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13 <br /> 1 Slide #18 <br /> NAT <br /> 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 rtscdl years beginning after <br /> December 15,2023,which means the Countys 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 Countlrs fscaI year ended June 30,2026.This new standard wIA change <br /> a few things In the Counrys ACFR(Management's Discusslon and Analysis;presentatlon of budgetary comparison <br /> schedules;and the statement of revenues,expenses and changes In net position for the Counr)Is enterprise fund sj- <br /> Current 1 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 /> dlsclosures regarding going concern uncertalntles and severe financial stress.This technical toplc 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 /> disc lasures,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 certaln items related to capital assets. <br /> Audifor's Di&w,,5forr&Ar+alyws{AD&A] <br /> 2 June 30,2024 <br /> 3 <br /> 4 Slide #19 <br /> >4f- <br /> Orange County,North Carolina <br /> Govt.Clients -Free Quarterly Continuing Education <br /> • Since March of 2009- For Over 12 Years!! <br /> Mauldin&Jenkins provides free gwrterly,svntinvirAg-education for all of our 2ovemmental clients. Topics are tailored to be <br /> of interest to governmental entities, in an effort to accommodate our enure governmental dtent base,we offer the sessions <br /> several times per quarter at a variety of client provided locations resulting in greater networking and knowledge sharing <br /> among our governmental clients. We normally see approximately 180 people per quarter.Examples of subjects addressed in <br /> the past few quarters Include: <br /> • Accounting for Debt Issuances GASB Projects&Updates(ongoing&several sessions <br /> • Achieving Excellence in Financial Reporting Human Capltal Management <br /> Best Budgeting Practices,Policies and Processes Grant Accounting Processes and Controls <br /> • Budget Preparation Internal Controls Over Accounts Payable,payroll and <br /> • ACFR Preparation ttwo(2)day hands-on CWrse) Cash Disbursements <br /> • Capital Asset Accounting Processes and Controls Internal Controls Over Receivables&the Revenue Cycle <br /> • Col lateral i nation of Deposits and Investments I RS'S$URS,Pri manly Payroll Maners <br /> Component Units Legal Conslderatlons for Debt Issuances&Disclosures <br /> Cybersecurity Risk Management Policies and Procedures Manuals <br /> • Evaluating Financial and Non-Financial Health of a Govt- Segregation of Duties <br /> • Financial Report Card-Where Does Your Gm.Stand? Single Audits for Audltees <br /> • Financial Reporting Model Improvements Special Purpose Local Option Sales Tax(SPLOST) <br /> • GA58 Nos-74&75,OPEB Standards Accounting,Reporting&Compliance <br /> GASB No,77.Tax Abatement Disclosures Uniform Grant Reporting Requirements and the New <br /> • GASB No.a4,Fiduciary Activities Single Audit <br /> Auditar's Discussion&Analysis(A0&Af <br /> 5 June 30,2024 <br /> 6 <br /> 7 <br /> 8 <br />