(a) What is the purpose of the GASB GAAP hierarchy guidelines? (b) How would an accountant or...

Question:

(a) What is the purpose of the GASB hierarchy guidelines?
(b) How would an accountant or auditor use the hierarchy if the guidance given in a GASB statement and an AICPA audit and accounting guide regarding the proper accounting treatment of a state government transaction or event conflict?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...