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GASB Statement No 56: Essence, Need, Changes, Summary

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* When was GASB Statement No. 56 initiated?
* In your own words, what is the essence of the new ruling?
* Why did the GASB probably deem it as being necessary?
* How might GASB Statement No. 56 change the activities of any accountant performing governmental accounting?

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Solution Summary

Your tutorial is 237 words and four references, giving the general idea of the statement and how it improved and changed activities of auditors and accountants.

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We are not allowed to write essays for clients, however, the research below will give you information to use in crafting your report.

* When was GASB Statement No. 56 initiated?

This statement was issued and effective March 2009.

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

This statement addresses three issues, related party transactions, going concern considerations and subsequent events. The statement brought certain for-profit accounting and reporting standards to governmental standards.

RELATED PARTIES

For related party transactions, the key idea taken from the AICPA literature was the concept of "form over substance." That is, if the legal form, because of related parties, differs from the substance of the deal, the substance should be reported, not the legal technicalities. ...

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