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11 <br /> 1 Slide #15 <br /> Orange County, North Corcrlifrca <br /> New Accounting Pronouncements <br /> New GASO Pronouncements for Future Years <br /> Statement Nn.10'r€amrpeusvted Absences was issued in juroe 2022 and is effect ue for fiscal years beginning after <br /> Decem her 15,2023,whicfr means the County's fiscal year ended June 34,2025- <br /> Current l Pcrid Ing flvlajar GASB Projc€ts <br /> Re-EloAminadon Of the Flnawclnl Rtpaxt6ng Model. GA59 has added this prc#e¢t to its technical mend& to make <br /> rrbpro,en-ePas io the existing Flnanoal reporting model(established via e,ASB Issued statement No 34l Improvements are <br /> meani to enhance the effettneness of the model In providing information For deoisbo-making and assessing a governmeriM <br /> accouniabday. <br /> Rawanue and Expense ReeWltion Is another long-term project where the GA59 is working to develop a comprehensive <br /> appllcaacnmodel for recognawmofrevemmand expenses fromwnr exchange,exchange,and exchange-Ilketfansacilons. <br /> Cruiny CCIKern Unvertnhrties and Swvawv Firixnciel Stress is major projK1 where the goal is to address issues related to <br /> discksures regarding going concern uncertainties and severe Financial stress.This technical to*is being examined by the G SS <br /> doe to a wide diversity in practice regarding required presentation an the face of the finant al statements,diiisclosures,etc, <br /> a6clraeutres Related m CapitalAiiees Is a project the GASB added to as agenda this year as a result of the new class of assets <br /> ('nghmo-use-assets)from the new siamardts r.GA58 87,94 and 95). The exposure draft proposes neva g dance regarding the <br /> msdcr—re of certain Items related io capital assets. <br /> Audkw'S DO&WLTSkxt 8 AA*&M(AD&A <br /> June 30,21723 <br /> 2 <br /> 3 <br /> 4 Slide #16 <br /> >fl— <br /> Orafagre Ct+ufrtJl; Nortfa Caro#ffa <br /> Govt.Clients-Free Quarterly Continuing EdLJcc1tion <br /> • Since March of 2009- For Over 12 Fears'! <br /> Mauldin&Jenkins provides free mmrlertocoTdim inP education for all of our=vemmental clients, Topics are tailored to be <br /> of interest to governmental emides, In an~to accommodate our entire governmental client base,we rifer the sessions <br /> several times per garter at a variety of client provided locatirrr,repubing in greater networlung and knoMedge sharirvg <br /> among our grverrmrental cliiersts,iNe normally see approximately 180 people per quarter. Examples of subjects addressed in <br /> the past few quarters include: <br /> • <br /> Accounting for Debt(ssuances GASB PtaJe€ts&Up-dates(ongoing&several sessions <br /> • Achieving Excel leneeinFinancial Reporting - Human Capita I Management <br /> Best BudgednpPra,0ces,Polltk•sandProcesses - Grant4ccouniingProcessesandCorvi*ls <br /> • Budget Preparation - Internal Controls Over Accounts Payable-PayrolIand <br /> ArCFR PfeparatlonC wa(21 day harrds-on course] Cash Dlsbufsemerits <br /> • Ca pita I Asset Accounting Processes and Controls • Internal Controls CWerReceivables&the Revenue Cycle <br /> Col laterallzatlonofDeposltsand Inve•stments IRS Issues.Prlrrarll Payroll Matters <br /> • Component Units Legal ConsiderationsforDebt lssuanoes&Disclosures <br /> Cyb tsxurIVRiskMariagement Pollclesand Procedures Manuals <br /> • EvaluatingFinancial and Non-Financial Health ofa-flout. • Segregation of Duties <br /> Fn)anralReportCard-Where Does You rGoovt,Ste rid? Single Audits forAudltees <br /> Fina ncialReponingModel Improvemerxs • Special Purpose Local Option Sales TaxtEPLOST] <br /> G45B Nos.74&75,OPEBStantiartts - Accounting Reporting&Compliance <br /> • <br /> GASS No-77,Tax Abatement Disclosures Uniform,Grant Reporting Requirements and the New <br /> G4513 No,84,FiduciaryActivlikes 5ingleAudit <br /> Audf T S Dkt=s3k o 8 fln*SOS(l1bM <br /> 5 June 30,2023 <br />