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AULDIN 21 <br /> & ENKINS <br /> Comments, Recommendations, ORANGE COUNTY <br /> and Other Issues (Continued) NORTH CAROLINA <br /> ■ New GASB Pronouncements for Future Years (Continued) <br /> Other Pending or Current GASB Projects - As noted by the numerous pronouncements issued by GASB over the past decade, the <br /> GASB continues to research various projects of interest to governmental units. Subjects of note include: <br /> Re-examination of the Financial Reporting Model - GASB has added this project to its technical agenda to make improvements to <br /> the existing financial reporting model (established via GASB 34). Improvements are meant to enhance the effectiveness of the model in <br /> providing information for decision-making and assessing a government's accountability. GASB anticipates a final standard expected in early <br /> 2022. <br /> Conceptual Framework-A constant matter being looked at by GASB. Current measurement focus statements (for governmental funds) <br /> to change to near-term financial resources measurement. May dictate a period (such as 60 days) for revenue and expenditure recognition. <br /> May expense things such as supplies and prepaid assets at acquisition. Will look into which balances (at all statement levels) are measured <br /> at acquisition and which need to be re-measured at year-end. Project placed on hold for now. <br /> Revenue and Expense Recognition - Another long-term project where the GASB is working to develop a comprehensive application <br /> model for recognition of revenues and expenses from non-exchange, exchange, and exchange-like transactions. The final standard is <br /> expected in 2023. <br /> Compensated Absences - A technical topic being examined by the GASB currently due to significant changes in benefits offered by <br /> governmental employers. Current GAAP does not address certain items such as paid time off (PTO) and there is a wide divergence in <br /> practice. A final standard on this topic is expected towards the end of 2021 <br /> Prior-Period Adjustments, Accounting Changes, and Error Corrections -A technical topic being examined by the GASB due to <br /> a wide diversity in practice regarding required presentation on the face of the financial statements, disclosures, etc. A final standard on this <br /> topic is expected in early 2022. <br /> 17 <br />