Professor Elam

4/2/2025

In 1933-34 there really were no accounting principles aka GAAP. Mr. Blough Chief Accountant of the SEC makes this point. After examining scores of financial statements he urges CPAs to create GAAP. January 1937

Meet Carman Blough

Now read his speech

No surprise, the Committee on Accounting Procedure CAP was creatred that year 1937

Accounting Principles Board 1959

FASB 1973

PCAOB 2002