Generally Accepted Accounting Principles (United States) - Precedence of GAAP-setting Authorities

Precedence of GAAP-setting Authorities

In the United States, GAAP derives, in order of importance, from:

  1. 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);
  2. other AICPA issuances such as AICPA Industry Guides;
  3. industry practice; and
  4. 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)

    “It is difficult to separate the tapestry
    From the room or loom which takes precedence over it.”
    —John Ashbery (b. 1927)

    “When once a certain class of people has been placed by the temporal and spiritual authorities outside the ranks of those whose life has value, then nothing comes more naturally to men than murder.”
    —Simone Weil (1909–1943)