Which of the following is the highest in the hierarchy of generally accepted accounting principles according to AICPA Statement of Auditing Standard No.69,as amended by SAS No.91,for the federal government entities?
A)AICPA Audit and Accounting Guide.
B)FASB emerging issues task force reports.
C)GASB statements.
D)FASAB statements.

Question

Quizplus · Accepted Answer

According to AICPA Statement of Auditing Standard No.69, as amended by SAS No.91, for the federal government entities, the highest in the hierarchy of generally accepted accounting principles are FASAB statements. GASB statements are applicable to state and local governments, whereas AICPA Audit and Accounting Guides and FASB Emerging Issues Task Force Reports are not considered authoritative sources of GAAP.

Which of the Following Is the Highest in the Hierarchy