Accounting Principles Board - APB

AAA

DEFINITION of 'Accounting Principles Board - APB'

The prior authoritative body of the American Institute of Certified Public Accountants (AICPA). Formed by the American Institute of Certified Public Accountants in 1959, the Accounting Principles Board was replaced in 1973 by the Financial Accounting Standards Board (FASB). The purpose of the Accounting Principles Board was to issue pronouncements on accounting principles. Nineteen of the opinions released by the Accounting Principles Board still stand as part of the Generally Accepted Accounting Principles (GAAP).

INVESTOPEDIA EXPLAINS 'Accounting Principles Board - APB'

Between 1959 and 1973, the Accounting Principles Board was charged with creating accounting standards and issuing pronouncements related to accounting theory and practice. Unable to operate independently from the United States government, the Accounting Principles Board was dissolved to allow the smaller, fully-independent Financial Accounting Standards Board to operate more effectively.

RELATED TERMS
  1. Accounting Standards Committee ...

    A former organization under the Consultative Committee of Accountancy ...
  2. The Accounting Review

    An academic publication by the American Accounting Association ...
  3. Accounting Standard

    A principle that guides and standardizes accounting practices. ...
  4. Financial Statements

    Records that outline the financial activities of a business, ...
  5. Accounting

    The systematic and comprehensive recording of financial transactions ...
  6. Balance Sheet

    A financial statement that summarizes a company's assets, liabilities ...
Related Articles
  1. CPA, CFA Or CFP® - Pick Your Abbreviation ...
    Professionals

    CPA, CFA Or CFP® - Pick Your Abbreviation ...

  2. The Alphabet Soup Of Financial Certifications
    Options & Futures

    The Alphabet Soup Of Financial Certifications

  3. What are the GAAP standards for digital ...
    Investing

    What are the GAAP standards for digital ...

  4. Variable Costs
    Investing

    Variable Costs

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center