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
- Initial archival analysis and survey concluded: November 2020
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 |
| January–March 2023 | Conduct stakeholder roundtables and 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. |