This article presents a discussion on the current and future research plans of participants about their organization. Author discusses the Securities and Exchange Commission's interest in the research that is being done in accounting and the extent of participation in it. The Commission's interest in accounting principles and their application, auditing standards, and financial reporting needs no elaboration as effective administration of the Securities Acts demands attention to these subjects. In working at the Commission author encounter various degrees of competence in accounting as in other professional work. Registrants and professional experts look to our prescribed forms and regulations for guidance. The Commission's report form for brokers and dealers is in the form of a financial questionnaire and conforms to the requirements of the New York Stock Exchange. Except for a revision in the minimum audit requirements applicable to monthly investment plans, this form has not been changed since 1942. Any revision of this form requires collaboration with special committees of the American Institute of Certified Public Accountants and representatives of the New York Stock Exchange.

Reviews the book "Investigations for Financing," by David Himmelblau.

In its study of accounting problems the United States Securities and Exchange Commission has a much broader objective than many other governmental agencies whose work requires the use of financial data and the proper application of accounting principles. The primary responsibility of the Commission under the Securities Act of 1933 and the Securities Exchange Act of 1934, in respect to the financial data required to be filed with the Commission and made available to the public in accordance with the provisions of these Acts, is to insure that such information constitutes a disclosure fully adequate for the protection of investors." Accounting research in the Securities and Exchange Commission is guided by the very practical purpose of insuring that financial statements supplied to investors shall be presented on a consistent basis and in accordance with sound accounting principles. Optional accounting treatment of business transactions may be accepted only so long as the results obtained by such methods result in clear and unambiguous financial statements. The law requires this and the rules, regulations, and opinions of the Commission have been and will continue to be dictated by the necessity for disclosure fully adequate for the protection of investors.

Reviews the book "The Rise of the Accounting Profession: To Responsibility and Authority: 1937 to 1969," vol. 2, by John L. Carey.

The article presents a report of the executive committee of the journal The American Review on general concepts and standards of accounting. The charge of the committee was to consider and to advise the Executive Committee through the Director of Research, what subjects should be reviewed and studied by task-groups of the Association in the preparation of statements supplementary to Accounting and Reporting Standards for Corporate Financial Statements. The committee has considered an extensive list of specific accounting problems. But this has led to the conclusion that the greatest need would be served by study and clarification of six underlying accounting concepts: business entity, the matching concept, realization, materiality, consistency and objectivity. According to a research report, the idea that the existence of a distinct business entity is something, which the accountant universally assumes, is not a current innovation; but its importance has recently been stressed. The concept of matching costs and related revenues in the determination of periodic income is firmly embedded in accounting literature and in accounting practice.