Compare the GAAP hierarchy for the federal government to that for state and local governments (see Chapter

Question:

Compare the hierarchy for the federal government to that for state and local governments (see Chapter 11).

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...