The authors also point out that in the hierarchy of the GASB statements, interpretations, technical bulletins and the role of consensus approvals of GASB also need to be seen as the development of future Implementation Guide recommendations for future years as well. In summary, the authors provide an excellent overview of how the hierarchy of GASB statements relate to the Implementation Guides produced. Impact of the article: This specific article provides an excellent framework to understand the hierarchy of FASB bulletins relative to Implementation Guides initiated in 2003. The precedence of FASB statements and their periodic release, the role of GASB statements, specifically no. 34 and its pervasive adoption (Shoulders, Craig D., and Robert J. Freeman 64) also are insightful guidance for accountants and auditors alike. The authors also provide a useful definition of the term comprehensive...

One of the best insights gained from the article is that while the Comprehensive Implementation Guides are relatively low priority in the context of GAAP standards, they are increasingly important for CPAs to pay attention to the yearly modifications to this document to provide insights into completing audits and financial statement validations. The article overall provides excellent insights into which FASB pronouncements and their use by accounting professionals for completing audits and validations of financial statements.
Reference:

Shoulders, Craig D., and Robert J. Freeman. "Closing the Gaps in GAAP." Journal of Accountancy (2007): 62-68. 19 Sept. 2007 https://www.aicpa.org/PUBS/jofa/jun2007/shoulders.htm.