History of the Accounting Standard Setting Process in the U.S.

This video outlines the history of the accounting standard-setting process in the United States. This began with the Securities Act of 1933 and the Securities Exchange Act of 1934, which required publicly-traded firms to file extensive financial disclosures and created the Securities and Exchange Commission to regulate those disclosures. The SEC delegated the responsibility for creating accounting standards to a private organization, the Committee on Accounting Procedure, in 1939. The CAP was the standard-setter until 1959, when it was replaced by the Accounting Principles Board. The APB issued accounting standards until 1973, when it was replaced by the Financial Accounting Standards Board. The FASB has created a conceptual framework to guide the development of accounting standards, and in 2009 it codified the accounting standards to create a single level of GAAP.-
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[@gabriellagiannini9852]

Your videos are super helpful!! Especially for someone who is not an accountant. It helps to understand the history behind things. Thanks!

[@nobinkumarpradhan5757]

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[@susanrodriguez9438]

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[@Edspira]

Great to hear!

[@icecold1805]

So basically the good thing about CAP was it versatility by working on a case-by-case basis, that sadly was horrible as they lacked a framework. The FASB created an actual framework but then was "hey, this case-by-case reaction is nice to react quickly and to remain versatile, so lets create the EITF to do that, while we stick with this framework".

[@funnyschtuff]

this helped me grasp the history of the accounting regulations, Thanks!

[@melissafarr4880]

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[@Edspira]

Excellent! The videos are a little better oranized on www.Edspira.com if you have trouble finding a topic. Best of luck to you on the CPA exam!

[@MyFinancialFocus]

It’s super interesting seeing how we got to the modern day accounting and auditing practices.

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[@Edspira]

Thanks for the feedback Ryan!

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Get better headphones

[@Taxdz]

Thanks do you have any other videos about the history of the United States accounting system ??