Reminder: changes to fair value measurement disclosures

As you may recall, the Financial Accounting Standards Board (FASB) issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) in May 2015. This ASU was issued as a continuation of the FASB’s ongoing initiative to simplify and improve accounting standards. This …

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How Does GASB Measure Fair Value?

In response to stakeholders requesting more clarity regarding Fair Value standards, GASB developed new guidance by issuing Statement No. 72. The new guidance is designed to provide additional information regarding the measurement of Assets and Liabilities and to help financial statement readers make better, more informed decisions. GASB Statement No. 72, Fair Value Measurement and …

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Not-for-Profit Entities: Use of “Fair Value” for Financial Reporting

Typically the standard of value in the valuation of a fractional interest in an entity for estate and gift tax reporting purposes is “fair market value” which is defined by Revenue Ruling 59-60 as “the price, expressed in terms of cash equivalents, at which property would change hands between a hypothetical willing and able buyer …

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What is an ESOP?

I started a new job as an accounting manager and my employer notified me that I will be eligible to participate in their Employee Stock Ownership Plan (“ESOP”) after one year of service. They also said the ESOP was leveraged. In addition to being eligible to participate in the ESOP, I was given the task …

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