APB Opinion

DEFINITION of 'APB Opinion'

An authoritative pronouncement issued by the Accounting Principles Board. The official opinions were given on various accounting issues that required clarification or interpretation. The APB listed 31 separate opinions during its existence.

BREAKING DOWN 'APB Opinion'

The Accounting Principles Board was replaced by the Financial Accounting Standards Board (FASB) in 1973. The APB Opinions have likewise been superseded by the Generally Accepted Accounting Principals (GAAP). Therefore, they are now essentially obsolete.

RELATED TERMS
  1. Accounting Principles Board - APB

    The prior authoritative body of the American Institute of Certified ...
  2. Accounting Research Bulletins - ...

    Bulletins containing recommended accounting procedures for the ...
  3. Accounting Changes And Error Correction

    Requirements for the accounting for and reporting of a change ...
  4. Opinion Shopping

    The practice of searching for an outside auditor who will provide ...
  5. Accountant's Opinion

    A statement signed by an independent accountant outlining his ...
  6. Financial Accounting Standards ...

    A seven-member independent board consisting of accounting professionals ...
Related Articles
  1. Professionals

    Financial Reporting Objectives and Enforcement

    CFA Level 1 - Financial Reporting Objectives and Enforcement. Examines the objectives of financial reporting according to SFAC 1. Learn how the SEC adn FASB help enforce the U.S. GAAP.
  2. Forex Education

    Accounting Basics: Financial Reporting

    By Bob Schneider Generally Accepted Accounting Principles (GAAP)A key prerequisite for meaningful financial statements is that they be comparable to those for other companies, especially firms ...
  3. Economics

    What are Accounting Principles?

    The term accounting principles refers to rules and guidelines companies use to help them record their business and financial transactions.
  4. Term

    Why Companies Welcome an Unqualified Opinion

    An unqualified opinion is an independent auditor’s opinion that a company’s financial statements are fair and accurate.
  5. Professionals

    BOND COUNSEL

    Bond Counsel During an offering of municipal bonds, the issuer will retain legal counsel to represent them in the transaction. The bond counsel will: Confirm that the issuer is legally allowed ...
  6. Professionals

    Financial History: The Rise Of Modern Accounting

    Find out how these two have grown hand-in-hand throughout our modern history.
  7. Investing

    GAAP

    Learn more about the generally accepted accounting principles, standards and procedures that companies use to compile their financial statements.
  8. Trading Strategies

    Can Perpetual Contrarians Profit As Traders?

    Succeeding as a contrarian is all about knowing when to act on your opinion about the next turn in the market.
  9. Professionals

    Principles of Risk and Insurance

    Principles of Risk and Insurance
  10. Professionals

    The Auditor and Audit Opinion

    CFA Level 1 - The Auditor and Audit Opinion. Learn about the role and responsibility of the auditor. This outlines what is occurs in an audit and the requirements for a qualified opinion.
RELATED FAQS
  1. When and why were GAAP first established?

    Take a deeper look into the development and purpose of the generally accepted accounting principles, also known as GAAP, ... Read Answer >>
  2. Who sets the guidelines for accounting principles?

    Understand the generally accepted accounting principles and why they were put in place. Learn what entity sets the guidelines ... Read Answer >>
  3. What are some of the basic Generally Accepted Accounting Principles?

    Learn more about generally accepted accounting principles determined by the Financial Accounting Standards Board, including ... Read Answer >>
  4. How should a change in accounting principle be recorded and reported?

    Learn about changes in accounting principle and why businesses make them, as well as the reporting and recording requirements ... Read Answer >>
  5. How does the Financial Accounting Standards Board (FASB) establish accounting protocol?

    Find out how the Financial Accounting Standards Board or FASB, identifies possible financial reporting issues and determines ... Read Answer >>
  6. What are the differences between a change in accounting principle and a change in ...

    Learn how to differentiate between a change in accounting principle and a change in accounting estimate and how accountants ... Read Answer >>
Hot Definitions
  1. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  2. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  5. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  6. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
Trading Center