(History of Standards-Setting Organizations) Beta Alpha Psi, your university’s accounting society, has decided to publish a brief pamphlet for seniors in high school, detailing the various facets of the accountancy profession. As a junior accounting major, you have been asked to contribute an article for this publication. Your topic is the evolution of accounting standards-setting organizations in the United States.

Instructions Write a 1–2 page article on the historical development of the organizations responsible for giving us GAAP.

(The most appropriate introduction would explain the increasing need for a more standardized approach to accounting for a company’s assets.)