Trueblood Committee

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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

• 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

[edit] External links

• Discussion of the Trueblood and Wheat Committees
• Article from the CPA Journal about the history and future of accounting
• Summary of lecture at Harvard discussing further implementation of Trueblood Committee's Recommendations