Accounting Principles Board Law and Legal Definition

Accounting Principles Board (APB) is the former authoritative body of the American Institute of Certified Public Accountants (AICPA). This Board published rules by which United States CPAs conducted their accounting. The Financial Accounting Standards Board (FASB) replaced it in 1974.

Of the 31 APB opinions and four statements, several were instrumental in improving the theory and practice of significant areas of accounting. Many have been superseded by FASB pronouncements; 19 opinions still stand as part of generally accepted accounting principles(GAAP).