Accounting Principles Board (APB)

Was formed from the American Institute of Certified Public Accountants (AICPA) in 1959 was was then disbanded and replaced by the Financial Accounting Standards Board (FASB) in 1973.  FASB operates independently from the SEC and the U.S. government and renders both opinions and pronouncements on the practice of accounting.  Many of which are used in GAAP.
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