Question

Determine whether or not the following information is considered to be part of the FASB Codification Research System: (answer with a complete sentence) (4 pts.)

1.Generally Accepted Auditing Standards (GAAS) applicable to audits of nongovernmental entities in the U.S.

2. IFRS

3. Authoritative accounting guidance that has been issued by the SEC.

4. Governmental accounting standards.

Answer 1

Consider each whether considered under codification system by FASB and what are they.

1. Generally Accepted Auditing Standards (GAAS) applicable to audits of nongovernmental entities in the U.S YES

GAAP for non-government entities are codified in the Accounting Standards Codification on 2009 by Financial Accouting Standards Board FASB.

2. IFRS NO

IFRS is Internation but FASB authoritative for generally accepted accounting principles.

3. Authoritative accounting guidance that has been issued by the SEC. YES

Apart from FASB some relevant portions of financial accounting and reporting guidance that has been issued by the SEC

4. Governmental accounting standards. YES

The source of GAAP used by Local goverment is GAS