[1] The APB was disbanded in the hopes that the smaller, fully independent FASB could more effectively create accounting standards.
The APB and the related Securities Exchange Commission were unable to operate completely independently of the U.S.
[2] According to the SEC, "the overall record of the APB was a reasonably good one, but it seems likely that a smaller full-time body directly in control of its research holds promise of more success".
[4] Of the 31 APB opinions and 4 statements, several were instrumental in improving the theory and practice of significant areas of accounting.
Many have been superseded by FASB pronouncements; 19 opinions still stand as part of generally accepted accounting principles:[5]