GASB Issues Statement No. 56

The Governmental Accounting Standards Board (GASB) has issued Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards, which incorporates accounting and financial reporting guidance previously contained in the AICPA auditing literature into the GASB's accounting and financial reporting literature for state and local governments. The Statement addresses related party transactions, going concern considerations, and subsequent events. More information is available through the GASB's website at www.gasb.org.