What is the authoritative source for nongovernmental U.S. GAAP?

The authoritative source for nongovernmental U.S. GAAP is the FASB Accounting Standards Codification. The FASB (Financial Accounting Standards Board) created the Codification to organize and simplify the complex body of accounting standards into a more accessible format. This Codification serves as the primary source of U.S. GAAP for nongovernmental entities and represents the official framework for accounting guidance.

It effectively consolidates all previously established accounting standards, providing a structured and user-friendly way to locate relevant accounting principles and standards within various topics. This organization helps ensure consistency and comprehensiveness in financial reporting among nongovernmental entities subject to U.S. GAAP.

Other sources mentioned, such as the CPA Handbook, the AICPA Standards Manual, and the IFRS Framework, do not carry the same authoritative weight for U.S. GAAP, as they either contain non-binding guidance, are more relevant for specific areas of practice or focus on international standards that differ from U.S. GAAP.