Funds Statements: The APB Was Twice Behind the Curve
Accounting Historians Journal, Forthcoming
15 Pages Posted: 12 Apr 2015
Date Written: April 10, 2015
This paper discusses the circumstances in which the Accounting Principles Board issued Opinions 3 and 19, in 1963 and 1971, respectively, when the Board encouraged and then required companies to publish a statement of source and application of funds, known as the funds statement. In doing so, the Board both times lagged behind company practice and the views of influential organizations, including the New York Stock Exchange and the Securities and Exchange Commission.
Keywords: funds statement, standard setting
JEL Classification: M41
Suggested Citation: Suggested Citation