The Governmental Accounting Standards Board has drafted a proposed Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, listing the order of priority for the types of pronouncements that a state or local government should look to for guidance when preparing their financial statements.
The proposed statement would reduce the existing GAAP hierarchy to two categories of authoritative GAAP from the four categories under GASB Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.
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