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. This may be particularly true for the newly required budgetary comparison disclosures.
Documentation is an important consideration early in the implementation process. GASB 104 introduces new financial reporting requirements that may require governments to reassess how certain information is identified, evaluated, and captured for disclosure. This standard involves an element of judgment because a new disclosure is now required for significant capital assets that are expected to be sold within one year of the financial statement date.
GASB 105 should also be evaluated carefully, even if the amendments appear narrow or technical. The statement makes targeted changes to existing guidance, and those changes may affect how certain transactions or balances are reported. Governments should review the updates closely to determine when events occurring after the reporting period are required to be recorded, disclosed, or both.
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 27, 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.
