ablishment of accounting standards (The AICPA, 1993, p. 67). In 1959, the AICPA formed the Accounting Principles Board (APB) to institutionalize this process. The APB was disbanded in 1973, when the Financial Accounting Standards Board (FASB) was formed to assume the primary responsibility for financial accounting and reporting standards. In 1973, the AICPA formed the Accounting Standards Executive Committee (AcSEC) to provide AICPA recommendations to the FASB.
In the contemporary period, the AcSEC is the AICPA's "official voice on financial accounting and reporting matters. AcSEC's conclusions on financial accounting and reporting matters are included in SOPs, audit and accounting guides and practice
...