The Governmental Accounting Standards Board has issued the exposure draft Disclosure and Classification of Certain Capital Assets.
 
GASB is proposing that certain types of assets be disclosed separately in the note disclosures about capital assets. The ED addresses four types of capital assets that would be disclosed separately in the notes:

1. Capital assets held for sale, by major class of asset.
2. Lease assets reported under Statement 87, by major class of underlying asset.
3. Subscription assets reported under Statement 96.
4. Intangible assets other than leases assets and subscription assets, by major class of assets. 

Capital assets held for sale is a new classification proposed in the ED. Under the proposal, a capital asset would be classified as held for sale if: (a) the government has decided to sell the asset, and (b) it is probable the sale will be finalized within a year of the financial statement date. Capital assets classified as held for sale would be evaluated each reporting period.
 
NASACT will be preparing an association position on the document. GASB’s deadline for comments is January 5, 2024. To include your comments in NASACT’s response, please send them to Kim O’Ryan by Thursday, December 14.