Pronouncements Although U.S. GAAP is now organized in the FASB Accounting Standards Codification, GAAP was initially created by many different types of pronouncements. The following is a list of seven types of pronouncements as well as a list of statements describing each pronouncement.

1. A. Statements of Financial Accounting Standards
2. B. Opinions
3. C. Technical Bulletins
4. D. Statements of Financial Accounting Concepts
5. E. Interpretations
6. F. Staff Positions
7. G. Accounting Research Bulletins

_______ 1. Pronouncements that provide clarification of conflicting or unclear issues relating to previously issued FASB Statements of Standards, APB Opinions, or Accounting Research Bulletins.

_______ 2. Issued by the FASB to provide guidance on accounting and reporting problems related to Statements of Standards or Interpretations.

_______ 3. Pronouncements of the APB that constitute generally accepted accounting principles unless specifically amended or rescinded.

_______ 4. Issued by the FASB as a series establishing a theoretical foundation upon which to base financial accounting and reporting standards.

_______ 5. Pronouncements of the Committee on Accounting Procedure (CAP) that constitute generally accepted accounting principles unless superceded or amended by the FASB.

_______ 6. Pronouncements issued by the FASB that establish generally accepted accounting principles and indicate the methods and procedures required on specific accounting issues.

_______ 7. Pronouncements issued to provide more timely and consistent application guidance in regard to FASB literature.

Required:

Place the appropriate letter (A-G) identifying each pronouncement on the line in front of the statement describing the pronouncement.

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