Final answer:
GASB requires that change in fair value for investments be reported in aggregate for most cases except for external investment pools, where the realized and unrealized components can be separately displayed.
Step-by-step explanation:
Regarding investments, the Governmental Accounting Standards Board (GASB) does not permit the separate display of the realized and unrealized components of the change in fair value, with the exception of external investment pools. This is specified in GASB Statement No. 72, Fair Value Measurement and Application, which prescribes how state and local governments should report their investments at fair value in their financial statements.
When investments are reported by an external investment pool, GASB allows for the presentation of the change in fair value to be shown in realized gains (losses) and unrealized appreciation (depreciation). For all other investments, GASB requires that the change in fair value be reported in aggregate.