18. Recently Issued and Implemented Accounting Pronouncements (Continued)

City Council · 2026-04-21 · agenda_item

The City of West Melbourne is implementing new accounting standards from the Government Accounting Standards Board (GASB). These changes, GASB Statement 103 and GASB Statement 104, will affect how the city reports financial information. Statement 103, effective for the fiscal year ending September 30, 2026, modifies requirements for Management's Discussion and Analysis, unusual items, proprietary fund statements, component units, budgetary comparisons, and statistical information. Statement 104, also effective for the fiscal year ending September 30, 2026, requires new disclosures for certain capital assets, including lease assets, intangible right-to-use assets, subscription assets, and assets held for sale. These changes will involve updating financial reporting models and disclosures. This item is currently under review as part of the city's accounting policy updates. The work will involve reviewing and potentially revising accounting software, financial reporting procedures, and staff training. Businesses specializing in accounting, financial reporting, and government auditing services may find opportunities to assist the city in adapting to these new requirements.