For what objects does Panaya create an authorization adjustment activity?

Support Pack Stack Projects (SPS)
Panaya generates authorization activities for authorization objects that will be introduced in your target version (the version you are upgrading to).

EHP and Upgrade Projects
For upgrade and EHP projects Panaya generates authorization activities for all authorization objects even if they existed in your system before the upgrade.
What are the differences between Panaya's Impact Analysis and the SU25 SAP transaction?
Let's review a common scenario, where a security object exists in role for one of the transactions. The same security object is then added to a different transaction for the same role. The described will be reported in SU25.
As opposed to SU25, Panaya does not report this as an issue since the security object already exists for the role and you do not need to adjust the role. In other words, Panaya does not create an activity when there is no additional effort required. 

Other common scenario where SU25 reports issues that are not being reported in Panaya are -
  • Changes in SAP default values for a security object that exists for the transaction in both SAP versions
  • Authorization objects that were already missing in your source system