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13 <br /> 1 Vice-Chair Fowler clarified that nothing nefarious happened, the accounting method just <br /> 2 needs to be fixed. <br /> 3 Gary Donaldson said staff was in the phase of implementing the fix and it will be corrected <br /> 4 by the end of the fiscal year. <br /> 5 Commissioner Portie-Ascott asked if the invoice that wasn't accrued in the correct fiscal <br /> 6 year was due to staff turnover or a need for training. She asked how that will be prevented in the <br /> 7 future. <br /> 8 Gary Donaldson explained the fiscal year-end financial procedures with departments. <br /> 9 <br /> 10 Slide #15 <br /> AAT <br /> + 1 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 Countys 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 fiscalyears beginningafterjune 15,2025,which rneansthe Countysfiscal year endingjune 30,2026. <br /> Auditor's Discussion&Analysis(AD&A) <br /> June 30, 2025 <br /> 11 <br /> 12 <br /> 13 <br /> 14 <br />