Preparing for GASB 103, 104, and 105: A Practical Overview
When new GASB standards are issued, government finance teams often ask the same question: What do we need to do differently—and when? With GASB Statements 103, 104, and 105 on the horizon, now is an ideal time to begin answering that question.
While each of these standards addresses a different aspect of financial reporting, they share a common theme: improving clarity, consistency, and transparency for financial statement users. For governments, successful implementation will depend less on last-minute compliance efforts and more on thoughtful preparation.
A practical starting point is understanding scope and applicability. Not every provision of each standard will affect every government in the same way. Taking time to evaluate how your entity’s financial statements, disclosures, and processes align with the new guidance can help narrow the focus to areas that truly require attention.
For GASB 103, governments should consider how changes to the financial reporting model may affect internal reporting, communication with governing bodies, and comparison to prior periods. Even presentation-focused changes can require coordination across teams to ensure consistency and accuracy.
Documentation is another key area to consider early. Standards such as GASB 104 place increased emphasis on disclosures related to risks and uncertainties. This may require governments to formalize processes for identifying and evaluating risks that have previously been understood informally. Establishing consistent documentation practices now can reduce pressure during future reporting cycles.
Although GASB 105 is an omnibus statement, it should not be overlooked. Omnibus updates often touch multiple areas of accounting guidance, and even small clarifications can require adjustments to existing practices or policies.
Another practical step is engaging in early conversations with your auditors and advisors. These discussions can help identify common implementation challenges, confirm interpretations, and align expectations well before the standards take effect. Proactive communication can also reduce audit adjustments and last-minute surprises.
To support governments in this process, Yeo & Yeo will be hosting a CPE-eligible webinar on May 12, 2026, dedicated to GASB 103, 104, and 105. The session will provide a practical overview of each standard, discuss implementation considerations, and include live Q&A with experienced government professionals.