United States

GASB Issues GAAP Hierarchy

Dec 15, 2015

The GASB recently issued Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, which reduces the GAAP hierarchy for state and local governments to two categories of authoritative GAAP (1) GASB Standards and (2) GASB Technical Bulletins, GASB Implementation Guides, and guidance from the AICPA that is cleared by the GASB. The Statement is effective for financial statements for periods beginning after June 15, 2015.

Read GASB Statement No. 76