The "hierarchy of GAAP" refers to the preferential ordering of sources that define accounting and reporting principles for governmental and nongovernmental units. The heirarch serves as a guide for auditors and financial statement preparers.
For state and local governmental units:
A.GASB Statements and Interpretations ,
B.GASB Technical Bulletins and, if cleared by the GASB, AICPA Industry Audit and Accounting Guides and Statements of Position
C.AICPA Practice Bulletins that have been cleared by the GASB
D.Implementation guides (Q As) published by the GASB staff, and practices that are widely recognized and prevalent in state and local governments.
For the federal government and its agencies:
A.FASA B Statements and Interpretations , and AICPA and FASB pronouncements specifically made applicable to federal governmental entities by FASAB Statements or Interpretations. GASB Technical Bulletins and, if cleared by the GASB, AICPA Industry Audit and Accounting Guides and Statements of Position
B.FASAB Technical Bulletins and, if specifically made applicable to federal governmental entities by the AICPA and cleared by the FASAB, AICPA Industry Audit and Accounting Guides and Statements of Position.
C.AICPA AcSEC Practice Bulletins if cleared by the FASAB, Technical releases of the FASAB Accounting and Auditing Policy Committee.
D.Implementation guides published by the FASAB staff, and practices that are widely recognized and prevalent in the federal government.
For nongovernmental units:
A FASB Statements and Interpretations , FASB Staff Positions , and AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are not superseded by actions of the FASB
B.FASB Technical Bulletins and, if cleared by the FASB, AICPA Industry Audit and Accounting Guides and Statements of Position
C.AICPA Practice Bulletins that have been cleared by the FASB, and consensus positions of the FASB Emerging Issues Task Force
D.Implementation guides (Q As) published by the FASB staff, AICPA Accounting Interpretations , Industry Audit and Accounting Guides and Statements of Position not cleared by the FASB, andpractices that are widely recognized and prevalent either generally or in the industry.
Government Accounting Standards Board:
An accounting standard setting board or body for governments like federal or state or local governments.
General Mission of GASB:
General mission statements of GASB are:
1.Act as a guide to the auditors and its bond issuers.
2. Educate the general public or users of its financial reports (voters) or creditors (bond issue) for decision making purposes.
Based on the above mission of GASB and as a standard setting body, it always strives to improve and set accounting standards for local and state governments.
GASB is a standard setting body with mission to act as guide to auditors and educate the general public or creditors relying on such information.
The inclusive dates of the fiscal year are January to December.
The GASB is audited by MC Gladrey LLP. It is located in New Haven Connecticut.
The auditors have given unqualified opinion.
The opinion has been given on combining and individual fund statements.
The report has single audit section given at the end of the audit report.
Yes. The report contains the table of contents and list of principal officers and signed by chief financial officer.
It states the financial responsibility of the management and internal controls.
Yes. The report contains the management and analysis. The major items of discussion in this report are direct costs of subscription and publications, program expenses, support expenses, pension-related changes not reflected in operating expenses and class action settlement.
No. the report doesn't include the government-wide statements.
No. The report doesn't reflect the fund financial statements.