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Which of the following accounting pronouncements is the most authoritative?
Suggested Answer: D
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Choice 'd' is correct. The concept of reliability in financial reporting includes; neutrality, representational faithfulness and verifiability.
Choices 'a', 'b', and 'c' are incorrect, per the above.
40 comments · newest first
LI
Lilli
11 months ago
FASB definitely has the upper hand here.
MA
Marjory
11 months ago
Wait, really? I always thought Technical Bulletins were top tier.
EL
Elsa
12 months ago
I thought AICPA opinions were more authoritative?
DE
Detra
12 months ago
Totally agree, it sets the foundation for everything!
HO
Hobert
12 months ago
FASB Statement of Financial Accounting Concepts is the most authoritative.
HE
Herschel
1 year ago
I’m a bit confused about the hierarchy, but I think the FASB Statement is supposed to be more authoritative than the AICPA ones, right?
MI
Mirta
1 year ago
I feel like the AICPA Accounting Principles Board Opinion has some weight, but I can't recall if it trumps the FASB stuff.
AA
Aaron
1 year ago
I remember practicing a question similar to this, and I think the FASB Technical Bulletin might be more authoritative than the others listed.
VI
Vicente
1 year ago
I think the FASB Statement of Financial Accounting Concepts is pretty foundational, but I'm not entirely sure if it's the most authoritative.
CH
Charlena
1 year ago
Hmm, I'm not sure about this one. I'll need to think it through carefully. The options seem a bit confusing.
LA
Lavonne
1 year ago
This question seems straightforward, I think I know the answer.
DA
Darrin
1 year ago
Wait, I'm a bit confused. The question says the value of `response.text` is shown in the exhibit, but the exhibit looks like a Python dictionary. How do I access the latitude and longitude from that?
LA
Laine
1 year ago
I heard the FASB Statement of Financial Accounting Concepts is so authoritative, they should just call it the 'FASB Drop the Mic' statement.
BA
Barney
1 year ago
Yeah, but the AICPA Statement of Position is pretty important too.
CL
Cletus
1 year ago
D) AICPA Statement of Position.
MI
Micah
1 year ago
I agree, that statement is like the boss of all accounting pronouncements.
LA
Lanie
1 year ago
A) FASB Statement of Financial Accounting Concepts.
VA
Valentin
1 year ago
Nah, nah, nah, it's gotta be the FASB Technical Bulletin. I mean, who doesn't love a good technical bulletin, am I right? It's like the accounting version of a page-turner novel!
DI
Dick
1 year ago
I'm with you on that, I think the AICPA Statement of Position is the most authoritative.
AS
Ashlee
1 year ago
I disagree, I believe it's the AICPA Accounting Principles Board Opinion.
LE
Leota
1 year ago
I think the most authoritative accounting pronouncement is the FASB Statement of Financial Accounting Concepts.
TA
Tarra
1 year ago
Hold up, I'm going with the AICPA Accounting Principles Board Opinion on this one. That's where the real heavy-hitters in the industry make the big decisions, right?
CO
Corazon
1 year ago
No problem! It's easy to get confused with all the different pronouncements out there.
SA
Sabra
1 year ago
Oh really? I always thought the AICPA Accounting Principles Board Opinion was the top dog. Thanks for clarifying.
CA
Cammy
1 year ago
I think you might be mistaken. The most authoritative accounting pronouncement is actually the FASB Statement of Financial Accounting Concepts.
AL
Alishia
1 year ago
Hmm, I think the AICPA Statement of Position might be the most authoritative. Isn't that the one that really lays down the law in the accounting world?
HA
Harley
1 year ago
Let's look it up to be sure, we want to make sure we're following the correct guidelines.
KR
Krissy
1 year ago
I think you're both mistaken, the AICPA Statement of Position is definitely the most authoritative.
CA
Carman
1 year ago
I believe it's actually the AICPA Accounting Principles Board Opinion that holds the most weight.
WH
Whitley
1 year ago
I'm not sure, but I think the FASB Statement of Financial Accounting Concepts is the most authoritative.
DE
Deane
1 year ago
I think it's a close call between the AICPA Statement of Position and the FASB Statement of Financial Accounting Concepts.
RO
Rosio
1 year ago
I agree with you, the AICPA Statement of Position is the one that really sets the standards.
EL
Elden
1 year ago
I'm not so sure, I think the FASB Statement of Financial Accounting Concepts holds more weight.
AV
Avery
1 year ago
I think you're right, the AICPA Statement of Position is definitely the most authoritative.
BA
Barbra
2 years ago
I'm pretty sure the FASB Statement of Financial Accounting Concepts is the most authoritative. It's like the bedrock of accounting standards, you know?
SE
Serita
1 year ago
Yeah, it sets the foundation for all other accounting standards.
CA
Carlota
1 year ago
I agree, the FASB Statement of Financial Accounting Concepts is definitely the most authoritative.
DE
Demetra
2 years ago
I'm not sure, but I think D) AICPA Statement of Position could also be considered authoritative in certain situations.
TA
Tawna
2 years ago
I agree with Eve. The FASB Statement of Financial Accounting Concepts sets the foundation for accounting standards.
EV
Eve
2 years ago
I think the most authoritative accounting pronouncement is A) FASB Statement of Financial Accounting Concepts.