GASB has issued a proposal that would establish requirements for the separate disclosure of certain types of capital assets for the purposes of note disclosures.
The changes aim to help financial statement users make informed decisions about the assets and evaluate accountability.
The exposure draft, Disclosure and Classification of Certain Capital Assets, also establishes requirements for the classification of certain capital assets to “held for sale.”
The draft addresses four types of capital assets that would need separate disclosure in the notes. FASB will accept comments on the proposed draft through Friday, Jan. 5.