Journal Article A Non-Additive Measure of Uncertainty Get access G. L. S. Shackle G. L. S. Shackle Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 17, Issue 1, 1949, Pages 70–74, https://doi.org/10.2307/2295790 Published: 01 April 1949

Investment Repercussions: A Reply L. M. Lachmann L. M. Lachmann University of the Witwatersrand, South Africa Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 63, Issue 3, August 1949, Pages 432–434, https://doi.org/10.2307/1882265 Published: 01 August 1949

Journal Article Devaluation and the Cost of Living in the United Kingdom Get access James L. Burtle, James L. Burtle Geneva, Washington Search for other works by this author on: Oxford Academic Google Scholar Wolfram Liepe Wolfram Liepe Geneva, Washington Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 17, Issue 1, 1949, Pages 1–28, https://doi.org/10.2307/2295786 Published: 01 April 1949

EFFORTS to construct a workable system ~of international payments for Europe since the end of World War n1 have concentrated almost exclusively on the problem of finding suitable machinery to handle current account transactions between monetary areas. Capital transactions have been ignored, deprecated, and made as difficult as possible. This is in accord with the attitude toward international capital movements that has been dominant for the past ten or fifteen years. The concern of national treasuries to prevent a recurrence of the hot money movements of the I930's led the drafters of the Bretton Woods agreements to place capital movements in a kind of limbo where exchange controls, supposedly committed to let current transactions go free after the transition period, could exercise their ingenuity and regulate to the controllers' hearts' content. The resources of the International Monetary Fund cannot be used to finance capital movements unless the Fund's holdings of a currency remain below seventy-five per cent of that member's quota for more than six months, and then only if the effect of the operation does not raise holdings of that member's currency above seventy-five per cent and does not lower the Fund's holdings of the desired currency below seventy-five per cent of the appropriate quota. The existence of commitments to service debts in a money other than that of the debtor is regarded as an almost intolerable nuisance by technicians who have the duty of preparing and overseeing bilateral payments accords. Broadly speaking, a capital export, if it comes before the authorities at all, is treated by them as a hard currency transaction, whether it involves a movement of funds to a harder currency area or to an area whose money is as soft as that of the capital exporting country. Europe has innumerable committees dedicated to the removal of restrictions on international trade, and a good many sober groups working to establish greater freedom of movement across frontiers for labor. There are no committees to improve international capital movements, although there are lots of committees producing all kinds of reasons why countries need to import capital. The Bank for International Settlements is almost a lone voice in urging economic policy makers to remember that free movement of capital, both short and long term, has in the past been an important aid in the economic development of the world as a whole. 1 The problem of establishing greater convertibility of European currencies is commonly analyzed on the basis of the unstated assumption that there are no capital movements between monetary areas or between European and non-European parts of a given monetary area-i.e., that convertibility is possible only under circumstances in which net deficits and net surpluses on current account could be completely cleared, exception being made for more or less net capital inflow from the United States to European monetary areas as a group. The neglect of capital movements in current discussion and policy making has already led to serious practical difficulties. The United Kingdom balance of payments estimates have been consistently thrown off, and rather badly off, by the appearance of unexpected capital movements, both within the sterling area and with other areas. The figures are not very good, although Britain is the only country in Europe for which respectable data exist. At the time of the negotiations for the first U.S. loan to Britain, care was taken to establish criteria for disposing of the three billion odd pounds sterling of debt held by the (mostly sterling area) recipients of Britain's heavy overseas Dayments during the war. There is

Abstract The conventional accountant's attitude toward imputed costs emphasizes his tendency to adopt a disbursements or outlay concept of cost. The traditional accountant would claim, for example, that imputed interest as a cost is purely hypothetical and arbitrary. If investment on owned capital is subdivided between those portions invested in machinery and equipment and inventories as contrasted to an investment in land, the traditional accountant would, furthermore, be unwilling to recognize implicit rent. Finally, he does not consistently recommend the inclusion of a charge among the operating accounts for proprietor's salary. Thus the emphasis of traditional accounting revolves about sums of money paid out for goods and services in the accumulation of costs. The cost accounting concept of cost represents a development from period costing to the matching of costs to products. This concept is today still in process of evolution. It does not reject the period concept of cost; rather, it seeks to modify such a concept in order to associate costs with product. It further extends the recognition that period accounting gave to the idea of a going concern.

Abstract Reviews the book "Cost Accounting," 3rd ed., by Charles Reitell and Gould L. Harris.

Abstract The Committee on the Uniform CPA Examination was appointed February 28, 1948, in response to a request in 1947 from the Board of Examiners of the American Institute of Accountants. The board suggested the appointment of an Association committee to undertake a study of the examinations of recent years, with a view to suggestions that might improve future examinations. The commitment from Institute's President was interpreted broadly to include coverage of the board's examination procedures, the content of the uniform CPA examinations, timings, weightings, grading, and any other items, which the committee might deem pertinent. The committee wishes to acknowledge the fullest cooperation on the part of the board of examiners of the American Institute of Accountants and especially of its chairman, J. William Hope. It believes the board has made a sincere effort to better its examinations and procedures and no better evidence is needed than the request of the board for a survey by an independent organization. The comments, opinions, suggestions, and recommendations in this report are in no way offered in a spirit of derogation or fault finding, but rather in the hope some helpful and progressive ideas are incorporated herein.

Abstract Tax Settlement board proposed by Representative Wilbur V. Mills of Arkansas, a member of the House Ways and Means Committee, would fill the place which was originally supposed to be occupied by the old Board of Tax Appeals. Mills' bill would also help to clarify and secure the position of certified public accountants in tax practice through its provision that anyone admitted to practice before the U.S. Treasury Department would automatically be admitted to practice before the Tax Settlement Board. As first planned in 1924, the Board of Tax Appeals was to have been an informal agency which would settle tax controversies with a minimum of delay and expense to the taxpayer. However, the bill creating the Board of Tax Appeals was amended before passage to require the use of formal rules of evidence in the Board's proceedings. With the burden of proof on tax payers who appealed their cases to the Board, this meant that such an appeal would almost certainly be costly and time consuming. As years went on, the Board of Tax Appeals became more and more like a court of law and its name was changed to U. S. Tax Court in 1942.

Abstract In January 1947, the Board of Examiners of the American Institute of Accountants requested the appointment of a committee of the American Accounting Association to survey the board's examination procedures, the content of the Uniform CPA examinations, timings, weightings, grading, and any other items, which the committee deemed pertinent. Such a committee has been functioning the past year. The committee is not yet in a position to render a formal report, and the remarks and opinions in this paper should not be considered necessarily representative of committee consensus. Nevertheless, the speaker has not hesitated to draw upon the ideas and research of members of the Committee on the Uniform CPA Examination or on the ideas and research of others. Examiners have a tremendous obligation and responsibility to the profession, the states and territories delegating duties to them, and to the candidate. The approach of the examiners should be objective; it is their responsibility to determine the standards set by examination and grading. Educators may help in construction and arrayal of data, timing, weighting, and suggestions as to grading procedures and techniques.