SAE Foundation Annual Report 2015 - 35

SAE Foundation
Notes to the Financial Statements (continued)

Level 3 - Inputs that are generally
unobservable and typically
reflect management's estimates
of assumptions that market
participants would use in pricing
the asset or liability.
The fair value measurements of
the Foundation's investments are
disclosed in Note 7.
Recently Issued Accounting
Standards
In May 2015, the Financial
Accounting Standards Board
issued updated guidance to
remove the requirement to
categorize within the fair value
hierarchy all investments for which
fair value is measured using the
net asset value (NAV) per share
practical expedient. The practical
expedient criteria differ from the
criteria used to categorize other
fair value measurements within the

hierarchy. Currently, investments
valued using the practical
expedient are categorized within
the fair value hierarchy on the
basis of whether the investment
is redeemable with the investee
at NAV on the measurement
date, never redeemable with the
investee at NAV, or redeemable
with the investee at NAV at a
future date. Under this updated
guidance, investments for which
fair value is measured at NAV
per share (or its equivalent)
using the practical expedient
should not be categorized in the
fair value hierarchy. A reporting
entity should continue to disclose
information on investments for
which fair value is measured
at NAV (or its equivalent) as a
practical expedient to help users
understand the nature and risks of
the investments and whether the
investments, if

sold, are probable of being sold
at amounts different from NAV.
The guidance is effective forfiscal
years beginning after December
15, 2016, and interim periods within
those fiscal years, and should
be applied retrospectively. The
retrospective approach requires
that an investment for which fair
value is measured using the NAV
per share practical expedient
be removed from the fair value
hierarchy in all periods presented
in an entity's financial statements.
Earlier application is permitted.

Consideration of
Subsequent Events
The Financial Audit Committee
of the Board of Directors
evaluated subsequent events
and transactions for potential
recognition or disclosure in the
financial statements through
April 7, 2016, the day the financial
statements were approved and
authorized for issue.

Management is currently
evaluating the impact of this ASU
on its financial statements.

Inspiring Curiosity in STEM | 35



SAE Foundation Annual Report 2015

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