hierarchy of GAAP
Definition
An outline or framework used to determine the best source of guidance in the U.S. for Generally Accepted Accounting Principles (GAAP) in order of appropriateness. At the highest level are the official statements and opinions of the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA). At the lowest level are questions and interpretations by FASB and AICPA staff. Professional accountants are directed to first consult the top of the hierarchy, and proceed downwards only when there is no relevant verdict from a higher level.
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