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Investments glossary

Hierarchy Of GAAP

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Quotes of the day:

Those noble men who falsehood dread In wealth and glory ever grow, As flames with greater brightness glow With oil in ceaseless flow when fed.

— Sanskrit Proverb

The Hierarchy of GAAP refers to a four-level framework that classifies FASB and AICPA pronouncements on accounting practice by their level of authority. Top-level pronouncements typically address broad issues while those at lower levels deal with the nitty-gritty of technical issues.


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