GASB Updates
GASB Statements N°. 103 Financial Reporting Model Improvements
5/26/20251 min read
🔜 Upcoming (Effective after June 15, 2025)
GASB Statement No. 103 – Financial Reporting Model Improvements
Effective for fiscal years beginning after June 15, 2025 (2026 fiscal year for Jun 30 year‑ends).
Key changes:
Enriched MD&A with narrative explanations, less boilerplate.
Combine “extraordinary” and “special” into “unusual or infrequent” line items.
Introduce operating income subtotal in proprietary fund statements.
Budgetary comparison schedules will become Required Supplementary Information (RSI), not part of core statements