FASB Proposes Framework for GAAP Hierarchy
May 4, 2005
On April 28, the Financial Accounting Standards Board published the Exposure Draft "The Hierarchy of Generally Accepted Accounting Principles." FASB is the designated private sector standard-setter under the Securities and Exchange Commission rules. Consequently, the draft addresses how the GAAP hierarchy should reside in the accounting literature established by FASB. The comment period for the draft ends June 27. The document is available on FASB’s Web site at www.fasb.org.
American Institute of Certified Public Accountants Statement on Auditing Standards No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles (SAS 69), ranks the relative authority of accounting principles issued from multiple standard-setters. Because the Securities and Exchange Commission reaffirmed FASB as the designated private sector standard-setter for public companies, the board concluded that the GAAP hierarchy should reside in the accounting literature established by FASB.
FASB believes that improving the GAAP hierarchy is an important element of strengthening the quality of accounting standards and the standard-setting process. The draft is considered a necessary step toward the objective of simplification of standard setting: one process and one form of guidance.
Please share your comments or concerns with Sue Menditto, director, accounting policy.
- Some Cash Management Changes Apply to All Institutions
- NACUBO Summarizes Regulations on Banking, Processing Relationships
- Education Funding Depends on Devil in the Details
- 2016 Intermediate Accounting and Reporting - Winter
January 25-26, 2016
- 2016 Facilities and Administrative Rates - Long Form
January 25-26, 2016
- ON-DEMAND: Understanding ED's New Cash Management Rules
- ON-DEMAND: A Financially Sustainable Approach to Innovate Academic Programs
- ON-DEMAND: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
- ON-DEMAND: Developing Your Campus Distance Learning Strategy
- ON-DEMAND: VIRTUAL: 2015 Annual Meeting
- ON-DEMAND: NACUBO Live!: CBO Speaks
- ON-DEMAND: A Just-in-Time Webcast to Explain FASB’s NFP Reporting Proposal
- ON-DEMAND: Decoding ED's Cash Management Proposal
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis