With its June 2015 release of Statement No. 76 – The Hierarchy of Generally Accepted Accounting Principles (GAAP) for State and Local Governments, the Governmental Accounting Standards Board (GASB) seeks to improve the consistency and usefulness of state and local financial statement information by reducing the GAAP authoritative hierarchy to two authoritative categories.
Statement No. 76 supersedes Statement No. 55 –The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.