Pages 1 (146 words)
FASB standards codification contains
authoritative U.S. GAAP literature.
US. GAAP level 1
Codification and all SEC rules and interpretative releases. While the Codification applies to all entities that report under US GAAP, SEC materials only apply to publicly-traded registrants.
US. GAAP level 2
Authoritative rules and principles for similar transactions.
US. GAAP level 3
Other material such as FASB Concepts Statements, IFRS, industry practice and textbooks.
IFRS LEVEL 1
IFRS standards and interpretations that specifically apply to a transaction, event, or condition.
IFRS LEVEL 2
Authoritative rules from IFRS for similar and related transactions.
IFRS LEVEL 3
The conceptual Framework definitions, recognition criteria, and measurement concepts for assets. liabilities, income and expenses.
IFRS LEVEL 4
Recent pronouncements of other standard-setting bodies that use a similar Conceptual Framework to develop accounting standards, other accounting literature, and accepted industry practices to the extent that they do not conflict with the sources in Levels 1 and 2.