![]() ![]() The GASB has just approved guidance to bring more clarity to areas of uncertainty.Although fair value often is readily available from stock markets and other sources, it sometimes requires the use of estimates and professional judgment. When determining fair value, preparers of financial reports must establish how much an asset is expected to sell for-or how much it would cost to dispose of a liability as of the measurement date (generally, the date of the financial statements). ![]() ![]() Fair value refers to the measurement of assets and liabilities-primarily investments-at the expected price they would bring in the current market. ![]()
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