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AAT <br /> 12 <br /> Orange County, North Carolina <br /> Required Communications <br /> • Significant Accounting Policies <br /> Management is responsible for the selection and use of appropriate accounting policies. <br /> The significant accounting policies used by the County are described in Note 1 to the basic financial statements. <br /> During the current year, the County was required to implement the provisions of GASB Statement No. 101, <br /> Compensated Absences and GASB Statement No. 102, Certain Risk Disclosures. <br /> The policies used by the County are in accordance with generally accepted accounting principles. <br /> In considering the qualitative aspects of its policies, the County is not involved in any controversial or emerging <br /> issues for which guidance is not available. <br /> • ManagementJudgment/Accounting Estimates <br /> Accounting estimates are an integral part of the financial statements prepared by management and are based on <br /> management's knowledge and experience about past and current events and assumptions about future events. <br /> The County uses various estimates as part of its financial reporting process - including actuarial assumptions. <br /> Auditor's Discussion &Analysis (AD&A) Going Further. <br /> June 30, 2025 <br />