Recent years have brought a comprehensive redrafting of professional standards governing accounting, auditing, attestation, and compilation and review practice. A common thread running through these redrafting projects has been to simplify the standards and to move from a strictly rules-based platform to a more principles-based environment. As a result, the old hierarchies governing the authoritative status of the professional literature have been reorganized. This course summarizes the authoritative levels contained in each of these bodies of redrafted professional literature.

Upon completion of this course, the learner should be able to:

• Define the levels of accounting guidance as determined by the Financial Accounting Standards Board (FASB)
• Explain the practitioner's responsibilities for applying guidance contained in the various levels of auditing, attestation, and compilation and review literature
• Distinguish the authoritative levels of auditing, attestation, and compilation and review publications