G. A. S. B. Fair Value Proposals
The Governmental Accounting Standards Board, or GASB, is an independent agency established under the Financial Accounting Foundation in 1984 to set accounting and financial reporting standards for state and local governments and for governmentally related not-for-profit organizations (Copley, 2015). Governmental Accounting Standards Board has summarized the major provisions of the fair value proposals in order for people to make informed decisions, perform analyses or hold governments accountable. G.A.S.B. “proposed new accounting and financial reporting standards related to fair value. The “Exposure Draft” proposes how fair value should be measured, which types of assets and liabilities should be measured at fair value, and what note disclosures should be provided with fair value measures” (GASB, 2014).