Accounting Principles Board

Accounting Principles Board

The Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973, when it was replaced by the Financial Accounting Standards Board (FASB).

The APB was disbanded in the hopes that the smaller, fully-independent FASB could more effectively create accounting standards. The APB and the related Securities Exchange Commission) were unable to operate completely independently of the U.S. government.cite journal|title=The marketing of accounting standards|last=Horngren|first=Charles T|journal=The Journal of Accountancy|issue=October 1973|pages=61–66] According to the SEC, "the overall record of the APB was a reasonably good one, but it seems likely that a smaller full-time body directly in control of its research holds promise of more success."cite journal|title=Some general and specific thoughts on the accounting environment|author=John C. Burton, Chief Accountant, SEC|journal=The Journal of Accountancy|issue=October 1973|pages=40–46]

Of the 31 APB opinions and four statements, several were instrumental in improving the theory and practice of significant areas of accounting. Many have been superseded by FASB pronouncements; 19 opinions still stand as part of generally accepted accounting principles:cite book|title=The Ultimate Accountants' Reference: Including GAAP, IRS & SEC Regulations, Leases, and More|last=Bragg|first=Steven M.|year=2003|publisher=John Wiley & Sons, Inc.]

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