38) Identify the level of the U.S. GAAP Literature Hierarchy that each item belongs to.
|
Authoritative Literature |
Level |
|
The Codification |
|
|
Industry practice |
|
|
AICPA Issue Papers |
|
39) Identify the level of the U.S. GAAP Literature Hierarchy that each item belongs to.
|
Authoritative Literature |
Level |
|
Authoritative rules and principles from U.S. GAAP for similar transactions |
|
|
FASB Concept Statements |
|
|
International Financial Reporting Standards |
|
40) Identify the level of the IFRS Literature Hierarchy that each item belongs to.
|
Authoritative Literature |
Level |
|
Industry practice |
|
|
The Conceptual Framework recognition criteria related to income |
|
|
Authoritative rules from IFRS for similar and related transactions |
|
41) Tracy Smith is researching a financial reporting issue. She did not find guidance for the specific transaction in the Accounting Standards Codification. Briefly explain how she should proceed in resolving her accounting research question.
