FASB issues proposal on GAAP Hierarchy.To simplify the standard-setting process, the FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). has published The Hierarchy of Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , an exposure draft that it says will achieve "... the ultimate vision for simplification of standard setting: one process and one form of guidance." This modified hierarchy is part of FASB's codification The collection and systematic arrangement, usually by subject, of the laws of a state or country, or the statutory provisions, rules, and regulations that govern a specific area or subject of law or practice. and retrieval project and deals with the AICPA's SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles. SAS No. 69 ranks the authority of accounting principles issued from multiple standard-setters. [ILLUSTRATION OMITTED] The deadline to comment is June 27. For more information, visit www.fasb.org/news/nr042805.shtml. |
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