Which of the following is considered to be an authoritative source of GAAP for a nongovernmental not-for-profit organization?

Question

Quizplus · Accepted Answer

The FASB Accounting Standards Codification is the authoritative source of GAAP for nongovernmental not-for-profit organizations. GASB standards are only applicable to governmental entities, while AICPA AcSEC Practice Bulletins and the AICPA Audit and Accounting Guide, Not-for-Profit Organizations, provide useful guidance but are not authoritative sources of GAAP.

Which of the Following Is Considered to Be an Authoritative