This article presents a report on examination of the statement of financial position of the American Accounting Association as of December 31, 1957, and the related statements of income and net worth of the General and Life Membership Funds for the year then ended. The examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as were considered necessary in the circumstances. The statement of financial position and related statements of income and net worth present fairly the financial position of the American Accounting Association at December 31, 1957, and the results of its operations, as allocated to the General and Life Membership Funds, for the year then ended, in conformity with generally accepted principles of accounting applied on a basis consistent with that of the preceding year.