Is the FASBs 2008 GAAP hierarchy a fairness of presentation framework?

Question:

Is the FASB’s 2008 GAAP hierarchy a fairness of presentation framework?

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...

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