Accounting Principles Board (APB)

The Accounting Principles Board (APB) was a former organization established in 1959 by the American Institute of CPAs to develop and establish accounting standards for businesses in the United States. Its goal was to create consistent and transparent rules for financial reporting to improve the quality and reliability of financial information. The APB issued various opinions and guidance, but it faced criticism for slow progress and complexity. In 1973, it was replaced by the Financial Accounting Standards Board (FASB), which continues to set accounting standards today.