Question

P1-2 (SLG GAAP Hierarchy) Mark O. Sleuth, a recent accounting graduate, has been assigned to research several local governmental accounting and financial reporting issues. For each issue, rank the sources of guidance according to the governmental GAAP hierarchy.

Issue 1: The AICPA state and local government (SLG) Audit and Accounting Guide, a GASB Technical Bulletin, a leading governmental accounting textbook, a GASB Interpretation, and a section of the FASB Accounting Standards Codification

Issue 2: A leading governmental accounting textbook, a GASB Implementation Guide, an article in a leading auditing journal, and a speech by a leading governmental accounting professor

Issue 3: The AICPA SLG Audit and Accounting Guide, a GASB Statement, a journal article that summarizes current practice on the issue in the United States, notes from a telephone conversation on the issue with the GASB director of research, and a FASB Accounting Standards Update

Issue 4: An AICPA Statement of Position (cleared by the GASB), an article by the managing partner of an international public accounting firm, a GASB Technical Bulletin, and the FASB Accounting Standards Codification

Issue 5: GASB Implementation Guide 2015-1, the AICPA SLG Audit and Accounting Guide, four articles from the Journal of Accountancy, and a leading governmental accounting textbook

Issue 6: A predominant practice, Statement of Governmental Accounting Concepts, an AICPA Statement of Position not included in Level b

P1-2 there is to Level D. Regarding AICPA's Guides and SOP. They have to be clear by GASB.

Answer 1