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Asked Dec 21, 2019
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Distinguish between Opinions of the Accounting Principle Board and Accounting Standards Updates.

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Accounting principles board: The accounting principles board was established as per the recommendations and pressure from SEC in the country. The government formed the accounting committee in 1939 which is formerly known as CAP. This committee published 51 research bulletins for solutions to many accounting problems from 1939 to 1959. The opinions were issued by the accounting principles board during these years which are archaic by FASB statements.

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Accounting standards updates: These are the pronouncements given by the FASB which are amalgamated and represent the accounting profession as per official assertions on accounting practices.

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