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11 <br /> Slide#15 <br /> Orange County, North Caro(rrra <br /> New Accounting Pronouncements <br /> Nev1r6ASB Pronouncements for Future Years <br /> Statement No.101,[atrperrsated A6senres was issued in June 2022 and is effective for fiscal years beginning after <br /> December 15.2023,which means the Countys Fiscal year ended June 30.2025- <br /> Current f Pandlrig Ma]ar GASB Projects <br /> Re-Ekarn11natl0n Of the FYeanCkal RepnrttrkS PAO"L GA58 has added this prcje€t to as technical agenda to make <br /> rmpro,rements to the existing Flnaw al repor ang mauet(established vla GASB Issued statement No.34). Improvements are <br /> meant to enhance the effecweness of the model In providing information For uecwon-making and assessing a governmenrs <br /> accouncatrity. <br /> • Rrwsnur and Expatir RooWitien Is another long-term project where the GaSS is working to develop a camprehenslve <br /> appllcauan wbo-M for recognroan of reveries and expenses from n wexchange,exchange,and exchange-like trartsacdons. <br /> • Ggirtg Corwin Unue"minpos and svvwv rinmmiai Strgw IS major project Where the goal Is to address issve5 related to <br /> drsdosrrres regarding going concern uncertainties and severe financial stress.Thistechrical topic is being examined by theG.ASB <br /> dwty a wide diversity in practice regarding retired presentation on the fate of the financial statements.disdosures,et€. <br /> tlimieitwri Itriated to CapitalAaflrts Is a project the GASS,added to its agenda this year as a result of the new class of assets <br /> ;'r�ho-to use'assets)rrom the flew standards(LASS 87.911 and 96). The exposure draft Proposes hew guidance regarding the <br /> dadky-fe of certain Items related to capital assets. <br /> Auclkw's N&W mtm$Analysis(A 9A) <br /> Jana X 2023 <br /> Slide #16 <br /> >4f <br /> Orange Cown(y, Nor#h CPrGIPITO <br /> Govt.C lie rnts-Free 0uarterly Continuing Education <br /> Since March of 2009 - For Over 1Z Years H <br /> : Mauldin&jeokim provide-Free mmrterfuoontintin cdwation for all of our governmental clients. Topics are tailored W be <br /> oFinterest to governmental entities. In an effort to accommodate cur entire governmental client base,we offer the sessions <br /> several times per quarter at a variety of client prc4ided locations resddng in greater newnrlong and knowledge sharing <br /> amvmg our gaveromental dents.Wa normally see approximately 180 people per quarter. Examples of subjects addressed in <br /> the past few quarters include: <br /> Accoundng for Deb[Issuar6ces GASBPrajecrs&Updates(ongoing&several sesslons <br /> • Achieving Excel leneein Financial Reporting Human Capital Management <br /> BesiBudgednS I' cdces,Pollcles and Processes Graw 4ccou nil ng ProcessesanACorivols <br /> • Budget Preparation Internal Controls Over Accounts Payable Payml I and <br /> ACFR Preparadorh(im(2]day hands-on course] CashDlsbursemerxs <br /> • Capital Asset Aecounting Processes and Controls Internal Controls Over Receivables&the Revenue Cycle <br /> Col laterallzatlanofDeposlisandInvestments IRS issues.PrlmarlyPayrollManers <br /> • ComponemUnits Legal Considerationsfor Debt lssuancesiLDisclosures <br /> Cydersecurlry Rlskhlartagement Pollclesdnd ProceduresManuals <br /> • Evaluating FinancialandNon-Financial Health ofaGovt. Segregation of Duties <br /> FlnandalFteportCard-Where Does You rGoyuSwod? 5ingleAudlts for Audkees <br /> • Financial Reporti ng Model I mprovements. Special Purpose Local Option Sales Tax SPLt7ST) <br /> GA59 Nos.74&75.OPEBSwndofds AccounilriS Depordng&Compllance <br /> • GASB No.77,Tax Abatement Disclosures Uniform Grant Reporting Requirements and the New <br /> GA5B No,84.FlduclaryAaMiles 51ngleAudlt <br /> AucgW's DWUssko 8 Analysis(ADBAJ <br /> Jana 3a 2023 <br />