Charles Miller II51-401-01Executive summary 1March 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-

to-know-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 model-

specifically examining statements 34, 35, 37, 41, 46, and the interpretation of 6. These

are the projects GASB is working to improve and expand upon.