GASB Releases Statement on Disclosing Certain Capital Assets

The GASB has released Statement 104, which is intended “to provide users of government financial statements with essential information about certain types of capital assets.” Specifically, the statement requires state and local governmental entities to separately disclose information about such assets in the notes. Types of capital assets within the scope of the new requirements include lease assets, intangible right-to-use assets, subscription assets, and other intangible assets. Additional disclosures about capital assets held for sale are also required.

GASB Statement 104 is effective for fiscal years beginning after June 15, 2025; early adoption is permitted. For more information, see the press release on the GASB’s Web site.