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.
- NACUBO Provides Input on Tax Reform
- FASB Considers Delaying Revenue Recognition Standard
- Push for Resolution to 1098-T Fines Continues
- 2015 CAO and CBO Collaborations
August 3-4, 2015
- 2015 Planning and Budgeting Forum
September 28-29, 2015
- WEBCAST: NACUBO LIVE!: The Future Chief Business Officer
Tuesday, April 28, 2015 11:00AM ET
- WEBCAST: Analytics that Support Planning, Budgeting, and Results
Thursday, April 30, 2015 1:00PM ET
- WEBCAST: Corporate Sponsorships: Getting it Right
Thursday, May 14, 2015 1:00PM ET
- WEBCAST: Lessons Learned in Communicating Financial Information Effectively
Monday, May 18, 2015 1:00PM ET
- ON-DEMAND: Looking Under the Hood: Using Web-based Tools for Evaluating Institutional Financial Aid Policy
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- 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