"FASB Issues GAAP Hierarchy"

By SmartPros: The Financial Accounting Standards Board on Friday issued FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles.

The new standard is intended to improve financial reporting by identifying a consistent framework, or hierarchy, for selecting accounting principles to be used in preparing financial statements that are presented in conformity with U.S. generally accepted accounting principles for nongovernmental entities.

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Source: SmartPros, 12 May 2008. © 2007 SmartPros Ltd. All rights reserved.