What is the essence of the new ruling
Course:- Auditing
Reference No.:- EM13882636

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Auditing

To make sure you are up to date on the special guidelines the GASB has declared, your manager asked you to research GASB Statement No. 56.

Write 500-750 words that addresses the following:

1. When was GASB Statement No. 56 initiated?

2. In your own words, what is the essence of the new ruling?

3. Why did the GASB probably deem it as being necessary?

4. How might GASB Statement No. 56 change the activities of any accountant performing governmental accounting?


Verified Expert

Preview Container content

The new ruling aims to include all the provisions and policies of accounting under one roof so that there is efficiency and higher level of control over the operations and that the people are able to refer to one common source for all their requirement for accounting guidance. The basic objective behind this is to make sure that the basic accounting principles like related party transactions, subsequent events and going concern, are followed diligently and adequately by the enterprises and that there is higher efficiency of the operations of the enterprise.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Auditing) Materials
What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash?
Describe the general matters an auditor should consider before accepting an engagement as a reporting accountant on forecast financial information and detail the procedures
Fiber Technology, Inc. manufactures glass fibers used in the communications industry. The company's materials and parts manager is currently revising the inventory policy fo
Discuss the actions an auditor should take when the auditor discovers an illegal act. Discuss three reasons why auditors are responsible for "reasonable" but not "absolute" as
By looking to Pall corporation rations  (debt to total assets, current ratio, current assets to total assets, profit margin, and return on assets)-- (what conclusions would yo
The Clarity Project involved the International Auditing & Assurance Standards Board (IAASB) reviewing and reissuing all its standards to improve the clarity of wording and m
Why might this attitude exist among students who have not yet taken a statistics class? Would a similar attitude exist toward a business or history class? Explain your tho
Which role does each person in the scenario most closely represent and how do the relationships between these roles differ from how these roles are related in a typical fina