Episode 21—GASB Statement 104, Disclosure of Certain Capital Assets, with Deborah Beams, GASB Senior Project Manager

In this episode of Bridging the GAAP, host Matt Broder speaks with Deborah Beams, GASB senior project manager, about GASB Statement No. 104, Disclosure of Certain Capital Assets. They discuss how the Statement builds on the capital asset reporting requirements established by Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, why the GASB revisited those requirements, and how the scope of the project evolved from a broader examination of nonfinancial assets. Deborah also explains the Statement’s enhanced disclosure requirements for certain capital assets, including lease assets, intangible right-to-use assets, and subscription assets, as well as new disclosure requirements for capital assets held for sale. They explore how these disclosures can help users of government financial statements better assess a government’s financial position and accountability, and what governments should know as they implement the new requirements.