Generally Accepted Accounting Principles, ASC 105

GAAP Hierarchy
Statement of Financial Accounting Standards No. 168, June 2009
“The FASB Accounting Standards Codification and the Hierarchy of GAAP”

Two levels of U.S. GAAP
Level 1: Authoritative GAAP: Codification (
Level 2: Nonauthoritative GAAP: Others

Sources of U.S. GAAP

Nonpublic Entities
–> “Codification” is the single source of authoritative U.S. GAAP

SEC Registrants
Both (a) and (b) are the sources of authoritative U.S. GAAP
(a) Codification (
(b) SEC Rules




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