It also asserted that APB opinions
constituted evidence of substantial authoritative support, but that other principles may also have such support.
Before the end of 1974, it issued three interpretations of APB opinions
and two statements.
This 1969 Supreme Court decision established that relying on the guidance in GAAP and APB Opinions
was no longer a shield against litigation.
Concurrently, the Financial Accounting Standards Board has issued an exposure draft of a proposed Statement of Financial Accounting Standards, Accounting in Interim and Annual Financial Statements for Certain Costs and Activities Related to Property, Plant, and Equipment--an Amendment of APB Opinions
It includes analysis and explanations of the pronouncements of the Accounting Principles Board (APB) and the Financial Accounting Standards Board (FASB) and analyzes Accounting Research Bulletins, APB Opinions
, FASB statements, interpretations, and technical bulletins.
Category Type of Pronouncements (a) FASB Statements and Interpretations, APB Opinions
, AICPA Accounting Research Bulletins; and for state and local governments, GASB statements and interpretations.
Jones wrote: "We are confident that Professor Burton's work played a significant role in the subsequent development of APB Opinions
66 and 67 7/10/01 Accounting in Interim and Annual Financial 11/15/01 Statements for Certain Cost and Activities Related to Property, Plant, and Equipment --an amendment of APB Opinions
The AICPA also creates an Accounting Research Division that is to conduct research to support the APB Opinions
66 and 67 7/10/01 Accounting in Interim and Annual Financial 11/15/01 Statements for Certain Costs and Activities Related to Property, Plant, and Equipment--an amendment of APB Opinions
that have not been superseded by actions of the FASB are considered authoritative under the AICPA's Code of
As part of an effort to reinforce APB authority, a 1964 AICPA council resolution calls for the disclosure of departures from APB opinions