Healthcare Financial Management, April 1st, 1992
The American Institute of Certified Public Accountants' (AICPA's) update of the hierarchy of "generally accepted accounting principles" (GAAP) became effective March 15. AICPA's Statement on Auditing Standards No. 69 describes the necessity for audited financial statements to conform to GAAP and describes the documents that comprise GAAP.
Four sources of established accounting principles generally accepted in the United States are described and the relative importance of each identified. The sources are different for state and local governmental entities and for nongovernmental entities. St...
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