The hierarchies of generally accepted accounting principles (GAAP hierarchies) of nongovernmental, state and local, and federal reporting entities have resided in SAS No. 69, The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles, in the auditing literature. The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB) have issued the following pronouncements that incorporate their respective GAAP hierarchy into their respective authoritative literature:

• FASB Statement No. 162, The Hierarchy of Generally Accepted Accounting Principles, as superseded by FASB Statement No. 168, The FASB Accounting Standards Codification™ and the Hierarchy of Generally Accepted Accounting Principles — a replacement of FASB Statement No. 162.
• GASB Statement No. 55, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.
• Statement of Federal Financial Accounting Standards 34, The Hierarchy of Generally Accepted Accounting Principles, Including the Application of Standards Issued by the Financial Accounting Standards Board.

Therefore, the ASB has withdrawn SAS No. 69, effective September 2009. The related interpretation, “The Auditor’s Consideration of Management’s Adoption of Accounting Principles for New Transactions or Events,” has also been deleted.