[jakej]

I’ve just started studying for the CPA and I’ve come across a discontinuity [apparently] between study materials on FAR.

CPAExcel (my primary source) says,

All guidance in the Codification carries the same level of authority (one level of GAAP). There is no longer a hierarchy of GAAP.

(Emphasis added.)

Jeff, in the FAR Ninja audio gives four levels of GAAP I remember from Intermediate Accounting a few years ago, and mentions the word “hierarchy,” ending with industry practices being the “least authoritative.” Is Jeff wrong or is CPAExcel wrong? Or am I missing something?

Thanks!

Studying FAR.

[jeff]

Jake – you are correct … there are 2 levels … authoritative and non authoritative in the Codification … I need to change the notes and audio. Appreciate the heads-up.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Author]

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