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
  • Initial archival analysis and survey concluded: November 2020
Additional archival analysis concluded: December 2022

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.
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