Which accounting body issues bulletins to address a variety of accounting problems?

The Committee on Accounting Procedure (CAP) is recognized for issuing bulletins that specifically address various problems in accounting. Established in the early 1950s, CAP was tasked with providing guidance and clarification on accounting issues as they arose, making it a crucial body for practitioners seeking direction in the application of accounting principles.

The bulletins produced by CAP were designed to provide timely responses to emerging accounting issues that were not adequately covered by existing standards, which is why it played an important role in the development of practical accounting solutions for real-world scenarios. While other bodies like the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) also contribute significantly to the field of accounting, CAP specifically focused on the operational aspects by issuing bulletins to help accountants navigate complex situations effectively.