GASB issues new statement on financial statement presentation

On May 28, the GASB issued GASB Statement 103, Financial Reporting Model Improvements. For governments engaged in business-type activities, the primary impact of GASB 103 will be on the statement of revenues, expenses, and changes in net position, including new required sections and subtotals and new definitions for subsidies and operating and nonoperating revenues and expenses. The statement also amends the reporting requirements for unusual or infrequent items, major component unit information, and MD&A. GASB 103 is effective for fiscal years beginning after June 15, 2025.
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