The Wheat Committee, an American study group on the establishment of

accounting Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...

principles, was brought into being in 1971 in order to examine the operation of the Accounting Principles Board and to avoid governmental rule-making. It was headed by Francis Wheat. The Study Group submitted its recommendations to the AICPA Council in the spring of 1972, which led to the replacement of the Accounting Principles Board with the FASB, the

Financial Accounting Standards Board The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securi ...

in 1973.

References

{{DEFAULTSORT:Wheat Committee, The Accounting in the United States 1971 establishments in the United States