Rank the following documents in the proper order in the governmental GAAP hierarchy:
I. GASB Concepts Statement.
II) GASB Statement of Governmental Accounting Standards.
III) GASB Technical Bulletin.

Question

Rank the following documents in the proper order in the governmental GAAP hierarchy:
 I. GASB Concepts Statement.
II) GASB Statement of Governmental Accounting Standards.
III) GASB Technical Bulletin.

Quizplus · Accepted Answer

The correct order in the governmental GAAP hierarchy starts with GASB Statements of Governmental Accounting Standards (II) as the primary source of generally accepted accounting principles (GAAP) for state and local governments. Following this are GASB Technical Bulletins (III) that clarify, explain, or elaborate on the standards. GASB Concepts Statements (I) come last as they provide the conceptual underpinnings for the standards but do not prescribe the accounting treatment.

Rank the Following Documents in the Proper Order in the Governmental