Types of authoritative literature and the literature Essay Example

Types of authoritative literature and the literature Paper FASB standards codification contains authoritative U.S. GAAP literature. US. GAAP level 1 Codification and all SEC rules and interpretative releases. While the Codification applies to all entities that report under US GAAP, SEC materials only apply to publicly-traded registrants. US. GAAP level 2 Authoritative rules and principles for similar transactions. US. GAAP level 3 Other material such as FASB Concepts Statements, IFRS, industry practice and textbooks. IFRS LEVEL 1 IFRS standards and interpretations that specifically apply to a transaction, event, or condition. IFRS LEVEL 2 Authoritative rules from IFRS for similar and related transactions. IFRS LEVEL 3 The conceptual Framework definitions, recognition criteria, and measurement concepts for assets. liabilities, income and expenses. IFRS LEVEL 4 Recent pronouncements of other standard-setting bodies that use a similar Conceptual Framework to develop accounting standards, other accounting literature, and accepted industry practices to the extent that they do not conflict with the sources in Levels 1 and 2.