The Committee on Accounting Procedure of the AICPA was established in the mid-to-late 1930s and functioned until 1959, at which time the Accounting Principles Board came into existence. In 1973, the Financial Accounting Standards Board was formed and the APB went out of existence. Do the reasons these groups were formed, their methods of operation while in existence, and the reasons for the demise of the first two indicate an increasing politicization (as the term is used in the broad sense) of accounting standard-setting? Explain your answer by indicating how the CAP, the APB, and the FASB operated or operate. Cited references for support are a bonus. I was super overwhelmed with verbiage with reading this question and a thorough breakdown will help me understand.
The Committee on Accounting Procedure of the AICPA was established in the mid-to-late 1930s and functioned until 1959, at which time the Accounting Principles Board came into existence. In 1973, the Financial Accounting Standards Board was formed and the APB went out of existence.
Do the reasons these groups were formed, their methods of operation while in existence, and the reasons for the demise of the first two indicate an increasing politicization (as the term is used in the broad sense) of accounting standard-setting? Explain your answer by indicating how the CAP, the APB, and the FASB operated or operate.
Cited references for support are a bonus. I was super overwhelmed with verbiage with reading this question and a thorough breakdown will help me understand.
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