Estimated reading time: 2 minutes, 30 seconds

To assist not-for-profit entities and their auditors, the AICPA has released a new white paper addressing the fair value measurement of financial assets and liabilities for which there is no market.

Measurement of Fair Value for Certain Transactions of Not-for-Profit Entities, created by the Not-for-Profit Expert Panel of the AICPA, details the challenges of measuring fair value for not-for-profits.

Practitioners will learn how to better apply the provisions of FASB Accounting Standards Codification 820,Fair Value Measurement, including considerations for determining an appropriate valuation technique based on facts and circumstances and different valuation approaches and techniques. Additionally, the white paper provides insight on how to determine an appropriate discount rate when using present value techniques and need to know disclosure considerations.

To help practitioners understand the new white paper and the issues and guidance discussed within it, the AICPA's Governmental Audit Quality Center is hosting a 2-hour Continuing Professional Education Web event on Tuesday, Nov. 1, 2011, from 1:00 to 3:00 PM ET.  This event,  open to both members and non-members of the AICPA, will give participants an opportunity to ask questions. Click here to register for the Web event or visit the GAQC Website at

AICPA members can access the fair value white paper on the Financial Reporting Center on Non-members can purchase a downloadable copy of the paper for $15.25 on the CPA2Biz website.

Reporters interested in obtaining a review copy of the white paper or attending the GAQC call may contact James Schiavone at 212-596-6119 or This email address is being protected from spambots. You need JavaScript enabled to view it..

About the AICPA

The American Institute of Certified Public Accountants (, founded in 1887, is the world's largest association representing the accounting profession, with nearly 377,000 members in 128 countries.  AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.

The AICPA maintains offices in New York, Washington, DC, Durham, N.C., Ewing, N.J. and Lewisville, Texas.

Media representatives are invited to visit the AICPA Press Center at

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Last modified on Sunday, 19 May 2013
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Scott Koegler

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