Theory and fact are just two sides of the same coin; but the two sides of a coin are different, and this difference will continue to characterize the development of management science. I hope that the future issues of the journal will more and more emphasize the problems of measurement and data-determination, just as they have emphasized “theoretical” formulations in the past. I take the diversity of point of view as a sign of a healthy organism. I see too that as this diversity shapes itself into a more unified attack, the objectives of TIMS and its peculiar role in intellectual and management activity will become clear.

Abstract Report of the Commission on Standards of Education and Experience for Certified Public Accountants (C.P.A.) has at one fell swoop placed a frightening responsibility, a magnificent opportunity and a sweeping challenge before the U.S.'s accounting educators. This report, in recommending a shift from experience to education as the major element in securing the C.P.A. certificate, also states categorically "the formal educational preparation of candidates for the profession needs to be more thorough and comprehensive than is now provided by most educational institutions." It was suggested that schools of business must provide curricula which will equip young men and women for the world of their future as well as the world of today. This task will require a complete re-examination of the present educational program. Constant reappraisal of objectives will be necessary as a consequence of the drastic changes in prospect for business and for the U.S. economy. College administrators and faculties must be bold, resourceful, and imaginative. Action is required to develop a long-range program.

Abstract The 1935 annual meeting of the American Accounting Association was one of the most successful and enjoyable in its history. It was held on August 30, 31, and September 1, in Philadelphia, Pennsylvania, with the Wharton School of Finance and Commerce, University of Pennsylvania, as host. A motion was made from the floor and carried accepting the report of the Committee on Nominations and instructing the Secretary Treasurer to cast a unanimous ballot for election of the above named persons. One of the most interesting aspects of the convention was the plant visitation to the Fairless Works of U.S. Steel on Friday, September 2. About 110 members of the association visited the Fairless Works, making a complete tour of the plant in the normal production sequence. The Fairless Works is a fully integrated steel producing plant from the coking of coal through the production of finished hot- and cold-rolled sheets, bar mill and tin mill products. Among the products produced at the Fairless Works are carbon high-strength and alloy steel ingots, blooms, billets, slabs bars, hot- and cold-rolled sheets, black plates, and electrolytic coated tinplate.

John C. Harsanyi, Approaches to the Bargaining Problem Before and After the Theory of Games: A Critical Discussion of Zeuthen's, Hicks', and Nash's Theories, Econometrica, Vol. 24, No. 2 (Apr., 1956), pp. 144-157

Abstract This article presents information on the accounting. Accounting as an art, accounting as a public service, and accounting as a social force, have undergone great changes during the past four decades. The place of accounting in business was very different from the one it occupies today. In the earlier era, most people thought of accounting as an individual and personal record of accomplishment and position, designed exclusively for the enterprisers concerned. The problem of the accountant was how to best meet the needs of owners and managers. The corporation accountant was a little like an actor, playing a part for the benefit of a small and select audience. For many years, public accountants denied the necessity of a code of principles or standards, formulated by anyone. The entire business and financial community took a long time to become accustomed to the new order, which was then coming into being. The New Deal, for all the egregious follies and iniquities of its implementation, did signalize the emergence of a social conscience with respect to the conduct and reporting of business affairs.

Abstract Accounting Association is bound to be considered as having the weight of authority of the American Accounting Association behind it. The traditional balance sheet and income statement, employing historical dollar costs, have proved their usefulness and are of primary importance for many purposes. Reports prepared to reflect fluctuations in the value of the dollar may prove to have substantial usefulness for other purposes. The conceptual soundness of any special purpose report can be judged only by knowing fairly precisely what those special purposes are behind the recommendation for adjusted financial statements seems to lie the argument of Henry Sweeney that to add and subtract dollars in financial statements which have different purchasing powers commits a mathematical blunder particularly significant in periods when price levels have changed substantially. Upon close examination it appears that the claims typically made, that accountants do something about the effects of inflation, actually demonstrate that changing price levels breed a whole new and virulent set of stresses and strains in the economy. The urgent exhortation to do something would more appropriately be directed towards economic statesmen rather than accountants. Presumably the stresses and strains imposed by changing price levels would be with us even in a world completely acclimated to financial statements adjusted for those price level changes.