Loose Leaf for Fundamentals of Advanced Accounting
Loose Leaf for Fundamentals of Advanced Accounting
7th Edition
ISBN: 9781260151879
Author: Hoyle, Joe Ben; Schaefer, Thomas; Doupnik, Timothy
Publisher: McGraw-Hill Education
Question
Book Icon
Chapter 12, Problem 1Q
To determine

Authoritative GAAP for state and local governments divided into two categories with the first category having more authority than the second. Explain the sources of GAAP found in both of these categories.

Expert Solution & Answer
Check Mark

Explanation of Solution

Two categories of authoritative GAAP for local and state governments are Category A and Category B. Where category A is build up from GASB official statements and also interpretations that released previously still remain in effect and highest level of authority are also included. To provide the guidance of this type about U.S GAAP other method used by board. Category B is build up from GASB technical bulletins, any literature of AICPA, and implementation guides of GASB which has been cleared by GASB. Auditors and accountants in order to establish proposed reporting treatment validity they look first category A then category B in case of answer is not found.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Chapter 12 Solutions

Loose Leaf for Fundamentals of Advanced Accounting

Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education