This excerpt taken from the MXGL 10-Q filed Aug 6, 2008.
Financial Accounting Standard No. 162The Hierarchy of Generally Accepted Accounting Principles
In May 2008, the FASB issued Financial Accounting Standard No. 162 The Hierarchy of Generally Accepted Accounting Principles, or FAS 162. FAS 162 identifies the sources of generally accepted accounting principles and provides a framework, or hierarchy, for selecting the principles to be used in preparing U.S. GAAP financial statements for nongovernmental entities. FAS 162 makes the GAAP hierarchy explicitly and directly applicable to preparers of financial statements, a step that recognizes preparers responsibilities for selecting the accounting principles for their financial statements. The hierarchy of authoritative accounting guidance is not expected to change current practice but is expected to facilitate the FASBs plan to designate as authoritative its forthcoming codification of accounting standards. FAS 162 is effective 60 days following the SECs approval of the PCAOBs related amendments to AU Section 411, The Meaning of Present Fairly in Conformity with Generally Accepted Accounting Principles, to remove the GAAP hierarchy from its auditing standards.