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APB issued 31 Opinions from 1959 to 1973 and those Opinions created GAAP. I think GAAP is interesting due to how many companies think they can get away with financial dealings but get caught. I also think that GAAP is a system that really needs a good looking at and maybe an overhaul. Some people say the GAAP is dead and should be shelved but I'm interested if they will follow the international GAAP or create a new system.
Accounting Principles 1
GENERAL ACCEPTED ACCOUNTING PRINCIPLES
Prior to the 1930s, general accepted accounting principles (GAAP) were developed through common usage. A practice was considered suitable if it was acceptable to most accountants...
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