Refer to FASB 162 (the hierarchy of accounting information). Why is this hierarchy important, and how can it be applied to conducting research?

The Financial Accounting Standards Board Statement 162, issued in May 2008, is the applicable hierarchy of GAAP that applies to nongovernmental entities. The FASB Statement 162 is an outline for determining the most appropriate sources for obtaining guidance on U.S. generally accepted accounting principles. At the top of the hierarchy of accounting information are FASB statements and American Institute of Certified Public Accountants' opinions. At the bottom of the hierarchy are FASB staff questions and answers along with AICPA interpretations. Accountants are encouraged to use the hierarchy when conducting research in a way that they should...