CA1-12
a) The American Institute of Certified Public Accountants ( AICPA)is a national professional
organization representing accounting profession that sets accouting standards and principles that
companies must comply with.
b) The Committee on Accounting Procedure (CAP) operates from 1939 and was responsible for
establishing and improving accounting principles but unfortunately failed, eventually the AICPA
formed the Accounting Principles Boards instead in 1959.
c) The Accounting Research Bullentins (ARB) were issued by the Committee on Accounting
Procedure between 1938 and 1959 on various generally accepted accounting principles.
