
Summaries / Status Summary of
Statement No. 34 Basic
Financial Statements—and Management's Discussion and Analysis—for State and Local Governments
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FASB Accounting Standards Codification ® and the Hierarchy of Generally Accepted
Accounting Principles—a replacement of
FASB Statement No. 162 (Issue Date 06/09)
Statement No. 167 (Superseded) Amendments to
FASB Interpretation No. 46(R) (Issue Date 06/09)
Statement No. 166 (Superseded)
Accounting for Transfers
of Financial Assets—an amendment of
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Concepts Statement No. 5 Service Efforts and Accomplishments Reporting—an amendment of GASB
Concepts Statement No. 2
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Statements on Auditing Standards ("AU") § 312, "Audit Risk and Materiality in Conducting an Audit," states that the auditor should consider audit risk and materiality both in (a) planning and setting the scope for the audit and (b) evaluating whether the
financial statements taken as a whole are fairly presented ...
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FASB ASC paragraph 740-10-30-27 (Income Taxes Topic) states: “The consolidated amount of current and deferred tax expense for a group that files a consolidated tax return shall be allocated among the members of the group when those members issue separate
financial statements. . . . The method adopted ... shall be systematic, rational, and consistent with the broad principles established by ...
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Statements of Financial Accounting Concepts are a part of the
FASB conceptual framework project. They set fundamental objectives and
concepts that
FASB will use in developing future U.S. generally accepted
accounting principles (GAAP), however, they are not a part of the US GAAP. To date, 7 Concept
Statements have been issued.
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Financial Accounting Standards Board (
FASB) is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted
Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the
FASB as the organization responsible for setting
accounting …
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Financial Reporting Model Legislation. The
Government Finance Officers Association, as a matter of policy, has supported the expanded use of generally accepted
accounting principles (GAAP) in state and local government
accounting and
financial reporting and the efforts of the Governmental
Accounting Standards Board (GASB) in establishing GAAP.
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