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NEW QUESTION: 3
Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting
principle. Which of the following should the auditor consider the most authoritative?
A. AICPA Accounting Interpretations.
B. FASB Technical Bulletins.
C. FASB Statements of Financial Accounting Concepts.
D. AICPA Technical Practice Aids.
Answer: B
Explanation:
Choice "a" is correct. The most authoritative pronouncements (first floor) are FASB Statements, FASB
Staff Positions, FASB Statement 133 Implementation Issues, FASB Interpretations, AICPA APB opinions,
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Guides, AICPA Statements of Position, and FASB Technical Bulletins. Choice "b" is incorrect. AICPA
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