What was the outcome of the Committee on Accounting Procedure's activities?

The Committee on Accounting Procedure was instrumental in advancing accounting practices during its operation. One of its key outcomes was the issuance of 51 accounting research bulletins that addressed various accounting problems faced by practitioners. These bulletins served as important guidance and were designed to provide solutions to specific accounting issues, thereby helping to standardize practices and enhance the overall quality of financial reporting.

This approach focused on resolving particular industry concerns rather than developing broad tax guidelines, which would have been characteristic of a different type of committee. Additionally, the Committee did not replace Generally Accepted Accounting Principles (GAAP) with a new accounting standard, nor was its focus limited to corporate compliance issues. Instead, the emphasis on issuing research bulletins reflects the Committee's role in facilitating a better understanding of complex accounting phenomena and providing direct support to accountants and businesses.