Charles Miller II

51-401-01
Executive summary 1
March 13, 2015
What You Need to Know, Connie Spinelli, Governmental Accounting Standard
Changes for 2014, November 2013, http://www.bkd.com/articles/2014/what-you-need-toknow-governmental-accounting-standard-changes-for-2014.htm
This article states all the changes that are coming to Governmental accounting in
December 15, 2013, for all Governmental accounting positions. These statements tell all
governmental entities on how to add these new changes and how to apply them to the
governmental entity. The GASB is being changed and there are three major projects that
are being changed. They deal with Recognition, Fiduciary Responsibilities, and Leases,
Specifically-Reexamination of NCGA statement 5 and GASB statement 13. There is also
practice issues that will affect how business is conducted. The two of them are: Blending
requirement of Business-type Activities, and Irrevocable charitable trusts. Also GASB is
doing research on future projects such as: Debt extinguishments-Specifically examining
statements 7, 23, and 62, external investment pools, and financial reporting modelspecifically examining statements 34, 35, 37, 41, 46, and the interpretation of 6. These
are the projects GASB is working to improve and expand upon.