Answer
After the CAP failed to create a structured body of accounting principles, the AICPA created the Accounting Principles Board (APB) to develop an overall conceptual framework of accounting principles and to assist in the resolution problems and issues that may arise.
Work Step by Step
The APB had 3 major purposes.
1 - Advance the written expression of accounting principles: document a set of accounting principles
2 - Determine appropriate practices: develop a set of accounting principles that is suitable across a broad range of industries
3 - Narrow the areas of difference and inconsistency in practice: where different accounting principles are in use, determine and adopt the most appropriate approach for the situation
