GASB Disclosure Requirements
Related terms
Category
GASB 87/96
GASB 87 and GASB 96 require specific disclosures for government reporting entities, including descriptions of leasing arrangements, total lease assets and accumulated amortization, future minimum payments by year for the next five years and in aggregate thereafter, and any significant terms affecting the amount or timing of future payments.
Why it matters
GASB disclosure requirements differ from ASC 842 and IFRS 16 disclosures in both content and format. Government financial statements follow a specific structure. Management's Discussion and Analysis, basic financial statements, and notes. Lease disclosures must fit within this framework. Government auditors (often state auditors or audit firms specializing in governmental accounting) verify these disclosures against the underlying lease data.
How Arvexi handles this
Arvexi generates GASB-specific disclosure packages that include the required descriptions, asset and liability summaries, future payment schedules, and supplementary information. The disclosures follow GASB presentation requirements and are formatted for inclusion in government Comprehensive Annual Financial Reports (CAFRs).