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Definition of 'Hierarchy Of GAAP'
An outline for determining the most appropriate sources for obtaining guidance on U.S. generally accepted accounting principles. The applicable hierarchy of GAAP that applies to nongovernmental entities is laid out by the Financial Accounting Standards Board (FASB) Statement 162, issued in May 2008.
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Investopedia explains 'Hierarchy Of GAAP'
At the top of the GAAP hierarchy are FASB statements and American Institute of Certified Public Accountants' (AICPA) opinions. At the bottom are FASB staff questions and answers and AICPA interpretations. Accountants are directed that they should first consult sources at the top of the hierarchy and then proceed downward only if there is no relevant pronouncement at a higher level.
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Search results for 'Hierarchy Of GAAP'
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http://www.investopedia.com/university/accounting/accounting6.asp
... To eliminate the uncertainties, in 2008 the FASB issued FAS 162 to clarify the
hierarchy in deciding which source of GAAP takes precedence over another. ...
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http://www.investopedia.com/exam-guide/cfa-level-1/financial-statements/global-accounting-standards.asp
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