Fiscal Year Memos FY2026-18 and FY2026-19: GASB 103 & 104
The Governmental Accounting Standards Board (GASB) established Statement 103 to introduce significant changes to governmental accounting and presentation on key components of the financial reporting model. These improvements include management’s discussion and analysis (MD&A), unusual or infrequent items, and presentation of operating vs. nonoperating revenues and expenses. GASB also established Statement 104 to provide users of government financial statements with essential information on certain types of capital assets on the capital asset note disclosure. The Office of the Comptroller (CTR) has been working with Eide Bailey to assist in the implementation of these new standards for fiscal year 2026. Implementation of GASB 103 and 104 requires changes to the MD&A, changes to classification of accounts on the statement of revenues, expenses, and changes in net position, and changes to the capital asset footnote.
The Office of the Comptroller invites Commonwealth of Massachusetts component units, and Commonwealth of Massachusetts Institutes of Higher Education, to meetings on Thursday, June 25, to discuss GASB implementations for Fiscal Year 2026 reporting. This meeting will provide key considerations when implementing GASB 103 and 104 for your institution and your auditors.
VIEW FISCAL YEAR MEMO 2026-18: For Higher Education Institutions
VIEW FISCAL YEAR MEMO 2026-19: For Commonwealth Component Units