News Release - GASB Proposes Standards for Reporting Land and Other Real Estate Held as Investments

News Release - GASB Proposes Standards for Reporting Land and Other Real Estate Held as Investments: "NEWS RELEASE 03/23/07
GASB Proposes Standards for Reporting Land and Other Real Estate Held as Investments

Norwalk, CT, March 23, 2007—The Governmental Accounting Standards Board (GASB) today issued a proposal related to the reporting of land and other real estate investments by endowments. Current accounting standards require endowments to report those investments at historical cost, although other entities that exist for the purpose of generating income—such as pension plans—report them at their fair value."