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Hierarchy of GAAP : Government Accounting

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Taking into account that the quotation of internet. Not more than 40% .
If the ratio is greater than mentioned, it will be rejected .
Writing all the references at the end.

• Deliverable Length: 2 pages
• Description:
You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues.
For each of the following issues, rank the guidance based on the governmental GAAP hierarchy.

o Issue 1:
 Governmental accounting textbook.
 GASB Technical Bulletin.
 FASB statement.
 GASB interpretation.

o Issue 2:
 AICPA Practice Bulletins (applying specifically to state and local government).
 AICPA Industry Audit and Accounting Guides.
 AICPA issue papers.
 Widely recognized industry practice.

o Issue 3:
 International Accounting Standards Committee Statements.
 AIPCA Statements of Position (applying specifically to state and local government).
 GASB Q&As.
 GASB Statement.

o Issue 4:
 Article in a leading audit journal.
 FASB Statement.
 Leading accounting textbook.
 Position statement from GASB Emerging Issues Taskforce.

o Issue 5:
 GASB Technical Bulletin.
 FASB Technical Bulletin.
 Speech from a leading accounting professor.
 GASB concept statement.

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Solution Summary

This solution explains issues relating to hierarchy of GAAP in government accounting. The sources used are also included in the solution.

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In accordance with BrainMass standards this is not a hand in ready assignment but is only background help.

Issue 1:
 Governmental accounting textbook.
 GASB Technical Bulletin.
 FASB statement.
 GASB interpretation.
Ranking Is:
GASB Interpretation.
GASB Technical Bulletin.
FASB statement.
Government Accounting Textbook.
In this case if "FASB" is a mistake and the statement is by GASB, it will be ranked first. GASB interpretation is incorporated in the Codification of Governmental Accounting and Financial Reporting Standards. This belongs to category 3a in GASB Statement No. 55 (a). GASB Technical Bulletin is in category 3b in GASB Statement No. 55. Governmental accounting textbook is in the category 3d in GASB Statement No. 55. FASB sets standards for the private sector. These standards are under the category of other accounting literature. If an FASB pronouncement is "made applicable to the state and local government" by a GASB statement, or by the AICPA, such a statement will belong to category a. This is a publication that is widely recognized by the government.

Issue 2:
 AICPA Practice Bulletins (applying specifically to state and local government).
 AICPA Industry Audit and Accounting ...

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