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AAT <br /> 17 <br /> Orange County, North Carolina <br /> New Accounting Pronouncements <br /> • New GASB Pronouncements for Future Years <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 /> Statement No. 104, Disclosure of Certain Capital Assets, clarifies information that is required to be disclosed in the <br /> capital asset footnote and roll-forward. With the introduction of a new class of assets in recent years (right-to-use <br /> assets), the GASB has clarified how those items need to be presented in the County's footnotes. In addition, this new <br /> Standard will require the County to separately disclose the historical cost and accumulated depreciation (as of the <br /> financial statement date) for any capital assets that are held for sale. The requirements of this Standard are effective <br /> for fiscal years beginning after June 15, 2025, which means the County's fiscal year ending June 30, 2026. <br /> Auditor's Discussion &Analysis (AD&A) Going Further. <br /> June 30, 2025 <br />