The GASB concept statements indicate that an asset that is going to be converted to cash should be reported at a remeasured amount at the financial statement date.

Question

Quizplus · Accepted Answer

The GASB concept statements state that an asset that is going to be converted to cash should be reported at its fair value, which is a concept called remeasurement. Therefore, the given statement is true.

The GASB Concept Statements Indicate That an Asset That Is