Under the existing GAAP hierarchy for state and local government financial reporting,the GASB Implementation guides are
A) More authoritative than GASB Statements.
B) Less authoritative than GASB Technical Bulletins.
C) More authoritative than the AICPA state and local government audit guide.
D) Equally authoritative to GASB Statements.

Question

Quizplus · Accepted Answer

According to the GAAP hierarchy for state and local government financial reporting, GASB Technical Bulletins are more authoritative than GASB Implementation guides. Therefore, option B is the correct choice. Option A, C, and D are incorrect because GASB Statements hold the highest level of authority among GASB pronouncements, and the AICPA state and local government audit guide is not part of the GAAP hierarchy for state and local government financial reporting.

Under the Existing GAAP Hierarchy for State and Local Government