Global Definitions Database
Access, learn and discover all terms related to the non-listed real estate sector.
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F
Fair Value Generally Accepted Accounting Principles (FV GAAP)
The foundational standards for fair value accounting used to report by the institutional real estate investment community to both tax-exempt investors (e.g. pension funds) as well as non-tax-exempt investors (e.g. funds) to tax-exempt investors and those investors and those investors that are not tax exempt. See www.fasb.org
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Financial Accounting Standards Board (FASB)
The Financial Accounting Standards Board is the independent, private- sector, not-for-profit organization, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the U.S. Securities and Exchange Commission as the designated accounting standard setter for public companies. See www.fasb.org
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G
Generally Accepted Accounting Principles (GAAP)
GAAP are the standards, conventions, and rules that accountants follow in recording and summarizing transactions and in preparing financial statements. GAAP, measured at fair value, is the foundational standard for accounting within the Reporting Standards. See www.fasb.org
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Governmental Accounting Standards Board (GASB)
The designated organization to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. See www.gasb.org
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