I. Introduction; general goals of policy, 435. — II. Nature of public range lands, economic interrelationships with private lands, extent and location, trends in use, 438. — III. Land relationships, commensurability, dependency, 443. — IV. Regulations as to ownership of land, transfer of permits, maximum limits, grazing fees and capitalizable value of forage, special problems in year-round grazing area, 445. — V. General conclusions, retention of commensurability, stability of permits, abandonment of unnecessary regulations, removal of inequalities by revision of grazing fees and land charges, 449

The most extensive treatment of depreciation by the U.S. courts has been in the field of public-utility rate regulation; but depreciation has also been considered in other types of cases, including: income tax cases, the determination of corporate income which can be distributed as dividends, the settlement of partnership agreements when the amount of income is in dispute, the life-tenant remainderman situations, master-and-servant cases when a part of the servant's compensation is a share of net income, patent cases when the royalty is a portion of net income, and eminent domain cases in the determination of the value of the confiscated property. In building up an interpretation of depreciation provisions over the years, the courts have proceeded much as the same way; that is, they have attempted to interpret the laws according to accepted practices and standards. Although there is an occasional cross citation, the cases on public-utility rate regulation, in which depredation is involved, seem to constitute a separate group, unrelated to income tax and other types of cases. In the opinion of the author there has been a definite trend in recent years toward the acceptance of complete, systematic depreciation accounting and the recognition of the inevitably close relationship which exists between the periodic allowance and the deduction made in rate-base valuations

In this article, the author focuses on the adequacy and reliability of corporate accounting reports provided to stockholders and security analysts. He tries to point out the gap in the regulation of accounting reports under Securities Exchange Act, based on around seventy selected corporate balance sheets and income statements for 1937. He also discusses a number of limitations inherent in the accounting material made available to investors. Accountants and investment analysts today are agreed that the income statement is much more significant and informative to the investor than the balance sheet. It reports that the Act applies to corporations with securities listed on national securities exchanges and requires such corporations to file with the Commission and with the exchange annual reports which comply with the standards imposed by the Commission and the exchange. The article undertakes to break additional ground in the inevitably forthcoming critical analysis of accounting categories and accounting concepts

This article presents brief description, about the suggestive advocation and adoption of standards by accountants in the preparation of financial statements, presented by the editor of the journal "The Accounting Review," with discussing accounting theories and practices. In 1929, the editor proposed to the American Society of Certified Public Accountants a program of research that would lead to the adoption of professional standards. The December 1934 issue of the journal, containing an editorial entitled "A Nervous Profession," discussed the traditional ideas of accountants and strike-suits which were being brought against members of the profession were becoming a legalized racket. The Securities and Exchange Commission in one short year had already made well-founded complaints against the accounting profession; that the profession had been singularly unresponsive to the enlarged social responsibilities the Commission was trying to get the profession to acknowledge; and that individual members of the profession had strenuously opposed regulations which the Commission had made over certain accounting procedures

It was in May, 1921, that the Nippon Kwaikeishi Kwai or Japanese Society of Public Accountants was first formed with a very limited number of members. The first professional accounting organization in Japan, it was merely a private body at the time of its formation. However, the society was incorporated in November, 1922, in accordance with Mimpo, the civil law covering incorporation of such organizations. Although a few other societies of accountants did exist in the country at that time they were rather small and inconsequential. Many years before the Japanese Society of Public Accountants was formed, a bill to regulate the profession and to register accountants had been placed before the House of Representatives. The bill was introduced eight times in the Japanese Diet from 1914 to 1927, when a law, named "Keirishi-ho," was passed and put into force in September of that year. By the terms of the law all registered accountants are called "Keirishi." It should be remembered, however, that under the law registration is optional; but nonregistered accountants are not influential and their number is very small. At the end of June, 1939, there were 8,994 registrations, although most of them are not practising accountants