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This statement requires that the proprietary fund statement of revenues, expenses, and changes in fund net <br />position continue to distinguish between operating and nonoperating revenues and expenses. In addition to <br />the subtotals currently required in a proprietary fund statement of revenues, expenses, and changes in fund <br />net position, this statement requires that a subtotal for operating income (loss) and noncapital subsidies be <br />presented before reporting other nonoperating revenues and expenses. <br />This statement requires governments to present each major component unit separately in the reporting <br />entity's statement of net position and statement of activities if it does not reduce the readability of the <br />statements. If the readability of those statements would be reduced, combining statements of major <br />component units should be presented after the fund financial statements. <br />This statement requires governments to present budgetary comparison information using a single method <br />of communication—RSI. Governments also are required to present (1) variances between original and final <br />budget amounts and (2) variances between final budget and actual amounts. An explanation of significant <br />variances is required to be presented in the notes to RSI. <br />The requirements of this statement are effective for fiscal years beginning after June 15, 2025, and all <br />reporting periods thereafter. Earlier application is encouraged. <br />GASB STATEMENT No. 104, DISCLOSURE OF CERTAIN CAPITAL ASSETS <br />The objective of this statement is to provide users of government financial statements with essential <br />information about certain types of capital assets. <br />This statement requires certain types of capital assets to be disclosed separately in the capital assets note <br />disclosures required by GASB Statement No. 34. Lease assets recognized in accordance with Statement <br />No. 87, Leases, and intangible right -to -use assets recognized in accordance with Statement No. 94, <br />Public -Private and Public -Public Partnerships and Availability Payment Arrangements, should be <br />disclosed separately by major class of underlying asset in the capital assets note disclosures. Subscription <br />assets recognized in accordance with Statement No. 96, Subscription -Based Information Technology <br />Arrangements, also should be separately disclosed. In addition, this statement requires intangible assets <br />other than those three types to be disclosed separately by major class. <br />This statement also requires additional disclosures for capital assets held for sale. A capital asset is <br />considered held for sale if (a) the government has decided to pursue the sale of the capital asset and (b) it <br />is probable that the sale will be finalized within one year of the financial statement date. Governments <br />should consider relevant factors to evaluate the likelihood of the capital asset being sold within the <br />established time frame. Capital assets held for sale are required to be evaluated each reporting period. <br />Governments should disclose (1) the ending balance of capital assets held for sale, with separate disclosure <br />for historical cost and accumulated depreciation by major class of asset, and (2) the carrying amount of debt <br />for which the capital assets held for sale are pledged as collateral for each major class of asset. <br />The requirements of this statement are effective for fiscal years beginning after June 15, 2025, and all <br />reporting periods thereafter. Earlier application is encouraged. <br />-17- <br />