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Accounting Theory Assignment for August 26th 2000 Chapter I Case 4 Answers aIn my opinion the change from CAP to APB to FASB is not the result of the increasing politicalization As we all understand that the accounting system is updating according to the ever changing market and environment So the accounting principles of which must keep up the pace so that it has the function of being the guidance Just as the computer software from Win 95 to Win 98 and now to Win2000 each upgrade is to better service the customers so that they can use the software more efficiently And each update must have overcome some of the shortcomings identified in the previous version It is only when you used Win 95 will you find what is wrong with it then the software manufactures try to find solutions to it and Win 98 came out So it is the same for the formulization of the three accounting board maybe we should look briefly at the evolution of them The committee on Accounting Procedure CAP was formed in 1938 which focused its attention on issuing pronouncements on matters of accounting practice in the form of Accounting Research Bulletins but with no mandatory practice By 1959 the CAP was criticized for its formulating accounting principles the AICPA responded by forming a new entity called APB Accounting Principles Board And APB objectives in the advancement of the written expression of generally accepted accounting principles the narrowing of areas of difference in appropriate practice and the discussion of unsettled and controversial issues The pronouncements of the APB were called opinions however with the lack of general acceptance of APB opinion Especially APB opinion 2 and other concern over the formulation and acceptance of generally accepted accounting principles the AICPA adopted Rule 203 which requires departures from accounting principles published in
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