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 AICPA’s Accounting interpretations, FASB’s 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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- Spring '09
- Wall Street Crash of 1929, Stock Market Crash, prospective cash receipts, substantial authoritative support, Michael McCormick Acg3103