Last week, the FASB issued another accounting pronouncement, SFAS 162 - The hierarchy of GAAP. The statement did not offer much in line with new content, they do provide further simplification. To make a long story short, the hierarchy of accounting guidance from most to least authority is ... roll drum .....
1) FASB statements, interpretations and staff positions, and accounting research bulletins and opinions of the Board of the American Institute of Accountants that are not replaced by the FASB, are given the greatest weight.
2) FASB Technical Bulletins, AICPA statements of certain positions and guides accounting and AICPA practice bulletins approved by FASB and consensus positions of the FASB emerging issues task force.
3) Application Guides published by staff of the FASB and the AICPA accounting interpretations, accounting guides and statements of position that have not been approved by the FASB
4) industry best practices
The focus of the new standard on accountants, auditors rather than (as was the case with AICPA SAS 69).
Of course, all this will become obsolete if the U.S. adopting international reporting standards.
Spy on the negotiations being held in the Board of Directors of U.S. public companies these days and you may walk away with a thought: United States generally accepted accounting principles are on the path of the dinosaurs (ie, extinguished). As the FASB, burns on his "ratchet convergence project with the technical aspects of U.S. GAAP based on the most in international financial reporting principles (IFRS), once can not stop listening to the ticking of the clock to GAAP. The Tell Tale Signs are becoming more frequent ....
2001 - International Accounting Standards Board established.
2003 - Member of the European Union will begin conversion to IAFS, with a deadline of 2005
2007 - SEC foreign customers no longer need even IAFS reconcile their statements to GAAP
Article April 2008 CFO magazine pint rather bleak picture of U.S. accounting principles too. The article notes that Big 4 experts expect the SEC with a mandate to confirm that public companies to IFRS in just 5 years. The reasons are many: the infamous "increasing comparability" maintaining the assumption that U.S. companies actors remain in the global economy, ease of accounting for multi-nationals.
Whatever the final outcome, one thing is clear: the emerging elite in the U.S. accounting should keep an ear to the ground in this case. Do not expect large impact changes in the near future, but do not expect this to go.
About the Author:
The Big 4 Guru is a NY State CPA, proud Big 4 alumni and seasoned industry professional. His passion is helping new accounting professionals achieve their career goals.
Article Source: ArticlesBase.com - Sfas 162 - the Hierarchy of Gaap
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