Abstract A report of the activities of the American Accounting Association for 1957 offers problems similar to those encountered in accounting for inventories and for cost of goods finished in a manufacturing concern. The purpose of this report is to furnish the membership with a brief description of what the Association is doing and some of its plans for the future. The primary emphasis by the Association over its life has been on accounting education and accounting research although other accounting areas are not neglected. This continuing emphasis on education and research is quite apparent in the description which follows. The Committee on Accounting Concepts and Standards completed its revision of the 1948 version of Accounting Concepts and Standards Underlying Corporate Financial Statements. The quarterly publication "The Accounting Review," has continued to expand and improve over the years, and has become recognized throughout the world as a leading accounting periodical. During the year hundreds of individuals who receive it, including many not engaged in teaching, have complimented the Association on the quality of the content of this publication.

Abstract The 1955 American Accounting Association Committee assigned to the task of revising the 1948 Statement of Corporate Accounting Standards undoubtedly spent much time and effort in making this revision, and the bulk of their achievement is to be highly commended. However, there is one conclusion that is most surprising and disappointing, and could only cause confusion in the minds of the readers of corporate accounting statements. This is the statement with regard to Part IV, Income Determination, as follows: Interest charges, income taxes, and true profit sharing distributions are not determinants of enterprise net income. The profession is now faced with this surprising and really confusing recommendation of the Committee that corporate net income should not take into consideration interest charges, income taxes or profitsharing distributions. However to argue that interest charges and income taxes are not costs of carrying on a business enterprise and determinants of net income, is to propose a concept of corporate net income which is illogical, contrary to common sense and contrary to universal business practice.

Reviews the book "An Outline of Accounting," 4th ed., by Louis Goldberg.

Abstract The advent of electronics in record-keeping and data-processing has placed the office equipment industry in the most challenging, yet potentially rewarding, role in its history. And the same thing can be said for accountants. Electronics is a new mode of transportation. Because of its tremendous speed in carrying out the errands, the electron can take one just about anywhere, statistically speaking. This revolution in office procedures and data-processing, promises to do for man's mind what the industrial revolution did for his body. By harnessing the electron, one will be able to multiply a single clerical employee's efforts many times. In a few more years American business would have been figuratively snowed under by its ever mounting volume of paperwork. At the start of the 20th century, only one man in every 40 employees was a paper worker. With pen and ink as his chief tools, this early-day clerical was able to keep up with all of the demands placed on accounting by business.

Reviews the book "Tax Planning Under the New Regulation."