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Codification of Governmental Accounting and Financial Reporting Standards

  • Category (a) consists of GASB Statements and Interpretations and AICPA and Financial Accounting Standards Board (FASB) pronouncements that have been specifically made applicable to state and local governmental entities by GASB Statements or Interpretations (periodically incorporated in the Codification of Governmental Accounting and Financial Reporting Standards).
  • Category (b) consists of GASB Technical Bulletins and AICPA Industry Audit and Accounting Guides and Statements of Position that have been specifically made applicable to state and local governments by the AICPA and approved by the GASB.
  • Category (c) consists of AICPA Accounting Standards Executive Committee (AcSEC) Practice Bulletins that have been specifically made applicable to state and local governments by the AICPA and approved by the GASB. Also included are consensus positions of groups of accountants organized by the GASB that attempt to reach consensus on accounting issues applicable to statement and local governmental entities. (GASB has not organized such a group as of the date this handbook was released.)
  • Category (d) includes GASB Implementation Guides published by GASB staff. Additionally, practices that are widely recognized and prevalent in state and local government are included in this category.
  • In the absence of a pronouncement covered by Rule 203 or another source of established accounting principles, other accounting literature, such as the following, may be considered, depending on its relevance to the circumstances:
  • GASB Concepts Statements
    • Pronouncements referred to in categories (a) through (d), SAS 69, paragraph 10, of the hierarchy for nongovernmental entities when not specifically made applicable to state and local governments:
    • FASB Concepts Statements
    • AICPA Issues Papers
    • Statements of the International Accounting Standards Committee
    • Pronouncements of other professional associations or regulatory agencies
    • Technical Information Service Inquiries and Replies included in AICPA Technical Practice Aids
    • Accounting textbooks, handbooks, and articles

The appropriateness of other accounting literature depends on its relevance to particular circumstances, the specificity of the guidance, and the general recognition of the issuer or author as an authority.