Which of the following is the highest in the hierarchy of generally accepted accounting principles for federal government entities?
A) AICPA Audit and Accounting Guide
B) FASB emerging issues task force reports.
C) GASB statements.
D) FASAB statements.

Question

Quizplus · Accepted Answer

FASAB statements are the highest in the hierarchy of generally accepted accounting principles for federal government entities as they are specifically designed for the federal government accounting and financial reporting. The AICPA Audit and Accounting Guide, FASB emerging issues task force reports, and GASB statements are not designed for federal government entities.

Which of the Following Is the Highest in the Hierarchy