User Account

All Pages

What is the essence of the new ruling

Assignment Help Auditing
Reference no: EM13882636 , Length:

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

Reference no: EM13882636

Questions Cloud

Describe the steps hopyard should take to report : 1.In 2013, Hopyard Lumber changed its inventory method from LIFO to FIFO.
Describe a situation wherein you were in a group and acted : Describe a situation wherein you were in a group and acted as a leader
What is smallest predicted charitable contribution in sample : Interpret the slope coefficient. If each mailing costs one guilder, is the charity ex- pected to make a net gain on each mailing? Does this mean the charity makes a net gain on every mailing? Explain.
Net income is the profit earned : Net income is the profit earned (or the loss suffered) by a firm during an accounting period after the cost of goods sold and all expenses have been deducted from revenues.
What is the essence of the new ruling : When was GASB Statement No. 56 initiated - In your own words, what is the essence of the new ruling?
Generally accepted accounting principles : GAAP is an abbreviation that stands for generally accepted accounting principles.
How does the misclassification of fixed asset expenditures : How does the misclassification of fixed asset expenditures result in misstatement of financial statements?
A management information system is a system : A management information system is a system that provides managers and employees with the information they need to perform their jobs as effectively as possible.
Glass changed its inventory method : 1.In 2013, Wade Window and Glass changed its inventory method from FIFO to LIFO.

Reviews

Write a Review

Auditing Questions & Answers

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd