FASB adopts a US GAAP hierarchy
12 May 2008
The US Financial Accounting Standards Board has issued FASB Statement No. 162 'The Hierarchy of Generally Accepted Accounting Principles'.
FAS 162 sets out the framework for selecting accounting principles to be used in preparing financial statements that are presented in conformity with US GAAP. Up to now, the US GAAP hierarchy has been defined in the US auditing literature. Because of the interrelationship with the auditing literature, FAS 162 will be effective 60 days following the SEC's approval of the PCAOB's amendments to their auditing standards. Statement 162 may be downloaded without charge from www.fasb.org. Click for FASB News Release (PDF 14k).
