Historical frame
- Kind
- organization
- Period
- 1959-1973
- Jurisdiction
- United States
The APB broadened the search for accounting principles but retained a part-time profession-sponsored design whose perceived shortcomings helped lead to FASB.
Questions to carry forward
- Why might part-time board service create capacity or independence concerns?
- What does institutional succession mean for old accounting literature?
Claim disciplineEvidence boundaries
- The APB's replacement was an institutional transition, not proof that all APB work lacked authority or usefulness.
The Accounting Principles Board (APB) succeeded the Committee on Accounting Procedure in 1959. Sponsored by the American Institute of Certified Public Accountants, it issued opinions and supported research on accounting principles. Members served part time.
Criticism of its independence and speed helped lead to a different structure. The Financial Accounting Standards Board began work in 1973 with full-time members. That change did not make every earlier accounting conclusion wrong. For a current question, use the applicable Codification text rather than the date or reputation of the body that first addressed it.