FASB Exposure Draft: "The Hierarchy of Generally Accepted Accounting Principles"
Monday, July 11, 2005
The Financial Reporting Committee of the Institute of Management Accountants supports FASB in the pending issuance of a standard on “The Hierarchy of Generally Accepted Accounting Principles.” It will be helpful to all parties involved to move this designation from the auditing literature to the accounting literature. Further, coordinating this project with the AICPA so that the Auditing Standards Board can simultaneously amend SAS 69 is beneficial. In replying to the request for public comment, we have listed herein key suggestions for your consideration in finalizing this Standard.