GASB Fair Value Standard Post-Implementation Review Report Published

GASB Standards Updates

Published February 26th, 2025

Detected March 13th, 2026

Summary

The Governmental Accounting Standards Board (GASB) has published a Post-Implementation Review (PIR) report on its fair value standard, GASB Statement No. 72. The report concludes that the standard met its objectives, was operational, and provided decision-useful information.

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What changed

The Governmental Accounting Standards Board (GASB) has released a Post-Implementation Review (PIR) report concerning GASB Statement No. 72, Fair Value Measurement and Application. The report, prepared by GASB staff, affirms that the standard successfully achieved its stated purpose, that the associated costs and benefits align with expectations, and that the GASB followed its standard-setting process. It also confirms that the statement resolved valuation complexities and provided users of financial reports with relevant, decision-useful fair value measurements and disclosures.

This notice serves as an informational update for entities that have implemented GASB Statement No. 72. The PIR process indicates that the standard is functioning as intended and has been effectively applied. No immediate compliance actions are required based on this report, as it confirms the successful implementation and ongoing utility of the existing standard.

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GASB Publishes Post-Implementation Review Report on Fair Value Standard

Norwalk, CT, February 26, 2025 —The Governmental Accounting Standards Board (GASB) today published a Post-Implementation Review (PIR) report on the Board’s fair value standard.

The report focuses on GASB Statement No. 72, Fair Value Measurement and Application.

The report, issued by GASB staff, concludes that Statement 72 met the three PIR objectives:

The standards accomplish their stated purpose,
Costs and benefits are in line with expectations, and
The Board followed its standard-setting process.

Furthermore, the report concludes that Statement 72 resolved the underlying need for the Statement, which involved complicated valuation issues from a financial reporting perspective. The report also concludes that the Statement was operational and application of the Statement provides users of financial reports with decision-useful information, including fair value measurements that are highly relevant to the analysis of governmental financial information and fair value-related disclosures.

After the issuance of each GASB standard, the GASB provides educational support, responds to technical inquiries, and often issues questions and answers about the standard through implementation guidance. More complex standards—like Statement 72—are eligible to undergo more extensive PIR procedures culminating in a final report.

More information about the PIR process, including other projects for which the GASB is currently conducting PIR activities, is available by visiting the GASB PIR web portal.

The PIR report on the fair value standard is available on the GASB website, www.gasb.org.