Although U S GAAP is now organized in the FASB

Accounting #2397
Although U.S. GAAP is now organized in the FASB Accounting Standards Codification, GAAP
was initially created by many different types of pronouncements. The following is a list of seven
types of pronouncements as well as a list of statements describing each pronouncement.A.
Statements of Financial Accounting StandardsB. OpinionsC. Technical BulletinsD. Statements
of Financial Accounting ConceptsE. InterpretationsF. Staff PositionsG. Accounting Research
Bulletins_________ 1. Pronouncements that provide clarification of conflicting or unclear issues
relating to previously issued FASB Statements of Standards, APB Opinions, or Accounting
Research Bulletins._________ 2. Issued by the FASB to provide guidance on accounting and
reporting problems related to Statements of Standards or Interpretations._________ 3.
Pronouncements of the APB that constitute generally accepted accounting principles unless
specifically amended or rescinded._________ 4. Issued by the FASB as a series establishing a
theoretical foundation upon which to base financial accounting and reporting
standards._________ 5. Pronouncements of the Committee on Accounting Procedure (CAP)
that constitute generally accepted accounting principles unless super ceded or amended by the
FASB._________ 6. Pronouncements issued by the FASB that establish generally accepted
accounting principles and indicate the methods and procedures required on specific accounting
issues._________ 7. Pronouncements issued to provide more timely and consistent application
guidance in regard to FASB literature.Required:Place the appropriate letter (A–G) identifying
each pronouncement on the line in front of the statement describing the pronouncement.View
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Although U S GAAP is now organized in the FASB Accounting

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