The article focuses on the suggested solutions to the accounting principle dilemma. The basic was clearly recognized in the 1958 report to the American Institute of Certified Public Accountants Council by the Special Committee on Research Program. Failure to establish the objective thwarted real progress in solving problems and it has disclosed not only how grossly inadequate accounting principles are but also how little logical support there is for them when justification or defense is attempted. As a practicing accountant, the author thought it self-evident that accountants examining reports of corporations must avoid developing vested interests in accepted procedures; otherwise, they would lose their objectivity and fails to see erroneous results that flowed from these procedures. There are people today who say it is regrettable that the accounting profession has such sharply divided opinions on accounting principles. But there will always be differences of opinion. It is that accountants as a profession, have failed to act decisively in establishing a method for considering and then resolving these differences.

In this article the author, a practicing accountant, gives his views on need of an accounting court. As an accountant his work in reporting income to owners of businesses is so practical that it is equivalent to food and rent to the people he reports to. The author also states that the financial statements of a company must be said in a brief paragraph. Usually the companies are very critical of accounting principles when these so called principles are unrealistic, inconsistent, or do not protect or distinguish the scrupulous management from the unscrupulous. Shareholders want the financial statements prepared on a basis comparable with other companies in the same industry or in other industries. Thus, the idea that accounting principles meet the test of public needs, even though they are not consistently applied among companies, violates the very purpose for which the statements are used. According to the author, a practicing accountant must have a definite explanation of the utility of every accounting principle to be observed if he is to serve a professional purpose. There is no place where the basic criteria of accounting principles can be brought to issue. This is the reason for the need of an accounting court.