Authority and currency
About this authority
- Publisher
- Financial Accounting Foundation
- Standing
- Primary authority
- Version
- 1998 FASB special report
- Relevant parts
- CAP, APB, and establishment of the FASB
- Currency
- current · checked Sep 6, 2026
Use this 1998 report by Reed K. Storey and Sylvia Storey to examine the history of US private-sector accounting standard setting. Pages 15–18 discuss the Committee on Accounting Procedure and its bulletin program; pages 31–46 discuss the Accounting Principles Board and the transition to the Financial Accounting Standards Board (FASB).
The report explains historical debates. Its discussion of the conceptual framework reflects its publication period, not all later revisions. Use the current framework for today's conceptual definitions and the applicable Codification guidance for an accounting requirement.