Objectivity is an amorphous concept, which has permeated accounting literature and continues to present definitional problems to accounting theorists. Current literature has created confusion about the meaning of the term objectivity in accounting. The term has been used in reference to the phenomena which the accountant observes, the methods to be used, his mental attitude and the results or information he promulgates. Objectivity exists at several different levels or in several different degrees in the accounting process. In discussing objectivity writers often do not adequately describe the level to which they are referring. While objectivity is often employed as a buzzword to support theoretical arguments, little certainty exists about its meaning or the level at which it is applicable. As a result, it means different things to different people. This situation inhibits accounting communication and progress toward solutions of accounting theory problems. As measurement techniques, accounting principles and accounting procedures become more refined and precise, their actual application becomes more objective because they depend less upon specific individuals.

Executory contract data may be relevant financial information to users of published financial reports and thus the recent literature contains numerous proposals for capitalization of such contracts. In light of these proposals it is especially appropriate to consider how currently accepted asset and liability concepts accommodate leases and other executory contracts. It has been concluded that the exchange of promises and rights by independent parties upon entering into a contract constitutes an accounting transaction. This expanded notion of an accounting transaction coupled with the service potential concept of assets, yields a theoretical framework which accommodates executory contracts. Using this framework, executory contracts qualify theoretically as assets and liabilities which should be recorded in the accounts if objectively measurable.

M&A accounting, Earnings management, Pooling of interest method, Purchase pooling

The article discusses the significance of introducing important tax provisions into advanced accounting. Many accounting courses could be improved significantly by the brief introduction of related tax considerations, preferably in a non-technical fashion. This is particularly true in the case of advanced accounting courses wherein consolidated financial reporting for multi-entity organizations is usually given considerable attention. Decisions regarding the form of corporate and tax reporting for multi-entity organizations are highly tax-influenced. Tax planning is the art of determining in advance what tax liability will result and then conducting transactions with a view toward reducing the income tax burden. In the area of multiple corporations' a group has a choice of accomplishing the same results by more than one method-one of which may result in a lower tax liability. In order to minimize the tax burden, however, management must understand the interrelationship between business operations and the tax liability. A chart was first developed as a testing device for an advanced accounting course. Since students performed so poorly on the question it was later utilized successfully as a teaching aid-originally in an advanced course and subsequently in a tax course.