The Governmental Accounting Standards Board on Monday approved a proposed exposure draft on measurements for government financial statements and a preliminary views document on fair value accounting measurements.

The exposure draft establishes a framework that the board will use to determine how assets and liabilities should be measured in the future, David Bean, director of research and technical activities with GASB, said here at the annual Government Finance Officers Association annual meeting. This would not have any immediate impacts for state and local governments.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.