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U.S. GAAP o Financial Accounting Foundation – 1972: • Financial Accounting Standards Board (FASB) – 1973: – For-profit entities – Non-for-profit entities • Governmental Accounting Standards Board (GASB) – 1984: – State and local government and its enterprises o Federal Accounting Standards Advisory Board (FASAB) – 1990: – Federal government and its component entities
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GASB GAAP Hierarchy
• Source of authoritative GAAP o GASB Statements o GASB Technical Bulletins o GASB Implementation Guides o AICPA literature cleared by GASB • Source of non-authoritative GAAP o GASB Concepts Statements o FASB Literature
o AICPA literature not cleared by GASB o State and local government practices o Accounting textbooks, handbooks and articles
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