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Accounting Information > Governing Bodies and Regulations > APB
APB - Accounting Principles Board

Before we had the Financial Accounting Standards Board, or FASB, we had the Accounting Principles Board, or the APB. The APB was established by the American Institute of Certified Public Accountants(AICPA) in 1959. The Accounting Principles Board issued authoritative pronouncements on accounting principles. In 1973, the APB was replaced by the FASB.


The Accounting Principles Board still holds an important spot in the accounting profession. A number of APB Opinions still stand as a part of generally accepted accounting principles, or GAAP. During its tenure, the Accounting Principles Board issued thirty-one APB opinions and four statements. Some of these pronouncements were vital in the improvement of the theory and practice of major areas of accounting. Although several of these pronouncements have been superseded by pronouncements by FASB, nineteen of them are still part of GAAP.

The first of the nineteen opinions still included in GAAP is APB Opinion 2, Accounting for the Investment Credit. This opinion includes a discussion of the Revenue Act of 1962. It also provides accounting standards for investment credits. The second APB opinion still standing is APB Opinion 4, Accounting for the Investment Credit, which spells out whether the investment credit should be included as part of net income.

Another of the APB opinions that is still considered GAAP is APB Opinion 6, Status of Accounting Research Bulletins, which analyzed the ARB and incorporated necessary revisions. APB Opinion 9, Reporting the Results of Operations, deals with the reporting requirements for net income and extraordinary items and computing earnings per share. Opinion 10, Omnibus Opinion - 1966, provides guidance on consolidated financial statements, taxes payable, activities related to stocks, and tax allocation accounts. APB Opinion 12, Omnibus Opinion - 1967, provides guidance on depreciation, allowances, capital changes, debt, and deferred compensation.

Also still considered a part of GAAP is APB Opinion 14, Accounting for Convertible Debt and Debt Issued with Stock Purchase. This opinion concerns accounting and reporting related to convertible debt. APB Opinion 16, Business Combinations, provides authoritative guidelines for the correct accounting and reporting for business combinations. The APB provided guidance related to reporting goodwill and other intangible assets in APB Opinion 17, Intangible Assets. Another opinion that is a part of GAAP is APB Opinion 18, The Equity Method of Accounting for Investments in Common Stock, which details when the equity method should be used for common stock.

APB Opinion 20, Accounting Changes, gave definitions for different types of accounting changes and created guidelines to use in the determination of the correct reporting for each type. Interest on Receivables and Payables was discussed in APB Opinion 21, which made clear when interest should be applied to receivables and payables. APB Opinion 22, Disclosure of Accounting Policies, provides guidance on those disclosures for financial statements. Guidance for accounting and reporting for subsidiaries, and intangible development costs is provided in APB Opinion 23, Accounting for Income Taxes - Special Areas.

APB Opinion 25 deals with Accounting for Stock Issued to Employees, while APB Opinion 26 covers Early Extinguishment of Debt. The accounting principles related to interim financial reports are detailed in APB Opinion 28, Interim Financial Reporting. Accounting for Nonmonetary Transactions is discussed in APB Opinion 29, while APB 30, Reporting the Results of Operations, deals with disclosing discontinued operations, reporting business disposal gain or loss, and extraordinary items.

If you need help with your audit, income taxes, general accounting, or financial reporting, you are in the right place. Please try out the CPA search feature on this website to find a qualified professional in your area to assist you with all your accounting and tax needs.

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