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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:

GASB Statement No. 105, Subsequent Events, effective fiscal 2027.

  • Defines subsequent events as transactions or other events that occur after the date of the financial statements but before the date the financial statements are available to be issued. The date financial statements are available to be issued is the date both of these conditions are true:
    • The financial statements are complete in a form and format that comply with GAAP.
    • All necessary approvals for issuance have been obtained.
  • Distinguishes between recognized events and nonrecognized events.
  • Establishes note disclosure requirements for nonrecognized events.

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:

  • Standard Setting
    • Going Concern Uncertainties and Severe Financial Distress (Exposure Draft–2nd Quarter 2027).
    • Implementation Guidance Update – 2026 (Comment period ends March 27, 2026).
    • Infrastructure Assets (Exposure Draft–1st Quarter 2026).
    • Revenue and Expense Recognition (Exposure Draft–1st Quarter 2027).
  • Pre-agenda research
    • GAAP Structure (Added August 2023).
    • Cybersecurity Risk Disclosures (Added December 2024).
    • Revenue and Expense Recognition-Note Disclosures (Added August 2024).
    • Pension and OPEB Disclosures – Concept Statement 7 (Added April 2025).
  • 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 2nd Quarter 2026).

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