Trueblood Committee

The Trueblood Committee was formed by the American Institute of Certified Public Accountants 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

References

Primary Sources

• American Institute of Certified Public Accountants. Study Group on the Objectives of Financial Statements. Objectives of financial statements: Report of the Study Group on the Objectives of Financial Statements. 1973. Full-text
• American Institute of Certified Public Accountants. Study Group on the Objectives of Financial Statements. Objectives of financial statements: Report of the Study Group on the Objectives of Financial Statements -- Vol. 2 Selected Papers. 1973. Full-text

Secondary Sources

• Anonymous. "CPAs Investigate Financial Reporting." Tempo, Vol. 18, no. 1 (1971/72, winter), p. 20-22. Full-text
• Gellein, Oscar S. "Objectives of Financial Statements." Haskins and Sells Selected Papers. New York: Haskins and Sells, 1973, pp. 25–35. Full-text
• Trueblood, Robert M. "Trueblood on the Trueblood Report." Tempo, Vol. 19, no. 1 (1973), p. 01-05. Full-text

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