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

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.