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Accounting Principles Board

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Accounting Principles Board
A committee of the American Institute of Certified Public Accountants that advised on and set standards for financial record keeping. It was dissolved in 1973 and replaced by the Financial Accounting Standards Board.

Accounting Principles Board (APB)
A group of accountants appointed by the American Institute of Certified Public Accountants to determine accounting principles for financial record keeping. The APB was terminated in 1973 with the founding of the Financial Accounting Standards Board.


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Specifically, the letter discusses the accounting consequences under Accounting Principles Board Opinion No.
Such accounting treatment is rare and reserved for gains or losses stemming from events or transactions "that are distinguished by the unusual nature and by the infrequency of the occurrence," according to rules of the Accounting Principles Board, a part-time predecessor of FASB (APB Opinion No.
 
 
 
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