"The GASB is proposing two approaches to measuring assets and liabilities -- initial amounts and remeasured amounts. Initial amounts are the transaction price or amount assigned when an asset is acquired or a liability is incurred, including subsequent modifications to that price or amount, such as through depreciation or impairment. Remeasured amounts are determined anew as of the date of each year's financial statements. The GASB also is proposing four measurement attributes, which are defined as the feature or characteristic of an asset or liability that is being measured[.]"

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