What Government Leaders Need to Know About Upcoming GASB Standards
Government accounting standards continue to evolve, and the pace of change shows no signs of slowing. For government leaders, staying informed about upcoming GASB standards is not simply a technical exercise; it’s a critical part of financial stewardship, transparency, and audit readiness.
Three new standards in particular—GASB Statements 103, 104, and 105—will affect how governments approach financial reporting, disclosures, and implementation planning over the coming years. While effective dates may still feel distant for some entities, early awareness and preparation can significantly reduce implementation challenges down the road.
GASB 103 introduces improvements to the financial reporting model to enhance clarity and consistency in government financial statements. While many governments will find that the core structure of their statements remains familiar, changes in presentation and classification may require thoughtful planning, especially when communicating results to stakeholders and governing bodies.
GASB 104 focuses on disclosures related to risks and uncertainties. This standard is designed to provide users of financial statements with more decision-useful information about conditions that could affect a government’s financial position or operations. For many entities, the challenge will not be identifying risks, but determining how to document, evaluate, and consistently disclose them in a way that aligns with the standard’s intent.
GASB 105, an omnibus statement, includes a collection of amendments that clarify, update, or refine existing guidance. While omnibus standards are often viewed as technical in nature, they can still have meaningful implications for financial reporting, particularly when multiple changes apply across different areas of an entity’s statements.
One of the most common pitfalls governments face with new standards is waiting too long to begin planning. Even when implementation dates are several years away, early conversations—between finance teams, auditors, and advisors—can help identify potential data gaps, system limitations, and documentation needs before they become time-sensitive issues.
Another important consideration is how these standards may affect audit processes. Changes in presentation, disclosures, or terminology can influence audit procedures and expectations, making proactive communication especially valuable.
To help government leaders navigate upcoming changes, Yeo & Yeo will host a CPE-eligible webinar on May 12, 2026, focused on GASB 103, 104, and 105. The session will provide a practical overview of each standard, highlight implementation considerations, and offer time for live Q&A.
For governments looking to stay ahead of change and reduce surprises, understanding what’s coming—and what steps to take now—is a strong place to start.