01.03. Accounting Frameworks and Rule Hierarchies

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COC2
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204973
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01.03. Accounting Frameworks and Rule Hierarchies
Updated:
2013-03-04 18:20:09
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Accounting Frameworks Rule Hierarchies
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Accounting Frameworks and Rule Hierarchies
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  1. Generally Accepted Accounting Principles Hierarchy
    • 1. Organization in charge of security regulation (US: IASB)
    • 2. Organization in charge of accounting standards (US: FASB; EU: IFRS)
    • 3. US: until 2002, AICPA (American Institute of Certified Professional Accountants) produced SOPs
    • 4. Interpretations: produced faster than official standards
  2. Regulatory Accounting Hierarchy
    • can consist of independent set of standards
    • can consist solely on add'l schedules in addition to GAAP
    • US have complete set of rules combining liquidation accounting and going-concern accounting
  3. Tax Accounting Hierarchy
    • can be from GAAP, SAP, independent
    • most use GAAP, 1 country uses SAP w modifications

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