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Statement on Auditing Standards no. 69, "The Meaning of 'Present Fairly in Conformity With Generally Accepted Accounting Principles' in the Independent Auditor's Report," identifies American Institute of CPAs industry audit and accounting guides, statements of position and practice bulletins as sources of| established generally accepted accounting principles.
This month's column discusses the AICPA role in the standard-setting process. To obtaiu AICPA standards, contact the AICPA order department, JA1092, PO. Box 1003, New York, New York 10108-1003. Phone: I-800-TO-AICPA.
The AICPA has a long history of involvement in setting accounting standards, dating back to 1933 when it first made recommendations to the New York Stock Exchange. In subsequent years, the AICPA formed committees to develop financial reporting principles, culminating in the formation of the Accounting Principles Board in 1959.
In 1973 the Financial Accounting Standards Board was formed to assume the primary …