# ASC 105-10-10: Generally Accepted Accounting Principles — Overall — 10 Objectives

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/105/10/#10-objectives)

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## ASC 105-10-10: 10 Objectives

[Read section](https://asc.understandingaccounting.org/asc/105/10/#10-objectives)

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##### [105-10-10-1](https://asc.understandingaccounting.org/asc/105/10/#105-10-10-1)

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The objective of this Topic is to establish the _Financial Accounting Standards Board (FASB) Accounting Standards Codification_<sup class="ph sup">®</sup> as the source of authoritative principles and standards recognized by the FASB to be applied by [nongovernmental entities](https://asc.understandingaccounting.org/glossary/n/#nongovernmental-entity "An entity that is not required to issue financial reports in accordance with guidance promulgated by the Governmental Accounting Standards Board or the Federal Accounting Standards Advisory Board.") in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). Rules and interpretive releases of the Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.

##### [105-10-10-2](https://asc.understandingaccounting.org/asc/105/10/#105-10-10-2)

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This Topic also identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with GAAP in the United States (the GAAP hierarchy).