#ACCOUNTING PRINCIPLES BOARD PROFESSIONAL#
#ACCOUNTING PRINCIPLES BOARD SERIES#

The US SEC is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States.

The AICPA has nearly 386,000 CPA members in 128 countries in business and industry, public practice, government, education, student affiliates and international associates.

#ACCOUNTING PRINCIPLES BOARD PROFESSIONAL#

Founded in 1887, the AICPA is a professional organization of Certified Public Accountants (CPAs) in the United States.The Financial Accounting Standards Board ( FASB ) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public's interest.

In this rendering of the evolution, the author has endeavored to provide extensive references to the published literature to enable readers to study the events and developments in greater depth. The interventions from members of Congress on behalf of the company sector are also the object of study. Attention is also given to some of the more celebrated attempts by self-interested parties, particularly the company sector, to interpose themselves forcefully into the standard-setting process. Particular attention is given to instances in which the SEC, as regulator, has either been in disagreement with the private-sector accounting standard setter, or where they both have partnered in a solution. Regulation and the Standard-Setting Process for Financial Reporting: 1930s to the Present surveys and explains the evolution of the stream of events and developments in the regulation and standard setting that have set the requirements for companies’ financial reporting in the U.S. Regulation and the Standard-Setting Process for Financial Reporting: 1930s to the PresentĮvolution of U.S. An appendix completes the article, containing the first published list of the SEC Chief Accountants from 1935 to the present.Įvolution of U.S. An extensive list of references to books, articles, press reports, and other documents has been provided to enable readers to obtain a fuller story of this evolution. By gathering together all of these events and developments in a single article, it is hoped that researchers will come to appreciate the historical antecedents that have shaped today’s institutional reality for both the SEC and the FASB.

regulatory and standard-setting process for financial reporting by companies in the private sector.

#ACCOUNTING PRINCIPLES BOARD SERIES#

This article is a recounting and explanation of the series of episodes from the 1930s to the present on the evolution of the U.S. But beginning in the 1990s, companies and banks strongly opposing the Board’s standards already issued or in prospect increasingly turned to members of Congress for relief, hoping to force the FASB to back down. With the coming of the independent, full-time, well-resourced Financial Accounting Standards Board (FASB) in 1973, the SEC’s regard for the standard setter increased, and a climate of mutual respect and consultation prevailed. In the early decades, when the standard setter was a committee or board of the American Institute of Certified Public Accountants, and was a part-time body with a slender staff, the SEC intervened actively in its deliberations and in the formulation of its recommended practices. Since the 1930s, successive private-sector accounting standard setters in the United States have established, under the oversight of the Securities and Exchange Commission (SEC), “generally accepted accounting principles” for use by public companies.

Accounting principles board