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20 <br /> AULDIN N4920shl-1, <br /> & ENKINS <br /> Comments, Recommendations, ORANGE COUNTY <br /> and Other Issues (Continued) NORTH CAROLINA <br /> New GASB Pronouncements- Implemented This Year <br /> Statement No. 72, Fair Value Measurement and Application, provides guidance on the measurement of fair <br /> values of certain accounts — most notably investments. Due to the nature of the County's investments, no <br /> significant change was required. <br /> GASB Statement No. 76, Hierarchy of Generally Accepted Accounting Principles for State and Local <br /> Governments, provides guidance on the authoritative literature which should be utilized in applying GAAP to <br /> state and local government financial statements. No significant change for the County. <br /> GASB Statement No. 79, Certain External Investment Pools and Pool Participants, provides for the accounting <br /> of the value of external investment pools (such as the North Carolina Capital Management Trust) at amortized <br /> cost, as opposed to fair value, if the pool meets certain requirements. The North Carolina Capital <br /> Management Trust — cash portfolio meets these criteria and reports the value of its investments at amortized <br /> cost — and thus the County reports it's investment in the investment pool at amortized cost. This did not result <br /> in a change in value for the County. <br /> is . oil r i <br />