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
- ED Launches New College Scorecard
- NACUBO Members Convey Legislative Priorities on Capitol Hill
- Panelists Detail Complex Campus Sexual Assault Regulations at Hearing
- 2015 Tax Forum
October 25-27, 2015
- WEBCAST: A Financially Sustainable Approach to Innovate Academic Programs
Wednesday, October 21, 2015 1:00PM ET
- ON-DEMAND: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
- ON-DEMAND: Developing Your Campus Distance Learning Strategy
- ON-DEMAND: VIRTUAL: 2015 Annual Meeting
- ON-DEMAND: NACUBO Live!: CBO Speaks
- ON-DEMAND: A Just-in-Time Webcast to Explain FASB’s NFP Reporting Proposal
- ON-DEMAND: Decoding ED's Cash Management Proposal
- 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