The APB was the first to successfully derive an underlying framework of postulates and principles.

Name: The APB was the first to successfully derive an underlying framework of postulates and principles.
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The APB (Accounting Principles Board) was not the first to derive an underlying framework; the Committee on Accounting Procedure (CAP) preceded it, and the conceptual framework project was more thoroughly developed by the Financial Accounting Standards Board (FASB) after the APB.

The APB Was the First to Successfully Derive an Underlying