Question

Under the hierarchy of GAAP for a state and local government, which of the following has the highest level of authority?a. Implementation guides ("Qs and As") published by the GASB staff.b. Technical releases of the Accounting and Auditing Policy Committee of the FASAB.c. AICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA (and cleared by the GASB).d. AICPA Industry Audit and Accounting Guides.

Answer 1

Under the GAAP of hierarchy summery of state and local government.

The GASB staff's "Qs and As" publications as well as widely used and acknowledged industry practices

AICPA and FASB pronouncements, along with GASB Statements and Interpretations, in addition to those made applicable to state and local governments by a GASB Statement or Interpretation

Other accounting literature, such as GASB Concepts Statements, announcements in categories (a) through (d) of the hierarchy for nongovernmental enterprises, when state and local governments are not expressly made applicable; AICPA Issues Papers, International Accounting Standards Committee Statements, pronouncements of other professional associations or regulatory agencies, rpretations, Technical Bulletins, and Concepts Statements, AICFASB Concepts Statements, FASAB Statements, IntePA Technical Practice Aids, accounting textbooks, handbooks, and articles

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