SUMMARY
Accounting standards previously required permanent and term endowments, including permanent funds, to report land and other real estate held as investments at their historical cost. Endowments exist to invest resources for the purpose of generating income. Other entities that exist for similar purposes--pension and other postemployment benefit plans, external investment pools, and Internal Revenue Code Section 457 deferred compensation plans--however, report land and other real estate held as investments at their fair value.
This Statement establishes consistent standards for the reporting of land and other real estate held as investments by essentially similar ...