Adrogu and Ratliff46 recommended that courts adopt the hierarchy of GAAP for financial statements of non-governmental entities

Adrogué and Ratliff46 recommended that courts adopt the "hierarchy of GAAP for financial statements of non-governmental entities" published by the AICPA.47 This hierarchy has five strata, listed below in descending order of authority:

1. FASB Statements and Interpretations, APB Opinions, and AICPA Accounting Research Bulletins

2. FASB Technical Bulletins, AICPA Industry Audit and Accounting Guides, and AICPA Statements and Practices

3. Consensus positions of the FASB Emerging Issues Task Force and AICPA Practice Bulletins

4. AICPA accounting interpretations, "Questions and Answers" published by the FASB staff, and widely recognized and prevalent industry practices

5. Other accounting literature, including FASB Concept Statements; AICPA Issues Papers;
International Accounting Standards Committee Statements; GASB Statements; Interpretations and Technical Bulletins; pronouncements of other professional associations or regulatory agencies; AICPA Technical Practice Aids; and accounting textbooks, handbooks, and articles. 

The AICPA's GAAP hierarchy ranks the FASB Concept Statements (components of the conceptual framework) in the bottom stratum. However, on April 28, 2005, pursuant to the FASB's issuance of an exposure draft titled "The Hierarchy of Generally Accepted Accounting Principles" and associated documentation, the FASB48 (p. i) conceded that the place of the conceptual framework in its hierarchy was too low, out of kilter with the IASB, and that the FASB intended to do something about this. Nonetheless, in May 2008, when it issued a revised version of this exposure draft as FASB 162, it observed in its "Summary" preface that FASB 162 was not expected to result in changes in current practice. It is noteworthy that in FASB 162, FASB Concept Statements remain in the bottom stratum of the hierarchy-although it does mention that they should "normally be more influential than other sources" in the (bottom) category in which they appear (para. 5).

Required 

Does the above hierarchy result in a fair presentation framework per CAS 200? Discuss.