Financial Services Industry
Industry: Email Alert RSS FeedFASB issues proposal on GAAP Hierarchy
California CPA, June, 2005
To simplify the standard-setting process, the FASB has published The Hierarchy of Generally Accepted Accounting Principles, an exposure draft that it says will achieve "... the ultimate vision for simplification of standard setting: one process and one form of guidance." This modified hierarchy is part of FASB's codification and retrieval project and deals with the AICPA's SAS No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. SAS No. 69 ranks the authority of accounting principles issued from multiple standard-setters.
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The deadline to comment is June 27.
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For more information, visit www.fasb.org/news/nr042805.shtml.>
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