Finally I received a reply from NASBA about my 6 month free subscription to online professional literature .
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I overlooked the information when I browsed these websites. I sent my request hope this information helps you too.
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GAAP Hierarchy
When preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP) there may be times when GAAP standards do not specifically address your situation, and other times, there might be conflicting standards. To make matters worse, the growing body of complex standards has resulted in standards overload. These facts make it difficult to determine which standard to follow. As an accountant, remember that the Statement of Accounting Standard Number (SAS) 69 establishes a hierarchy to follow. SAS 69 establishes five levels of GAAP; the highest level in the hierarchy that specifically addresses the issue establishes GAAP. The five levels of hierarchy for nongovernmental entities are:
Level A Financial Accounting Standards Board (FASB) Statements of Financial Standards
FASB Interpretations
APB Opinions
AICPA Accounting Research Bulletins (ARBs).....
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OCBOA Financial Statements
One of your small business tax clients asks you to prepare and report on a set of financial statements. Because you’re familiar with the company, you know it has entered into an interest rate swap to lock in a low rate. The company also has a significant amount of goodwill and other intangible assets that may be subject to impairment as well as considerable fixed assets still subject to depreciation. It wants financial statements the company’s owners and executives can easily understand. You wonder whether there is a way to comply with the client’s request that is both cost-effective and less complicated than GAAP-based financial statements. Before you turn down the engagement, you might want to consider preparing and reporting on the financial statements using an “other comprehensive basis of accounting” (OCBOA). In situations where GAAP-basis statements aren’t necessary because of loan covenants, regulatory requirements or similar circumstances, an OCBOA may just be the answer........
Rest of the article is here
Rest of the article is here
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