The major problem confronting accounting education in the next decade and a half is almost certain to be that of developing adequate teaching staffs. That this need for accounting teachers will develop is incontrovertible. Securing this number of new accounting staff members in the next fifteen years is certain to be a most formidable task. The staff problem is one of the major concerns of this American Accounting Association, and a new committee of the Association is studying the problem. An indication of the importance attached to the problem is the fact that all members of the committee are either past presidents or current or past vice presidents of this Association. Another suggestion, non-financial in nature, that has sometimes been put forth for dealing with this impending crisis involves a relaxation of the emphasis on research and publication by staff members. Only in the research program of the university scholar is there likely to be sufficient emphasis on basic and long term factors as opposed to short-run and applied considerations.

The full value of the internal auditor's work can be realized by management only if the findings and recommendations of the auditor are clearly communicated to management. In the early days of internal auditing, reports frequently followed the pattern set by long-form reports of public accountants. In the last fifteen years there has been a remarkable change in the concept of the proper functions of an internal auditor. When a company has sustained a loss in a previous year, this loss may be used to offset taxable income for the succeeding five years. In September, 1950 the Committee on Accounting Procedure of the American Institute of Accountants issued a bulletin dealing with Business Combinations or, as they are more commonly known, pooling of interests. The bulletin dealt with those situations involving issuance of capital stock for assets or capital stock of another company where the transaction might more appropriately be dealt with as a pooling of interest, rather than in accordance with the general rule that such issuances constituted acquisitions of assets, as they would if the consideration given was cash rather than stock.