Reviews the book "The Effects of the Issuance of the Exposure Draft and FASB 19 on the Security Returns of Oil and Gas Producing Companies," by Thomas R. Dyckman and Abbie J. Smith.
Reviews the book "Guide to Accounting Controls: Establishing, Evaluating and Monitoring Control Systems," edited by Joseph E. Connor and Burnell H. Devos.
ABSTRACT: This paper describes the results of a survey of accounting educators as to their awareness, access to and usage of the LEXIS document retrieval system. A majority of the respondents have a general familiarity with the system, but access and use are quite limited. Accounting educators currently utilize LEXIS more as an occasional research source than for either course development or "hands-on" student use.
ABSTRACT: In a replacement-cost accounting model, changes in the replacement-cost of assets held during a period are viewed by some as holding gains and losses which are includable in income for the period. The academic literature provides two alternative arguments in support of the holding gains treatment. One argument is that replacement-cost changes represent "cost savings"; the other argument is that replacement-cost changes may be used as "surrogates" for changes in net realizable value or discounted present value. The author of this paper examines the two arguments and concludes that neither is acceptable. He recommends that, if a replacement-cost model is used as a basis for financial reporting, replacement-cost changes be treated as direct adjustments to capital.