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s of pronouncements which had differing levels of authority. Explain the differing types of pro

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Prior to 2009, the FASB issued several types of pronouncements which had differing levels
of authority. Explain the differing types of pronouncements, provide a brief explanation as to
what changed after 2009 and why is it still important today?

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