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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, Exposure Drafts and Preliminary Views

Upcoming GASB Statements

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

  1. 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.
  2. GASB Statement No. 102, Certain Risk Disclosures, effective fiscal 2025.
    • Assesses whether a concentration or constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the risk of a substantial impact.
    • Requires a government to assess when an event or events associated with a concentration or constraint could cause the substantial impact.
    • Discloses actions taken by the government prior to the issuance of the financial statements to mitigate the risk.
  3. GASB Statement No. 101, Compensated Absences, effective fiscal 2025.
    • Updates the recognition and measurement guidance for compensated absences by:
      • Aligning the recognition and measurement guidance under a unified model.
      • Amending certain previously required disclosures.
    • Amends the existing requirement to disclose the gross increases and decreases in a liability for compensated absences to allow governments to disclose only the net change in the liability.
    • Supersedes GASB 16.

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
    • Financial reporting model (Final Statement June 2024).
    • Revenue and expense recognition (Exposure Draft March 2025).
  • Major projects
    • Going concern uncertainties and severe financial stress (Preliminary Views December 2024).
    • Infrastructure Assets (Preliminary Views September 2024).
  • Practice issues
    • Classification of nonfinancial assets (Final Statement September 2024).
    • Subsequent events (Exposure Draft December 2024).
  • Pre-agenda research
    • GAAP Structure (Research Phase).
  • Post-Implementation Review (PIR)
    • Fair Value – Statement 72; Stage Two (Stage ending January 2024).
    • Fiduciary Activities – Statement 84; Stage One (Ongoing).
    • Leases – Statement 87; Stage One (Stage ending June 2026).
    • Other Postemployment Benefits – Statement 75; Stage Two (Ongoing).
    • Pension – Statement 67 and 68; Stage Three (Publish final report April 2024).

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