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Business Definition for: Accounting Principles Board (APB)
Dictionary of Accounting Terms
Accounting Principles Board (APB)

former authoritative body of the american institute of certified public accountants (AICPA) . It issued pronouncements on accounting principles until 1973. Of the 31 APB opinions, several were instrumental in improving the theory and practice of significant areas of accounting. The APB was replaced by the Financial Accounting Standards Board (FASB) .

Dictionary of Finance and Investment Terms
Accounting Principles Board (APB)

board of the American Institute of Certified Public Accountants (AICPA) that issued (1959-73) a series of accountant's opinion constituting much of what is known as Generally Accepted Accounting Principles .

See also Financial Accounting Standards Board (FASB)
Dictionary of Business Terms
Accounting Principles Board (APB)

board of the American Institute of Certified Public Accountants (AICPA) that issued (1959-1973) a series of accountant's opinions constituting much of what is known as Generally Accepted Accounting Principles (GAAP) .

See also American Institute Of Certified Public Accountants (AICPA) , Financial Accounting Standards Board (FASB)
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Financial Accounting Standards Board (FASB)

www.fasb.org) nongovernmental body with the authority to promulgate Generally Accepted Accounting Principles (GAAP) and reporting practices. These are published in the form of FASB Statements. Practicing CPAs are required to follow the FASB pronouncements in their accounting and financial reporting functions. The FASB is independent of other companies and professional organizations. The american institute of certified public accountants (AICPA) and the Securities and Exchange Commission (SEC) officially recognize the Statements issued by he Financial Accounting Standards Board. The FASB was established in 1973 to succeed the Accounting Principles Board (APB).

American Institute Of Certified Public Accountants (AICPA)

(www.aicpa.org) professional organization of practicing Certified Public Accountants. The "Institute" develops standards of practice for its members and provides technical guidance and advice to both governmental agencies (e.g., SEC) and AICPA membership. The AICPA publishes the JOURNAL OF ACCOUNTANCY and THE TAX ADVISER. The AICPA puts out many publications in the areas of accounting, audit, tax, and management services. For example, the Statements On Auditing standards (SAS) are promulgated by the AICPA.

Financial Accounting Standards Board (FASB)

www.fasb.org) nongovernmental body with the authority to promulgate Generally Accepted Accounting Principles (GAAP) and reporting practices. These are published in the form of FASB Statements. Practicing CPAs are required to follow the FASB pronouncements in their accounting and financial reporting functions. The FASB is independent of other companies and professional organizations. The american institute of certified public accountants (AICPA) and the Securities and Exchange Commission (SEC) officially recognize the Statements issued by he Financial Accounting Standards Board. The FASB was established in 1973 to succeed the Accounting Principles Board (APB).

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