GASB Statement 34 requires the notes to show capital assets by major class and activity: beginning and ending balances, accumulated depreciation, the year's additions and retirements, and depreciation by function. Statement 104, effective for fiscal years beginning after 15 June 2025, adds separate lines for lease assets, subscription assets and intangibles, and a disclosure for capital assets held for sale.
What Statement 34 requires in the note.
Paragraphs 116 to 120 of GASB Statement 34 require the notes to disclose, for each major class of capital asset, the beginning and ending balances with accumulated depreciation shown separately, the capital acquisitions, sales and other dispositions of the year, and the current-period depreciation expense with the amounts charged to each function in the statement of activities. Governmental activities and business-type activities are disclosed separately, and capital assets that are not being depreciated (land, construction in progress, infrastructure under the modified approach) are shown apart from those that are. The roll-forward in the note is the register's roll-forward by class and activity, and the auditor traces it there.
| Governmental activities | Beginning | Additions | Retirements and transfers | Ending |
|---|---|---|---|---|
| Capital assets not being depreciated | ||||
| Land | 2,100,000 | 0 | 0 | 2,100,000 |
| Construction in progress | 640,000 | 910,000 | (780,000) | 770,000 |
| Infrastructure, modified approach | 22,600,000 | 2,015,000 | 0 | 24,615,000 |
| Total not being depreciated | 25,340,000 | 2,925,000 | (780,000) | 27,485,000 |
| Capital assets being depreciated or amortised | ||||
| Buildings | 18,400,000 | 780,000 | 0 | 19,180,000 |
| Improvements other than buildings | 3,250,000 | 156,300 | 0 | 3,406,300 |
| Vehicles and equipment | 4,120,000 | 692,500 | (310,000) | 4,502,500 |
| Lease assets (Statement 87) | 1,240,000 | 0 | 0 | 1,240,000 |
| Subscription assets (Statement 96) | 380,000 | 120,000 | 0 | 500,000 |
| Total being depreciated or amortised | 27,390,000 | 1,748,800 | (310,000) | 28,828,800 |
| Less accumulated depreciation and amortisation | (11,365,000) | (1,392,000) | 298,000 | (12,459,000) |
| Net capital assets being depreciated or amortised | 16,025,000 | 356,800 | (12,000) | 16,369,800 |
| Governmental activities capital assets, net | 41,365,000 | 3,281,800 | (792,000) | 43,854,800 |
What Statement 104 adds for fiscal 2026.
GASB Statement 104, Disclosure of Certain Capital Assets, is effective for fiscal years beginning after 15 June 2025. It requires lease assets recognised under Statement 87, intangible right-to-use assets recognised under Statement 94 and subscription assets recognised under Statement 96 to be disclosed separately from other capital assets, by major class, and requires other intangible assets to be shown by major class. It also creates a category of capital assets held for sale: a capital asset the government has decided to sell, where it is probable the sale will be completed within a year of the financial statement date. For those, the note shows the ending balance by major class with historical cost and accumulated depreciation separately, and the carrying amount of any debt for which the asset is pledged. The statement changes presentation and disclosure, not measurement.
Fixed-asset roll-forward, all classesSchedule: Book · 1 Jan to 30 Sep 2026 · Ties to the dashboard and the home page
| Line | Cost | Accumulated depreciation | Net book value |
|---|---|---|---|
| Beginning balance, 1 Jan 2026 | 5,993,830.00 | (2,884,102.55) | 3,109,727.45 |
| Additions | 386,700.00 | 386,700.00 | |
| Transfers in from CIP | 142,000.00 | 142,000.00 | |
| Disposals | (91,250.00) | 88,430.10 | (2,819.90) |
| Depreciation expense, periods 1 to 9 | (647,137.17) | (647,137.17) | |
| Balance, 30 Sep 2026 | 6,431,280.00 | (3,442,809.62) | 2,988,470.38 |
The register has to carry the tags the note is built from.
Activity (governmental or business-type), fund, function, major class, whether the asset is depreciated, and now whether it is a lease asset, a subscription asset or an intangible, and whether it is held for sale and since when. Depreciation by function comes from the function tag; the split between activities comes from the activity tag; the separate lines that Statement 104 requires come from the class. A register without these fields produces a spreadsheet at year-end; one with them produces the note. The lease and subscription assets article covers the two classes Statement 104 singles out; the thresholds article covers the modified approach; the government page describes the register for a public body.
What to record on the asset.
- Activity, fund, function and department on every asset.
- Major class, with lease assets, subscription assets and intangibles as their own classes.
- Depreciated or not, and for infrastructure whether the modified approach applies.
- Held for sale: the date of the decision, the expected sale date and any debt pledged.
- For lease and subscription assets, the term and the amortisation schedule.
In Fixed Asset Desk: fund, function and activity sit on every asset, lease and subscription assets are classes of their own, and the roll-forward by class and activity is the note's source. The City of Columbia keeps its register this way.
Sources: GASB Statement No. 34, paragraphs 116 to 120; GASB Statement No. 104, Disclosure of Certain Capital Assets (effective for fiscal years beginning after 15 June 2025); GASB Statements No. 87, 94 and 96; North Carolina Office of the State Controller, GASB 104 implementation guidance. Checked 20 September 2026.