Final answer:
Under GASB standards, equity method investments, bonds without determinable fair value, and endowments with investments in real estate are not reported at fair value. Equity method investments are usually reported at cost adjusted for the investor's share of earnings or losses, while such bonds are reported at amortized cost.
Step-by-step explanation:
The Governmental Accounting Standards Board (GASB) standards require most assets to be reported at fair value, but there are exceptions. The following are not reported at fair value under GASB standards:
- Investments that justify the equity method of accounting.
- Bonds without a determinable fair value.
- Endowments with investments in real estate.
Equity method investments are reported at cost plus or minus the investor's share of the investee's earnings or losses, and adjusted for any impairment. Bonds that cannot be valued through a market price are valued at amortized cost. Endowment funds typically include various types of investments, and while some may be at fair value, real estate investments often are reported at historical cost, unless it is held by an investment pool that reports at fair value.