To make sure you are up to date on the special guidelines the GASB has declared

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. He also
asked you to show him side by side how government accounting journal entries
might differ from for-profit journal entries in these similar events.Please submit your assignment.The following grading criteria will apply to this
assignment:Grading Criteria5%When was GASB Statement No. 56 initiated?15%In your own words what is the essence of the new ruling?10%Why did the GASB probably deem it as being necessary?20%How might GASB Statement No. 56 change the activities of any accountant
performing governmental accounting?50%