1. Which item below best describes the GAAP hierarchy in state and local government accounting, effective in 2015?

A. GASB Statements and AICPA Industry Audit and Accounting Guides are considered authoritative.

B. Only GASB Statements are considered authoritative.

C. Only AICPA Industry Audit and Accounting Guides are considered authoritative.

D. GASB Statements, GASB Technical Bulletins, Implementation Guides, and GASB-approved guidance from the AICPA are considered authoritative.