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13 <br /> to be accounted for in the accounting system from the beginning rather than making it a manual <br /> adjustment process. <br /> Vice-Chair Fowler clarified that nothing nefarious happened, the accounting method just <br /> needs to be fixed. <br /> Gary Donaldson said staff was in the phase of implementing the fix and it will be <br /> corrected by the end of the fiscal year. <br /> Commissioner Portie-Ascott asked if the invoice that wasn't accrued in the correct fiscal <br /> year was due to staff turnover or a need for training. She asked how that will be prevented in <br /> the future. <br /> Gary Donaldson explained the fiscal year-end financial procedures with departments. <br /> Slide #15 <br /> � Al <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 afterJune 15,2025,which means the Courty's fiscal year ended June 30,2026. This new standard will change <br /> a few things In the Countys 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 CASTS 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 beginn irg after June 15,2025,which rhea ns the County's fiscal year ending Ju ne 30,2026. <br /> Auditor's Discussion&Analysis(AD&A) <br /> June 30, 2025 <br />