Precedence of GAAP-setting Authorities
In the United States, GAAP derives, in order of importance, from:
- issuances from an authoritative body designated by the American Institute of Certified Public Accountants(AICPA) Council (for example, the Financial Accounting Standards Board Statements, AICPA Accounting Principles Board Opinions, and AICPA Accounting Research Bulletins);
- other AICPA issuances such as AICPA Industry Guides;
- industry practice; and
- into para-accounting literature in the form of books and articles.
Read more about this topic: Generally Accepted Accounting Principles (United States)
Famous quotes containing the words precedence of, precedence and/or authorities:
“Let not England forget her precedence of teaching nations how to live.”
—John Milton (1608–1674)
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—Jean Cocteau (1889–1963)
“Self-trust is the first secret of success, the belief that if you are here the authorities of the universe put you here, and for cause, or with some task strictly appointed you in your constitution, and so long as you work at that you are well and successful.”
—Ralph Waldo Emerson (1803–1882)