This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our privacy policy to learn more.


Governmental Accounting and Reporting Advisor Logo aicpa

  Free |   AICPA |   May 2018 |   Auditing (Governmental) |   AICPA Store
Who Will Benefit?
  • Auditors and financial managers responsible for the accounting and reporting of state and local governments
Key Topics
  • Accounting and reporting of investments at fair value
  • Valuation techniques
  • Required note disclosures associated with fair value measurement
Learning Objectives

In this course, you will learn to do the following:

  • Apply the definition of fair value.
  • Distinguish the definition of an investment.
  • Identify investments not measured at fair value.
  • Identify the valuation techniques acceptable for state and local governments.

Responding to the need for greater clarity from stakeholders, GASB issued GASB Statement No. 72, Fair Value Measurement and Application. This standard, effective for reporting periods beginning after June 15, 2015, changed the way state and local governments report the value of investments and other financial instruments. Already familiar to practitioners in the for-profit arena, the concept of fair value is now applicable to accounting and reporting for state and local governments. This CPE course will teach you to apply the principles of this standard to your governmental financial statements via implementation guidance and interactive case studies.

Topics covered:
  • Governmental auditing: Technical: Government financial statement audit: GASB accounting requirements, Foundational
  • Governmental auditing: Technical: Government financial statement audit: Fair value, Intermediate
  • Fair value measurement: Technical: Business & intangible assets, Intermediate