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Institutional Accounting: GASB Statement #56

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Discuss with your new accountant your opinion on the merits of GASB Statement No. 56.

Is it really worthwhile for the government to implement this new Statement? Why/why not?

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Solution Summary

Your tutorial is 231 words and four references and explains that it was worthwhile and why with two examples to illustrate.

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Statement No 56 added three items to the requirements of financial statement preparers, study the related party transactions for substance (rather than form), review subsequent events, and review going concern risks.

I believe it is worthwhile because these three issues can really "cloud" the entity-wide view of a reader. For instance, if you see that net assets increased during the ...

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  • MSc, University of Virginia
  • PhD, Georgia State University
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