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Early History 1887 - 1903

Early History 1887 - 1903. AIA formed 1887 Nation in midst of economic growth Labor intensive giving way to capital intensive U.S. could not supply needed capital Majority of capital – from England British investors sent British accountants. 1903–1938 Slow Growth of Standards.

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Early History 1887 - 1903

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  1. Early History 1887 - 1903 • AIA formed 1887 • Nation in midst of economic growth • Labor intensive giving way to capital intensive • U.S. could not supply needed capital • Majority of capital – from England • British investors sent British accountants

  2. 1903–1938 Slow Growth of Standards • 1903 - U.S. Steel first audited F/S • FTC and FRB created • Both became concerned about quality of F/S • 1917 – “Uniform Accounts” published • 1918 – “Approved Methods …” published

  3. 1903 – 1938 Slow Growth (cont.) • Stock market crash of 1929 • Communication between AIA and NYSE • AICPA Committee On Cooperation with Stock Exchanges • NYSE Committee on Stock List • Securities Act of 1933 • SEC Act of 1934

  4. 1903 – 1938 Slow Growth (cont.) • 1933 & 1934 Acts gave SEC authority to prescribe accounting standards • Struggle within SEC as to who should set standards • 3 voted for private sector, 2 for SEC • ASR #4 issued in 1938 – “substantial authoritative support”

  5. CAP 1938-1959 • 1936 – AIA created special CAP • 1938 – expanded CAP created • Issued ARBs and ATBs • Chose not to develop comprehensive statement or conceptual framework • Pragmatic (ad hoc) approach • Authoritativeness – general acceptability • Reversal of position on taxes

  6. CAP 1938-1959 (cont.) • Presidents of AIA called for new approach to standards setting • Emphasis on greater research basis • Powell Committee recommended dual arrangement – APB and research division • Research division – ARSs • APB to base conclusions on ARSs • AIA Council approved report – 1959 APB and research division established

  7. APB (1959-1973) • Issuance of & reaction to ARS 1 & 3 • Investment tax credit issue • APBO #2 • APBO #4 • 1964 “edict” – addendum to APBO #6 • Late 1960s – APB dealt with tough issues • 1971 – AICPA appointed Trueblood & Wheat Committees

  8. APB (1959 - 1973) • Authoritativeness • APBO 1-5 general acceptability • APBO 6-27 general acceptability plus • APBO 28-31 Rule 203 • Final opinion – APBO 31

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