Distinguish between opinions of the accounting principles board and accounting standards updates?

Accounting Principles Board (ABP) opinions: accepted practice and constitute the requirements to be followed by all business enterprises.

Accounting Standards Updates: the accounting profession's authoritative pronouncements on financial accounting and reporting practices.

Explanation:

The APB's opinion is an authorized statement issued by the Accounting Principles Board. Official feedback has been given on various accounting issues that require clarification and interpretation. During its existence, the APB listed 31 meetings between 1962 and 1973. The Board was established by the American Accounting Institute (AICPA) and replaced by the Financial Accounting Standards Board (FASB) in 1973. General Conceptual Framework for US General Accounting Principles (US GAAP). APB was the main organization that created the US GAAP, and its ideas are still an important part.

Accounting Standards Updates provide approved disclosures about accounting and reporting practices related to the accounting profession. Operations include:

- How has the US GAAP changed, including any specific changes to FASB coding?

-FASB has decided to change the US GAAP and change information

Changes will be effective over time and the method of transition.

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