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.