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14 <br /> Slide#18 <br /> /_N A TT� <br /> � J Orange County,North Carolina <br /> New Accounting Pronouncements <br /> • New GASB Pronouncementsfor 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 Couni 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 Countys 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(GASH 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) <br /> June 30,2024 <br /> Slide #19 <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 quarterly continuing education for all of our governmental clients- Topics are tailored to be <br /> of interest to governmental entities. In an effort to accommodate our entire governmental client 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 Capital 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(two(2)day hands-on course) Cash Disbursements <br /> • Capital Asset Accounting Processes and Controls Internal Controls Over Receivables&the Revenue Cycle <br /> • Collateral ization of Deposits and Investments IRS Issues,Primarily Payroll Matters <br /> • Component Units Legal Considerations 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 Govt.Stand? Single Audits for Auditees <br /> • Financial Reporting Model Improvements Special Purpose Local Option Sales Tax(SPLOST) <br /> • GASB 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.84,Fiduciary Activities Single Audit <br /> Auditor's Discussion&Analysis(AD&A) <br /> June 30,2024 <br />