Abstract
THE ACCOUNTING PROFESSION iS currently making a major effort to improve accounting principles and reporting practices. Leading this effort is the American Institute of Certified Public Accountants, through its Accounting Principles Board. As the AICPA's top body on accounting matters, the Board is the most prominent authority on accounting principles for business. In arriving at pronouncements on accounting principles, the Board is supported by a broad research program. This article will attempt to describe what the Accounting Principles Board is, how it works, what it has accomplished and what appears to be its future role in the business world.
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