Is there currently "level 2" guidance outstanding on the GAAP hierarchy for state and local governments?

The accurate understanding of the GAAP hierarchy for state and local governments is crucial for financial accounting and reporting. The GAAP hierarchy, established by the Financial Accounting Standards Board (FASB), consists of a framework of levels that categorize the sources of accounting principles and guidance.

Level 1 guidance refers to the top tier, which primarily includes the statements issued by the Governmental Accounting Standards Board (GASB) and FASB. Below that is Level 2, which consists of authoritative guidance from other sources like the American Institute of Certified Public Accountants (AICPA) and various other organizations.

As of the current state of knowledge, there is no outstanding "level 2" guidance specifically for state and local governments. All relevant accounting and financial reporting guidance is provided at Level 1, primarily through the standards set forth by GASB, which addresses governmental entities directly and provides comprehensive guidance tailored for them.

Thus, stating that there is currently no outstanding Level 2 guidance reflects the understanding that the existing authoritative frameworks sufficiently guide governmental financial reporting without further need for intermediate guidance.