Trueblood Committee
Encyclopedia
Formed by the AICPA
in 1972 and developed the Objective of Financial Statements. It was named for its chairman Robert M. Trueblood.
It stated that
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...
in 1972 and developed the Objective of Financial Statements. It was named for its chairman Robert M. Trueblood.
It stated that
- basic objective of financial statements is to provide information useful for making economic decisions
- accountability is a broad term that encompasses stewardship
- management (of a business) is accountable for progress toward the principal goal of a commercial enterprise