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Generally Accepted Accounting Principles Hierarchy
- 1. Organization in charge of security regulation (US: IASB)
- 2. Organization in charge of accounting standards (US: FASB; EU: IFRS)
- 3. US: until 2002, AICPA (American Institute of Certified Professional Accountants) produced SOPs
- 4. Interpretations: produced faster than official standards
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Regulatory Accounting Hierarchy
- can consist of independent set of standards
- can consist solely on add'l schedules in addition to GAAP
- US have complete set of rules combining liquidation accounting and going-concern accounting
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Tax Accounting Hierarchy
- can be from GAAP, SAP, independent
- most use GAAP, 1 country uses SAP w modifications
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