The financial reporting standards established by the FASAB, GASB, and FASB are considered to be generally accepted accounting principles by virtue of the authority accorded them by the General Accountability Office.

Question

Quizplus · Accepted Answer

The American Institute of Certified Public Accountants' Code of Professional Conduct-not the General Accountability Office-provides the authoritative GAAP status for financial reporting standards promulgated by the FASAB, GASB, and FASB.

The Financial Reporting Standards Established by the FASAB, GASB, and FASB