FASB issues proposal on GAAP Hierarchy.

• Position: FASB News - Financial Accounting Standards Board - Brief Article

To simplify the standard-setting process, the FASB has published The Hierarchy of Generally Accepted Accounting Principles, an exposure draft that it says will achieve "... the ultimate vision for simplification of standard setting: one process and one form of guidance." This modified hierarchy is part of FASB's codification and retrieval project and deals with the AICPA's SAS No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted...