financial statement reporting purposes.
Because so many institutions have alternative investments in their endowment investment pool, NACUBO’s Accounting Principles Council (APC) has made the case to FASB that more authoritative guidance is needed. In an unrelated announcement late last week, the AICPA began assembling a task force to address fair value implementation guidance focused on not-for-profit organizations. The APC will participate in this project.
NACUBO is closely following the work of both the FASB and AICPA on alternative investments. NACUBO will outline the issues and provide the latest guidance during a March 18th webcast on this topic. The program will use audience polling questions and facilitated discussion to help inform higher education industry comments and provide input to appropriate project committees.
Staff Resource: Sue Menditto, Director of Accounting Policy
- Final Rules Issued on the Violence Against Women Act
- FASB Gives Go-Ahead for Exposure Draft on NFP Reporting
- CDC Advises Colleges, Universities and Students about Ebola
- 2015 Intermediate Accounting and Reporting - Winter
January 22-23, 2015
- 2015 Endowment and Debt Management Forum
February 4-6, 2015
- 2015 Unrelated Business Income Tax
February 25-27, 2015
- WEBCAST: How to Build, Develop, and Support a Compliance Program at Your Institution
Wednesday, November 19, 2014 1:00PM ET
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis