Final answer:
The GASB requires disclosures about capital assets in the notes to the FS, including information about their nature, cost, depreciation, impairments, and transactions.
Step-by-step explanation:
The Governmental Accounting Standards Board (GASB) requires certain disclosures about capital assets in the notes to the financial statements (FS).
These disclosures include providing information about the nature of capital assets, such as land, buildings, equipment, and infrastructure, as well as their historical cost, depreciation methods used, and any impairments or revaluations.
The GASB also requires information about significant capital asset transactions and any restrictions or commitments related to capital assets. These disclosures help users of the financial statements understand the value, condition, and usage of the government's capital assets.