Financial Facts

May 2, 2014

FinancialFacts

By Vicky Steinruck

GASB has issued a proposal, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, as an exposure draft. The proposed statement would change the “GAAP hierarchy” for state and local governments. The GAAP hierarchy lists the order of priority for pronouncements that a government should follow. GASB is proposing to reduce the hierarchy to two categories from the current four categories.

The AICPA Auditing Standards Board has issued three auditing interpretations to various sections of SAS No. 122, Statements of Auditing Standards: Clarification and Recodification, which are intended to assist both auditors of governmental plans and participating employers in their audits of entities that are implementing the new standards. The interpretations are available on the GASB Matters section of the Governmental Audit Quality Center website.

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