Abstract Under various sponsorships, certain proposals are being made which may bring about a complete reorganization in public accounting practice. These proposals may be sound. They may lead to a public accounting renaissance. They may, in fact accomplish a thing that all accountants have for years eagerly sought-higher standards in public accounting. But certainly these proposals should be analyzed and they should be subjected to acid test of intelligent and far-seeing consideration. It would be most unfair to ascribe all of this sponsorship to self-interest. Motives of these various groups are mixed. It is quite natural for university teachers to have complete faith in their own work. It cannot be said that the sponsorship of this movement by professors and instructors in accounting is wholly due to self-interest. The sponsorship of this movement by an organized group of non-certified public accountants represents a seeming contradiction. Without going into technical exposition, bills for all practical purposes will open doors.

Abstract The article presents information about a Committee appointed by the American Accounting Association. The work of the Committee on Monographs during the year, 1943, has been devoted primarily to two projects. The first consisted of preparing a compilation of the releases and pronouncements on accounting matters issued by the Securities and Exchange Commission, the Committee on Accounting Procedure and the Committee on Auditing Procedure of the American Institute of Accountants. The second project was the preparation of a monograph on the principles of consolidated statements. This monograph was written by Dr. Maurice Moonitz of Stanford University, and was reviewed and approved for publication by the Committee. The Committee has also given some attention to two or three other projects and manuscripts. The president of the Committee said that the educational institutions and programs are all being subjected to special stresses and difficult restrictions during the war. The programs of most colleges and universities in fields customarily followed by men have had to be materially curtailed or completely eliminated.