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AAT <br /> 20 <br /> _40W� Orange County, North Carolina <br /> New Accounting Pronouncements <br /> • New GASB Pronouncements for Future Years <br /> Statement No. 101, Compensated Absences was issued in June 2022 and is effective for fiscal years beginning after <br /> December 15, 2023, which means the County's fiscal year ended June 30, 2025. <br /> • Current / Pending Major GASB Projects <br /> • Re-Examination of the Financial Reporting Model. GASB has added this project to its technical agenda to make <br /> improvements to the existing financial reporting model (established via GASB issued Statement No. 34). Improvements are <br /> meant to enhance the effectiveness of the model in providing information for decision-making and assessing a government's <br /> accountability. <br /> • Revenue and Expense Recognition is another long-term project where the GASB is working to develop a comprehensive <br /> application model for recognition of revenues and expenses from non-exchange, exchange, and exchange-like transactions. <br /> • Going Concern Uncertainties and Severe Financial Stress is major project where the goal is to address issues related to <br /> disclosures regarding going concern uncertainties and severe financial stress. This technical topic is being examined by the GASB <br /> due to a wide diversity in practice regarding required presentation on the face of the financial statements, disclosures, etc. <br /> ■ Disclosures Related to Capital Assets is a project the GASB added to its agenda this year as a result of the new class of assets <br /> ("right-to-use" assets) from the new standards (GASB 87, 94 and 96). The exposure draft proposes new guidance regarding the <br /> disclosure of certain items related to capital assets. <br /> Auditor's Discussion &Analysis (AD&A) Going Further. <br /> June 30, 2023 <br />