Which of the following statements about the FASB Accounting Standards Codification is false?
A) The Codification is currently the only authoritative source of U.S. GAAP.
B) The purpose of creating the Codification was to simplify user access to authoritative U.S. GAAP.
C) The framework of the Codification contains six levels, which are increasingly more specific.
D) The six levels contained within the Codification framework are hierarchical in nature, such that the higher levels are considered to be more authoritative than the lower levels.
Correct Answer:
Verified
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