The article presents a report from the President of American Institute of Accountants. The annual convention of the Association was held on the campus of the University of Washington, Seattle. The prestige of the Association rests heavily on "The Accounting Review." This quarterly is generally recognized as one of the best publications in accountancy. One of the major objectives of the Association is the promotion of research. One of the features of the annual convention in recent years has been the presentation of the Alpha Kappa Psi Award. Due to the continuing growth of the Association and the increasing burden of work on the Executive Committee, it was decided that an additional vice-president would facilitate the operations of the Association. At the annual meeting in Seattle, Washington, a special committee report adding a fourth vice-president to the Executive Committee was approved. This expansion in the membership of the Executive Committee will be made at the next annual election.

The article focuses on accounting research. In the October, 1954 issue of the journal "The Accounting Review," the first collection of 'framed' research problems in accounting was published. The real objective of this project, as stated in this initial listing, was to expose real research needs in accounting to the large research potential represented by the great number of college and university teachers and graduate students of accounting. In an attempt to insure the worthwhileness and practicality of the projected problems, it was hoped that most of them could be gleaned from industry and public practice. All of the following research problems were contributed by those engaged in research in national accounting organizations, by public accountants, or by regulatory commissions. There is little question that these problems represent 'felt needs' and are therefore profitable areas in which to expend research effort. If the value of research in accounting is to be realized by the profession, the results is that research must receive publicity.

The article presents the subject classification and previous published lists of research projects in accounting. The various subjects listed include, income determination, price level changes, inventory pricing and valuation, fixed asset valuation and depreciation, investments, current and fixed liabilities, and capital stock and surplus, under theory of accounting. History of accounting, reports and statements, public accounting, accounting for industrial, mercantile and financial enterprises, non-profit enterprises, legal and governmental aspects of accounting, reorganization and liquidation, and education are also included in the list. Some of the projects listed in the article are "Accounting Period--Theory and Analysis," by Colin Park, "Relevance to Income Determination of Present and Period Analyses of Enterprise Activities," by William J. Schrader, "Adjusting Financial Statements For Changes in Price Level," by Virgil Boyd, "Depreciation Based on Replacement Costs," by William David Tuxbury, etc.

For some years there has been a growing recognition by both educators and the profession of accountancy that one of the major problems in accountancy education is the difficulty of keeping the teaching staff abreast of the practical problems in the field. Generally, practical experience is one of the requirements before a permanent teaching appointment is secured. Of necessity this experience can be only for a few years and needs to be reviewed from time to time. In addition, many universities have had the experience of sending out promising young men to secure needed practical experience with the expectation that they would return to their teaching assignment. Almost without fail this expectation has not materialized, because by the time the young man has received adequate experience his value to the profession is such that the university is unable to compensate him sufficiently to secure his return to the classroom. The American Institute of Accountants has recognized this need in education and has begun to set up faculty residences or internships so that faculty men, in very limited numbers, may secure six months to a year's valuable experience in the offices of a public accounting firm. This is a fine step in the right direction but, it is believed, will operate very slowly and will not meet the needs of education fast enough.