GASB Seeks Field Testers for Fair Value Project
July 10, 2013
The GASB is soliciting participants for a field test it is conducting on fair value application and measurement. The field test relates to a Preliminary Views document, released on June 20, which focuses on fair value measurement and disclosures for certain assets and liabilities.
Field tests are a part of the GASB's due process activities related to the release of accounting standards. Participating entities volunteer to go through the exercise of "implementing" the proposal as if it were in place and then provide feedback to the GASB regarding that process. Field tests point out potential implementation problems and allow the GASB to gather valuable information about implementation costs. Participants, in turn, benefit from an implementation assisted by GASB staff.
Public colleges and universities interested in participating in the "Fair Value Measurement and Application" field test should contact GASB Project Manager Randy Finden, either by e-mail (firstname.lastname@example.org) or telephone (203-956-5240). NACUBO's staff resource is Sue Menditto.
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