Introduction, 217. — I. Terms and objectives of the current Agreement, 217. — II. The IWA in the world wheat economy, 220. — III. Basic objectives unfulfilled, 232. — IV. The world's real wheat problems and more appropriate objectives, 241.

I. Assumptions, 140. — II. Tariffs and employment under fixed exchanges, 141. — III. Tariffs and the distribution of income under fixed exchanges, 145. — IV. Tariffs, employment, and the distribution of income under flexible exchanges, 146. — V. Summary, 149.

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 graduates entering into the field of accounting. It appears likely that very soon the departments of accountancy will not be concerned with the attraction of more students but instead they will be concerned with the problem of handling the large number of students who want to major in accountancy. Universities should expect in the near future to be forced to consider proper means of restricting enrollment in the field of accountancy. The profession should be given adequate representation at "career days" in high schools and colleges. Many high schools and colleges set aside one or more days of each year to acquaint students with the various professions and occupations available to them. Vocational guidance advisors, deans of men, placement officers, and other non-accountants are no doubt sincere in their efforts to counsel, but they often give a distorted or inaccurate picture to interested students. Accountants should seek every opportunity to participate in these career, days or vocational guidance programs. Every school, which has a curriculum in accountancy, should have an accountancy club or a similar organization to sponsor activities, which are usually carried on by such a group. An accountancy club is ordinarily open to any student in a college of commerce who has had one year of accounting. Its purpose is to acquaint students with the various types of opportunities available in accounting, to bring them in contact with leaders in the field, to establish a good student-faculty relationship, to give students training in leadership, and to supply them with information.

Abstract The Internal Revenue Code of 1954 sought to remove inequities, remove hindrances to economic growth, and clarify existing tax law, within the basic framework of existing revenue sources, taxpayer classifications, and rates. Thus there was no attempt during this revision of the laws to make any major re-distribution of the tax burden to achieve greater equity as between economic groups. Efforts to achieve greater tax equity were limited to some of the more obvious hardship situations within existing classifications involving matters of health, education, family status, retirement, and income security. Among these were provisions relating to medical deduction, sick pay, health plans, students, scholarships, fellowships, charitable contributions, surviving spouse, child care, retirement income credit, annuity exclusions, personal residences, insurance contracts and soil and water conservation. The equity rules are sound in concept and will benefit many millions of tax-payers. Some to whom they would normally apply, however, will not need them as their exemptions and the standard deductions are large enough to make their returns non-taxable. The additional rules provided to obtain more equitable treatment, of necessity, adds complications to the law, the regulations, and the tax forms. This has added to the taxpayer's problem of understanding the tax requirements and has made it more difficult for him to make certain that he pays the proper tax. Continued effort is required on the part of the internal revenue service to see that the tax returns are correct to in sure that no one pays no more nor less than he owes; on the part of accountants to further develop the habit among their clients for better records so that the tax can be accurately determined and substantiated; and, on the part of the taxpayers to familiarize themselves with the many new tax rules. This raises the question as to the advisability of easing some of the complexities for the extreme low income groups until there is a better general understanding of the rules by the lower middle, middle, and upper income groups. This would tend to narrow the problem of taxpayer education. One of several possible methods for such relief that is pointed out for discussion involved the introduction of a minimum standard deduction. The present standard deduction is, in general, 10% of the adjusted gross income. Thus a wage earner receiving only $720 a year is entitled to a standard deduction, in lieu of itemized deductions, of only $72, or 10% of $720. This small deduction too often forces him to itemize deductions involving much by way of record keeping as well as tax knowledge. A minimum standard deduction of $250 or 10% of the adjusted gross income, whichever is the greater, would cut through much of this paper work at the lower end of the scale and permit everyone to concentrate on the more important phases of taxation. Other possible methods for some relief of paper work relate to more liberalized filing requirements as an alternative to the present minimum requirements which currently cause the filing of several million non-taxable returns. Emphasis is placed upon the need for taxpayers to thoroughly understand their rights under the law or else many of the changes in the law to provide more equity will become only an idle gesture. The conclusion was expressed that the revenue service's current high school program of tax education, the accountants' help in informing the taxpayers, and continued advancement in administrative techniques will provide substantial improvement, but will never fully bridge the gap between the law's requirements and complete compliance for the mass of taxpayers.

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.

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.