ACCOUNTING PRINCIPLES BOARD (APB) OPINIONS Definition

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ACCOUNTING PRINCIPLES BOARD (APB) OPINIONS were published by the Accounting Principles Board (APB). The APB was created by American Institute of Certified Public Accountants (AICPA) in 1959; replaced by Financial Accounting Standards Board (FASB) in 1973. The APB mission was to develop an overall conceptual framework of US generally accepted accounting principles (US GAAP). APB was the main organization setting the US GAAP and its opinions are still an important part of it.

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OPPORTUNISM is a condition of self-interest seeking with guile whereby one party has information that the other party does not.

ECONOMIC EXPOSURE, in foreign exchange, is the extent to which the value of the firm, as measured by the present value of all expected future cash flows, will change when exchange rates change.

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