generally accepted auditing standards aicpa

Project Description: This project will consider incorporating accounting and financial reporting standards that are included in current and recently modified Statements on Auditing Standards (SASs) to more effectively present those standards so that these requirements are more clearly the responsibility of the financial statement preparers.

GASB Issues an Exposure Draft, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing StandardsĬodification of AICPA Accounting Standards in SASs-Project Plan.56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards, was approved in March 2009. The GAAP hierarchy portion of the project was later established as a separate project as discussed below. In its initial form, the project also included incorporation of the hierarchy of generally accepted accounting principles (GAAP hierarchy) to identify, in the GASB’s authoritative literature, the sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements of state and local governments that are presented in conformity with GAAP. Primary Objective: The objective of this project is to consider incorporating accounting and financial reporting standards that are included in current and recently modified Statements on Auditing Standards (SASs) to more effectively present those standards so that these requirements are more clearly the responsibility of the financial statement preparers. Codification of AICPA Accounting Standards in SASs

Generally accepted auditing standards aicpa