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Th#s:stateMent requires -that the proprietary. .fund statement-- revenues; expenses, and changes in fund net position continue to distinguish between bperatitig-acid tion-operating revenues and expenses. Jn addition f to -the subtotals currently required in a proprietary fund statement ofrevenues, expenses, and changes in l :end net position, this statement requires: that a subtotal for operating income (Joss). and :noncapital -subsidies be presented before reporting other nonoperating revenues and e..tpebses. This statement requires. governments to present each major component. unit separately in the. reporiing statement of net pOsitidn Snd -stamindri6bf activities if it does hbt reduce the readability of the' statements. If: thoe readability of those statements. would be reduced, combining statements of major component units should be presented after the fund financial statements. This*statement requires governments' to'present budgetary comparison information using. a single method. of communication=RS1. Governments also are required to present (t)-variances bet% -veep original and final budget amounts and (2) variances. between final budget *and :actual amoutim* An explanation .of significant variances is required to be presented in the notes to R-SI. The. requirements of this statement.4re e%ctive for fiscal yearn beginning alter June I5. 202; and all reporting periods thereafter. Earlier application is encouraged: ff I GASB Statement. No. 1 *,.bisclosure 0,f Certain Capital Assets The: objective of this statement is to provide users. bf government financial statements- with essential information about pertain types of"eapital.assets. This statement requires certain types of capital. assets to be,disclosed.separately in the capital assets note disclosures required by GASB. $tatement No. 34. Lease assets recognized. in accordance -with Statement No. 87, Leases,. and iritangible right -to -use assets recognized in accordance with Statement No. 94, Public -Private and Public-Ptibliie Partnerships and Availability Payment Arrangements, should :be disclosed separately by major class nfunderlying asset in the capital assets note disclosures.. Subscription assets recognized in :accordance with Statement No. 96, Subscription -Based Information Technology Arrangements, also should be separately disclosed:. In addition: this statement requires intangible assets other than.those three types to he disclosed separately by major class. Ths statement also requires :additional disclosures. for capital assets held for sale. A capital asset is Considered held for sale..if (a) the government has decided to pursue the sale of the.capital asset and(b) it is probable that `the sale. Nvi.11 be, finalized within one year of the financial statement date;. Governments should consider relevant factors `to evaluate the likelihood of the capital. asset being sold within 'the established time frame. Capital assets held for sale are required. to bq. evaluated each reporting period. Goveriunents. should disclose (1) the. ending balance of capital assets held for sale; with separate disclosure for lristorical cost and. accumulated depreciation by*:major class of asset. and (2) the -carrying antount of debt fdt. which the capital assets held for sale are pledged. as. collateral for each. major class: of asset. The requirements of this statement are effective for fiscal .years beginning after June% 15. 2025, and all. reporting periodp thereafter. Earlier application is:encouraged.