Not-for-Profit vs. Governmental Accounting

You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues.

For each of the following issues, rank the guidance based on the governmental GAAP hierarchy.

Issue 1:

Governmental accounting textbook

GASB Technical Bulletin

FASB statement

GASB interpretation

Issue 2:

AICPA Practice Bulletins (applying specifically to state and local government)

AICPA Industry Audit and Accounting Guides

AICPA issue papers

Widely recognized industry practice

Issue 3:

International Accounting Standards Committee Statements

AIPCA Statements of Position (applying specifically to state and local government)

GASB Q&As

GASB Statement

Issue 4:

Article in a leading audit journal

FASB Statement

Leading accounting textbook

Position statement from GASB Emerging Issues Taskforce

Issue 5:

GASB Technical Bulletin

FASB Technical Bulletin

Speech from a leading accounting professor

GASB concept statement