What type of FASB Pronouncement carried the highest authority within GAAP, establishing the methods and procedures required on specific accounting issues?

Question

Quizplus · Accepted Answer

Statements of Financial Accounting Standards (SFAS) carry the highest authority within GAAP as they establish the methods and procedures required on specific accounting issues. SFAS are issued by the Financial Accounting Standards Board (FASB) and are considered primary sources of GAAP. Staff Positions (SP), Technical Bulletins (TB), and Statements of Financial Accounting Concepts (SFAC) are other types of FASB pronouncements that provide guidance and interpretations of GAAP but do not carry the same level of authority as SFAS.

What Type of FASB Pronouncement Carried the Highest Authority Within