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24 <br /> AULDIN N411209h,-" <br /> & ENKINS <br /> Comments, Recommendations, ORANGE COUNTY <br /> and Other Issues (Continued) NORTH CAROLINA <br /> Other Matters Currently Being Considered by GASB <br /> Conceptual framework and current measurement focus considerations (revenue recognition/60 days rules and <br /> consumption vs. purchases method for expensing inventories). <br /> Financial reporting model (is GASB 34's model the right model today?) <br /> Leases (do operating leases meet the definitions of being an asset or liability?) <br /> Debt extinguishments using existing resources <br /> Other Changes <br /> There continues to be changes to auditing standards relative to the conduct and reporting of Single Audits. <br /> This year's financial and compliance audit recognized the implementation of the new Uniform Grant Guidance <br /> (UG) which included significant changes to cost principles and other requirements for auditees receiving <br /> Federal funds. These changes are driven based on the grant award date as awarded by the Federal agency. <br /> As such, auditors and auditees will follow requirements from both the "old" and "new" guidance for a few years <br /> to come. <br /> - <br /> �� e <br />