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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 <br />disclosure for historical cost and accumulated depreciation by major class of asset, and (2) the carrying <br />amount of debt for which the capital assets held for sale are pledged as collateral for each major class of <br />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 />GASB STATEMENT NO. 105, SUBSEQUENT EVENTS <br />The objective of this statement is to improve the financial reporting requirements for subsequent events, <br />thereby enhancing consistency in their application and better meeting the information needs of financial <br />statement users. <br />This statement defines subsequent events as transactions or other events that occur after the date of the <br />financial statements but before the date the financial statements are available to be issued. This statement <br />describes the date the financial statements are available to be issued as the date at which (1) the financial <br />statements are complete in a form and format that complies with generally accepted accounting principles <br />and (2) approvals necessary for issuance have been obtained. That definition modifies the subsequent <br />events time frame throughout the GASB literature. This statement also requires the date through which <br />subsequent events have been evaluated to be disclosed. <br />This statement clarifies the subsequent events that constitute recognized and nonrecognized events and <br />establishes specific note disclosure requirements for nonrecognized events. <br />The requirements of this statement are effective for fiscal years beginning after June 15, 2026, and all <br />reporting periods thereafter. Earlier application is encouraged. <br />-19- <br />