Attention FAE Customers: Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits. Please check the event registration page to see if NASBA credits are being awarded for the programs you select.
Advertising with the NYCPA is your opportunity to reach the greatest number of business advisors in the most important business state in the nation.
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 21,000+ of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Get insight and analysis into all areas of the profession.
Content provided by and exclusively for NYCPA members.
Stay up to date with important NYCPA news.
A daily roundup of the latest from around the accounting and financial industry.
A strong PAC means a strong profession. Donate Today.
Help develop a strong network of connections.
A resource for NYCPA Members.
Members, Get expert answers to technical questions.
Start your career off right with an experienced mentor.
It's never too early to start thinking about your career.
The Governmental Accounting Standards Board (GASB) published guidance on Oct. 17 to provide users of government financial statements with essential information about certain types of capital assets.
The guidance GASB Statement No. 104, Disclosure of Certain Capital Assets, establishes requirements for certain types of capital assets to be disclosed separately for note disclosures. It also specifies requirements for capital assets held for sale and requires added disclosures for those capital assets.
GASB said that recent GASB pronouncements created certain types of capital assets described as “right-to-use” assets. These pronouncements include Statement Nos. 87, Leases, 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, and 96, Subscription-Based Information Technology Arrangements. With the recognition of those new types of assets, GASB considered whether existing disclosure requirements for capital assets should be more prescriptive.
Input from financial statement users during the project’s research phase suggested that Statement 104 requires certain types of assets to be disclosed separately in the note disclosures about capital assets. This was developed to help users make informed decisions about these assets while assisting them in evaluating accountability.
The guidance requires four types of capital assets to be disclosed separately in the notes:
• Lease assets reported under Statement 87, by major class of underlying asset;
• Intangible right-to-use assets recognized by an operator under Statement 94, by major class of underlying asset;
• Subscription assets reported under Statement 96 and
• Statement 104 also establishes the requirements for capital assets held for sale.
The guidance states that a capital asset is held for sale if the government has decided to pursue the sale and it is probable the sale will be finalized within a year of the financial statement date.
A government must disclose by major asset class the historical cost and accumulated depreciation of capital assets held for sale.
These requirements are effective for fiscal years starting after Jun. 15, 2025, and all reporting periods thereafter.