Reviews the book "What the Executive Should Know About the Accountant's Statements," by John N. Myer.

Reviews the book "How to Install and Effectively Use Direct Costing," by James J. Hickey.

The article focuses on a report of the Committee on Establishment of an Accounting Commission. The charge to this committee, as formulated by the American Accounting Association Executive Committee at its August 1970 meeting, is to consider the feasibility and desirability of establishing a Commission to study and recommend an organizational structure for advancing the formulation and modification of generally accepted accounting principles and the issuance of authoritative pronouncements concerning the application of such principles. If the committee recommends that such a Commission should be formed, the committee also should recommend the objectives, method of selecting members, and means of financing the work of the Commission. At the present time, accounting principles are formulated largely by the Accounting Principles Board. Inevitably, therefore, any dissatisfaction with methods of formulating principles is tantamount to dissatisfaction with the Board. High on its agenda for 1971 are other problems which currently obscure the effective disclosure of financial performance, such as the treatment of inter-corporate investments, financial reporting by diversified companies and others.

The article focuses on several books related to accounting. Some of the books mentioned are, "Management Accounting Principles," by Robert N. Anthony, is identical in organization and presents several accounting problems and cases; "The Theory of Profit Determination on Long Term Contracts and an Appraisal of Australian Practice," by G.W. Beck, states that the percentage-of-completion method is the proper one for the determination of periodic profit on long-term contracts; "The Valuation of Property," by James C. Bonbright is a contribution in the field of applied and Institutional economics; "Management Information and Accounting," by R. Warwick focuses on cost accounting, which for a number of years has been a phenomena in transition; "SEC Accounting Practice and Procedure," second ed., by Louis H. Rappaport, presents information on current accounting practices and SEC policies in the U.S.; "Essentials of Financial Management," by Ernest W. Walker, covers the range of topics usually found in the popular finance texts, and at the same time presents a concise statement on managerial finance.