Orange County NC Website
Browse       Search
AAT <br /> 21 <br /> 4)011� 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 /> Statement No. 103, Financial Reporting Model Improvements was issued in 2024 and is effective for fiscal years <br /> beginning after June 15, 2025, which means the County's fiscal year ended June 30, 2026. This new standard will change <br /> a few things in the County's ACFR (Management's Discussion and Analysis; presentation of budgetary comparison <br /> schedules; and the statement of revenues, expenses and changes in net position for the County's enterprise funds). <br /> • Current / Pending Major GASB Projects <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 <br /> 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 <br /> GASB due to a wide diversity in practice regarding required presentation on the face of the financial statements, <br /> 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 <br /> assets ("right-to-use" assets) from the new standards (GASB 87, 94 and 96). The exposure draft proposes new guidance <br /> regarding the disclosure of certain items related to capital assets. <br /> Auditor's Discussion &Analysis (AD&A) Going Further. <br /> June 30, 2024 <br />