Abstract One hundred years ago the Parliament of the Great Britain enacted the Companies Act of 1862. This Act was to be, for nearly half a century, the main statute for the regulation of British companies; and in the Act's provisions, or in what was lacking in those provisions, the strong individualism and laissez-faire spirit of latter 19th century Great Britain were manifest. For the Act contained no mandatory provisions with respect to accounts or audit: these were matters of private contract, to be left to the stockholders. Major reforms related to company Act took place in Great Britain. In the year 1962, Jenkins Report was presented. Much of the Report is concerned with the general law. Generally, the accounting recommendations of this Report can be regarded as an attempt to add marginal improvements to existing legislation, rather than as a plan of radical change. Many of the improvements will be valuable. The general impression that the Report gives is of a Committee that, as a whole, possessed a high technical competence in law and accounting, but a substantially lower one in economic policy.

Budgeting, Financial Planning, Linear programming

T HIS paper examines the effects of debt management on aggregate expenditure during I9 53-58. The Treasury in this period lengthened the debt in recession and allowed it to shorten somewhat in prosperity (Table i), the opposite of the anti-cyclical policy advocated by some economists. Treasury policy was defended on the grounds that it did not unduly intensify recessions and that offerings of longterm securities in prosperity provided undesirable competition with new issues of private, state, and local government securities and increased interest costs.1 Debt management for purposes of this paper

Abstract This article focuses on the U.S. federal income tax provision of loss carry forward. The operating loss carry-forward is a provision for the off-setting of a prior-year loss against current profits. This provision has created the accounting problem of how the tax reduction arising from the carry-forward should be treated on financial statements and, more particularly, on the profit and loss statement. The problem concerns the investor, the creditor, and the other readers of financial statements of companies utilizing the carry-forward. The importance of the loss carry-forward provision to a company is, of course, that it preserves valuable cash which otherwise would have to be paid out in taxes. Such funds are retained in the business and can be used for working capital and/or expansion of fixed or other non-current assets. A company which has alternate profit and loss years of about the same dimension would pay no tax at all. Consequently, this study is directed toward eliminating such confusion by finding the best method of treating the tax reduction arising from the carry-forward.