The APB was composed of members of the accounting profession and was supported by their professional organization. Members participated in the activities of the board on a voluntary, part-time basis. The APB was criticized by industry and government for its inability to establish an underlying framework for financial accounting and reporting and for its inability to act quickly enough to keep up with financial reporting issues as they developed. Perhaps the most important flaw of the APB was a perceived lack of independence. Composed almost entirely of public accountants, the board was subject to the criticism that the clients of the represented public accounting firms were exerting self-interested pressure on the board and influencing their decisions. Other interest groups were underrepresented in the standard-setting process.


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