You recently landed your dream job working for the state as an accountant.
You are given the task to research several state and local governmental financial accounting issues.
For each of the following issues, rank the guidance based on the governmental GAAP hierarchy.

Issue 1:
Governmental accounting textbook
GASB Technical Bulletin
FASB statement
GASB interpretation
Issue 2:
AICPA Practice Bulletins (applying specifically to state and local government)
AICPA Industry Audit and Accounting Guides
AICPA issue papers
Widely recognized industry practice
Issue 3:
International Accounting Standards Committee Statements
AIPCA Statements of Position (applying specifically to state and local government)
GASB Q&As
GASB Statement
Issue 4:
Article in a leading audit journal
FASB Statement
Leading accounting textbook
Position statement from GASB Emerging Issues Taskforce
Issue 5:
GASB Technical Bulletin
FASB Technical Bulletin
Speech from a leading accounting professor
GASB concept statement

Answer rating: 100% (QA)

Answer Solution We would number the issues based on the GAAP hierarchy for nonprofit accounting One ... View the full answer