Which pronouncements have the highest level of authority for state and local governments?
A)Financial Accounting Standards Board Statements
B)GASB Statements
C)Consensus Positions of GASB Emerging Issues Task Force
D)GASB Technical Bulletins

Question

Quizplus · Accepted Answer

GASB Statements have the highest level of authority for state and local governments as they establish accounting and financial reporting standards. The other options, such as Technical Bulletins and Consensus Positions of GASB Emerging Issues Task Force, provide interpretive guidance and do not have the same level of authority as GASB Statements. Financial Accounting Standards Board Statements are not applicable to state and local governments as they follow GASB standards.

Which Pronouncements Have the Highest Level of Authority for State