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Securities exchange commmission (SEC) is created
Created in response to the stock market crash to restore investor confidence. Oversees Private Sectors that set the standards. Throughout the years these private sectors have included The Committee on Accounting Principles, The Accounting Principles Board, and The Financial Accounting Standards Board. -
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Committee on Accounting Procedure (CAP)
First private sector standard-setting body. Committee of the American Institute of Accountants which was later renamed to The American Institute of Certified Public Accountants. -
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Accounting Principles Board (APB)
Replaced the CAP. Issued 31 Accounting Principles Board Opinions, various interpretations, and four Statements. -
Financial Accounting Standards Board (FASB)
Current Standard Setting Private Sector. Established to set U.S. accounting standards. Supported by the Financial Accounting Foundation and has seven full-time members. -
Emerging Issues Task Force (EITF)
Identifies financial reporting issues and attempts to resolve them without involving the FASB. The rulings by the EITF are ratified by FASB.
