The Wheat Study on Establishment of Accounting Principles (1971-72): A Historical Study

46 Pages Posted: 9 Sep 2014

See all articles by Stephen A. Zeff

Stephen A. Zeff

Rice University - Jesse H. Jones Graduate School of Business

Date Written: September 5, 2014

Abstract

The 1972 report of the Wheat Study on Establishment of Accounting Principles became the blueprint for the Financial Accounting Standards Board (FASB), which began its official operations on July 1, 1973, succeeding the Accounting Principles Board. The FASB was the world’s first independent, full-time standard-setting board which was not organized within the accounting profession. This paper is an attempt to understand the crisis in standard setting that led up to the appointment of the Wheat Study, as well as the main elements in the Study’s process of examining the milieu of the APB, securing views from a wide range of interested parties, and fashioning its report, including the roles played by the different members of the study group.

Keywords: standard setting, accounting standards, accounting principles

JEL Classification: M41

Suggested Citation

Zeff, Stephen A., The Wheat Study on Establishment of Accounting Principles (1971-72): A Historical Study (September 5, 2014). Available at SSRN: https://ssrn.com/abstract=2492893 or http://dx.doi.org/10.2139/ssrn.2492893

Stephen A. Zeff (Contact Author)

Rice University - Jesse H. Jones Graduate School of Business ( email )

6100 South Main Street
P.O. Box 1892
Houston, TX 77005
United States
713-348-6066 (Phone)
713-348-6296 (Fax)

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