GOVERNMENT
GASB issued Statement no. 52, Land and Other Real
Estate Investments Held as Investment by Endowments. This
statement requires that endowments report their land and other real
estate investments at fair value, improving the quality of financial
reporting and creating reporting consistency among similar entities.
The statement requires governments to:
Report the changes in fair value as investment income.
Disclose the methods and significant assumptions employed
to determine fair value and provide other information currently
presented for other investments reported at fair value.
The statement will become effective for periods beginning after June 15, 2008, but earlier implementation is encouraged. For more information, go to www.gasb.org.
