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Streamlining of guidance continues.

FASB issued an exposure draft (ED), The Hierarchy of Generally Accepted Accounting Principles (www.fasb.org/draft/ed_gaap_hierarchy.pdf). The ED identifies the sources of accounting principles and the framework for selecting those to be used in preparing nongovernment GAAP financial statements. It continues FASB's efforts to improve the GAAP hierarchy, which ranks, according to their authority, accounting standards issued by multiple standard setters and currently found in AICPA Statement on Auditing Standards (SAS) no. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles (www.aicpa.org/download/members/div/auditstd/au-00411/.pdf).

FASB is coordinating the proposed statement's effective date (for fiscal periods beginning after September 15, 2005) with that of the AICPA and Public Company Accounting Oversight Board literature that will be amended when FASB issues the proposed statement as final. Comments are due June 27, 2005.
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Title Annotation:Highlights
Publication:Journal of Accountancy
Date:Jun 1, 2005
Words:145
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