Precedence of GAAP-setting Authorities
In the United States, GAAP derives, in order of importance, from:
- issuances from an authoritative body designated by the American Institute of Certified Public Accountants(AICPA) Council (for example, the Financial Accounting Standards Board Statements, AICPA Accounting Principles Board Opinions, and AICPA Accounting Research Bulletins);
- other AICPA issuances such as AICPA Industry Guides;
- industry practice; and
- into para-accounting literature in the form of books and articles.
Read more about this topic: Generally Accepted Accounting Principles (United States)
Famous quotes containing the words precedence of, precedence and/or authorities:
“Let not England forget her precedence of teaching nations how to live.”
—John Milton (1608–1674)
“What is line? It is life. A line must live at each point along its course in such a way that the artist’s presence makes itself felt above that of the model.... With the writer, line takes precedence over form and content. It runs through the words he assembles. It strikes a continuous note unperceived by ear or eye. It is, in a way, the soul’s style, and if the line ceases to have a life of its own, if it only describes an arabesque, the soul is missing and the writing dies.”
—Jean Cocteau (1889–1963)
“When once a certain class of people has been placed by the temporal and spiritual authorities outside the ranks of those whose life has value, then nothing comes more naturally to men than murder.”
—Simone Weil (1909–1943)