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.

• Write 500750 words that addresses the following:
  • 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?