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

Assignment Help
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 the types of differences that exist between US GAAP and IFRS. In addition to just identifying the U.S. IFRS/ GAAP differences though, please show the status of conv
Would King & Queen be liable to EFL and Would your answer change if EFL had written to King & Queen advising you that they intended to make a loan to Impulse and were relying
Discuss the factors you would consider in determining whether to obtain audit evidence from manual controls and automated application controls, rather than solely from subst
1. Total and cross-total all columns in the cash receipts journal. 2. Trace postings from the cash receipts journal to the general ledger. 3. Examine remittance advices and re
Auditing standards require the confirmation of accounts receivable in normal circumstances. What are the three exceptions to this requirement?
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates the answer.
Prepare an additional report - The internal controls in the system that are potentially effective, the risk that the control could mitigate and one ‘test of control' for eac
Payroll fraud is a type of fraud that's not very difficult to find, if there are controls in place. What often happens, however, is that the payroll clerk is well respected