Notes to the Financial Statements
June 30, 2016
Note 24 New Accounting Pronouncements
In 2016, The State implemented the following statements issued by the Governmental Accounting Standards Board ("GASB").
Fair Value Measurement and Application (Statement No. 72) - This Statement establishes general principles for measuring fair value and standards of accounting and financial reporting for assets and liabilities measured at fair value.
See Note 22 for restatement information relating to the implementation of this statement.