Fair Value—Statement 72—Stage Two

Fair Value—Statement 72—Stage Two

PIR Topic: Statement No. 72, Fair Value Measurement and Application Background: Statement 72 was issued in February 2015. It was effective for reporting periods beginning after June 15, 2015.

History:
  • PIR initiated: May 2019
  • Stage 2 activities commenced: May 2019
  • Initial archival analysis and survey concluded: November 2020
  • Stage 2 activities resumed: January 2021
Current Developments: Staff completed the collection of annual financial reports and data entry for the stage two archival analysis and developed the protocol and materials for stakeholder roundtables.

Work Plan:
 
Board Meetings Activities
August–September 2022 Continue to prepare summary of results for archival analysis; develop protocol and materials for stakeholder roundtables.
September–December 2022 Finish summary of results for archival analysis; conduct stakeholder roundtables.
January–March 2023 Analyze data and prepare summary of results for roundtables; develop preparer, auditor, and user surveys.
April–December 2023 Administer preparer, auditor, and user surveys; conclude stage two.
January–June 2024 Analyze data from surveys; prepare final report.
July 29, 2024 Discuss final report with the Board.
August 2024 Discuss final report with the GASAC.
November 2024 Present final PIR report to FAF Board of Trustees; publish report.
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