Generally accepted accounting principles (GAAP) for state and local governments require that some assets and some be measured at fair value. This said, prior governmental GAAP didn’t provide consistent guidance on how to measure fair value. New guidance on how to measure value is set out in Statement of the Governmental Accounting Standards Board Statement No. 72, Fair Value Measurement and Application. This course explores the governmental GAAP framework for measuring fair value, including how and when a government must adopt the new guidance of Statement 72. Upon completing this course, you will be able to: Identify the objectives of fair value measurement; Define fair value and other supporting terms;; Explain acquisition value and when it is used as a basis for measurement; List three key approaches to valuation (and the related inputs); State the hierarchy of inputs to fair value measurements; Summarize related disclosure objectives; Recall when and how an entity will adopt Statement 72