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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Introduction

Governmental Accounting Standards Board (GASB)
Upcoming GASB Statements

On a regular basis, GASB issues standards to help its stakeholders make determinations and help government officials demonstrate accountability, including stewardship over public resources. GASB statements are issued in advance of their effective date.

Upcoming GASB Statements

These GASB statements were issued but are not yet effective.

If you need additional information or clarification on any of the GASB statements mentioned below, you may:

  1. GASB Statement No. 104, Disclosure of Certain Capital Assets, effective fiscal 2026.
    • Lease assets, intangible right-to-use assets and SBITAs are disclosed separately.
    • Capital assets must be disclosed by major class.
    • Requires additional disclosures for capital assets held for sale. A capital asset is a capital asset held for sale if:
      • The agency decided to pursue the sale of the capital asset.
      • It is probable that the sale will be finalized within one year of the financial statement date.
    • Requires that capital assets held for sale be evaluated each reporting period. Agencies must disclose the:
      • Ending balance for historical cost and accumulated depreciation by major class.
      • Carrying amount of debt pledged as collateral for each major class of asset.
  2. GASB Statement No. 103, Financial Reporting Model Improvements, effective fiscal 2026.
    • Limits MD&A to topics in five sections.
    • Requires inflows and outflows related to unusual or infrequent items.
    • Updated presentation of proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position to include a subtotal for operating income (loss) and noncapital subsidies.
    • Updated presentation of each major component unit separately in the reporting agency’s statement of net position and statement of activities.
    • Updated presentation of budgetary comparison information using a single method of communication–RSI.

Other Projects Under Review

GASB currently has several projects and pre-agenda research that are under review. These include but are not limited to the following:

  • Comprehensive Projects
    • Revenue and expense recognition (Exposure Draft 4th Quarter 2025).
  • Major projects
    • Going concern uncertainties and severe financial stress (Preliminary Views 1st Quarter 2025).
    • Infrastructure Assets (Public Hearings February 2025).
  • Practice issues
    • Subsequent events (Final Document 4th Quarter 2025).
    • Implementation Guidance Update 2025 (Final Document 2nd Quarter 2025).
  • Pre-agenda research
    • GAAP Structure (Added August 2023).
    • Cybersecurity Risk Disclosures (Added December 2024).
    • Revenue and Expense Recognition-Note Disclosures (Added August 2024).
  • Post-Implementation Review (PIR)
    • Fiduciary Activities – Statement 84; Stage One (Ongoing).
    • Leases – Statement 87; Stage One (Ongoing).
    • Other Postemployment Benefits – Statement 75; Stage Two (Ongoing).
  • Technology
    • Voluntary Digital Financial Reporting (Due Process Document 4th Quarter 2025).

For more information, see GASB’s Current Projects page.