The Committee on Accounting Procedure (CAP) was the first private sector organization that had the task of setting accounting standards in the United States. It was a committee run by the American Institute of Accountants (now known as the American Institute of Certified Public Accountants

American Institute of Certified Public Accountants

Founded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...

). CAP is the predecessor of the Accounting Principles Board

Accounting Principles Board

The Accounting Principles Board is the former authoritative body of the American Institute of Certified Public Accountants . It was created by the American Institute of Certified Public Accountants in 1959 and issued pronouncements on accounting principles until 1973, when it was replaced by the...

, itself a predecessor to the Financial Accounting Standards Board

Financial Accounting Standards Board

The Financial Accounting Standards Board is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles within the United States in the public's interest...

. Its formation and activities were early efforts to rationalize and legitimize the reporting of business performance. However, it is widely regarded as having failed.

George O. May

George O. May

George Oliver May was an influential accountant. He led a joint study by the American Institute of Certified Public Accountants and the New York Stock Exchange that was impetus for the stock exchange requiring its listed firms to undergo independent annual audits...

was vice chairman of the committee from 1937 to 1945.http://fisher.osu.edu/departments/accounting-and-mis/the-accounting-hall-of-fame/membership-in-hall/george-oliver-may/