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City of Elk River <br />Emerging Issues <br /> <br /> <br />27 <br />Accounting Standard Update – GASB Statement No. 104 – Disclosure of Certain Capital Assets <br />The objective of this Statement is to provide users of government financial statements with essential <br />information about certain types of capital assets. <br /> <br />This Statement requires certain types of capital assets continue to be disclosed separately in the <br />capital assets note disclosures including presentation of capital assets by major class and separate <br />disclosure of lease assets, subscription assets, and intangible right-to-use assets. <br /> <br />This Statement requires additional disclosures for capital assets held for sale. A capital asset is held <br />for sale if (a) the government has decided to pursue the sale of the capital asset and (b) it is <br />probable that the sale will be finalized within one year of the financial statement date. <br /> <br />Governments should disclose (1) the ending balance of capital assets held for sale, with separate <br />disclosure for historical cost and accumulated depreciation by major class of asset, and (2) the <br />carrying amount of debt for which the capital assets held for sale are pledged as collateral for each <br />major class of asset. <br /> <br />GASB Statement No. 104 is effective for fiscal years beginning after June 15, 2025. Earlier <br />application is encouraged. <br /> <br />Information provided above was obtained from www.gasb.org. <br />Page 402 of 637