Authoritative GAAP for state and local governments is divided into two categories with the first category having

Question:

Authoritative GAAP for state and local governments is divided into two categories with the first category having more authority than the second. What sources of GAAP are found in both of these categories?

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...