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Unformatted text preview: law of accounting, and must be obeyed. c. The historical overview of standard setting starts off with none, and after the stock market crash of 1929 the SEC was formed. The SEC permitted the public to make the rules, with SEC oversight. First came ALCPA from 1939 1960. The ALCPA Developed 51 pronouncements. From 1960-1973 was the APB, and the APB developed 31 opinions, and 4 statements. Today was have the FASB (class notes) d. The authority for compliance to GAAP is AICPAs Accounting interpretations, FASBs Implementations guides (Q and A), and Widely recognized and prevalent industry practices. (Kieso, 12). The main authority, the body that is watching everyone is the government i.e. SEC....
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This note was uploaded on 07/04/2011 for the course ACG 101 taught by Professor Burnett during the Spring '09 term at Edison State College.
- Spring '09