Government


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.

 

©2008 AICPA

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.