Why was the CAP replaced by the APB? What were APB Opinions? What was the controversy...

Why was the CAP replaced by the APB? What were APB Opinions? What was the controversy regarding the investment tax credit and what role did the SEC play in this disclosure?

Expert Solution

CAP had only limited success because it did not develop an overall accounting framework, but rather, acted upon specific problems as they arose. In 1959, the AICPA replaced CAP with the Accounting Principles Board (APB), which issued 31 opinions and 4 statements until it was dissolved in 1973.

An APB opinion is an authoritative pronouncement issued by the Accounting Principles Board. The official opinions were given on various accounting issues that required clarification or interpretation. The APB listed 31 separate opinions during its existence from 1962 to 1973.

ekkarill92 answered 2 years ago

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