Abstract The article focuses on the role of the American Accounting Association (AAA) in the development of accounting principles. Early in 1970, it was proposed to the Executive Committee of the American Accounting Association that it establish a committee to study the feasibility and desirability of a commission to inquire into the formulation of accounting principles. The Executive Committee approved the establishment of such a committee in August 1970. The report of this Committee which follows was adopted unanimously by its members and in February 1971, the report was endorsed in principle unanimously by the Executive Committee of the AAA. Subsequently, David Solomons, the Chairman of the AAA Committee on Establishment of an Accounting Commission, was appointed by the American Institute of Certified Public Accountants to serve as a member of its task force to study the establishment of accounting principles. As a result of the concern regarding the formulation of accounting principles within the accounting profession and among users of accounting information, the AAA has a strong desire to cooperate and support this endeavor.
A Thu, study studied this question.