Abstract The article presents a report of the 1963 president of journal The Accounting Review. The quality and reputation of The Accounting Review continues to be excellent. Lawrence L. Vance deserves special praise for his diligent and exemplary efforts as editor. Commendation and appreciation must also be given to editors of the several departments of the magazine, John H. Chamberlain, Walter B. Meigs, Charles T. Zlatkovich, Glen G. Yankee and Stephen A. Zeff for their noteworthy service. During the year, 1963, 82 articles were accepted for publication in addition to Teachers Clinic and Professional Examinations. The national trend toward incorporation of the disciplines of mathematics, statistics and behavioral science into accounting continue to be reflected in the magazine as well as other topics of current interest to teachers and practitioners. The 1963 Membership Committee under the fine leadership of Chairman David W. Phipps served from January 1, 1963 through August 31,1963 under the committee's new fiscal year basis of operations. The promotion effort included the circularization of the AICPA membership.

Abstract This article presents views of the author who is the president of American Accounting Association on contributions of the association. According to the author since its beginning 46 years ago, the American Accounting Association has made many significant contributions in accounting research and in accounting education. These accomplishments have resulted from the combined efforts of a multitude of dedicated members who have contributed their time and talents to the Association. While it is appropriate to pay homage to the past, the challenges which lie ahead necessitate immediate attention and action. During the coming year many of the association's members will have an opportunity to serve the Association in a variety of ways. While it is appropriate to pay homage to the past, the challenges which lie ahead necessitate immediate attention and action. The annual convention will be held on the campus of Stanford University, Palo Alto, California on August 26-28, 1963. The convention arrangements committees are doing everything possible to provide its members and their family with the utmost in comfort and enjoyment in Palo Alto.

Abstract The conflict between an irresistible force and an immovable object exists in the public accounting profession today. Management services are the irresistible force, independence is the immovable object. The lucrative and challenging field of management services beckons, the concept of audit independence stands resolute against the enticements of this expanding field. There is a wide diversity of opinion as to the compatibility of public accounting's irresistible force and its immovable object. According to the author a recent survey revealed that management services have increased overwhelmingly for firms of all sizes, and for individual practitioners such work has increased 35% in five years. The dilemma posed by management services is not manifested simply in an internal struggle within the profession, it is not confined to an esoteric debate between practitioners and professors. Much of the disagreement over the effect of management services on independence relates to semantics.

Abstract Since its publication in 1956, the Report of the Commission on Standards of Education and Experience for Certified Public Accountants (C.P.A.) has stimulated a tremendous amount of interest and discussion among practitioners, educators, and others. The Commission regards a college program culminating in a baccalaureate degree as a necessary preliminary to further educational training for practicing public accounting as a C.P.A. The report does not specify the content of the four year undergraduate program but it does recognize that the educational training for certified public accountants should include a substantial amount of cultural and general courses as well as the study of accounting, commercial law, finance, and other related areas of business. Moreover, graduation from a collegiate school of business is not required, but the report does stipulate that the prospective C.P.A. must either be an undergraduate accounting major or obtain the equivalent thereof subsequent to graduation.

Abstract The most important underlying assumption of accounting is the unit for which accounting has responsibility. The accounting unit, generally referred to as the accounting entity, forms the basis for the accounting records. It determines the boundaries of relevant and irrelevant data, and it has a direct effect upon the theory of accounting used in recording the activities of the entity. Despite the importance of this basic concept, there has been a definite lack of clear and concise determination of the exact nature of an accounting entity once the entity has been selected, and a seemingly endless controversy has ensued over the entirely irrelevant question of whether the corporate accounting entity is based on fact or whether it is based on fiction. The factual basis of the accounting entity is also attacked on legal grounds. It is pointed out that the courts do not regard an unincorporated entity as being separate and distinct from its owners, and it is charged that the courts frequently pierce the veil of the corporate entity.

Abstract Reviews the book "The Repurchase of Common Stock," by Charles D. Ellis and Allan E. Young.

Abstract The Committee on Professional Education in Accounting has been considering, for the past two years, the general area of educational preparation for a career in accounting. The committee believes that its primary problem was to establish a concept of professional education for a career in accounting. This report is a summary of the committee's discussions and deliberations concerning the nature, objectives and implementation of professional education in accounting. The Report of Standards Rating Committee of the American Accounting Association' contained the following statement on objectives of the education of the accountant: "Three ultimate objectives of education for professional accounting are educating the citizen, education in business and education in accounting. A program of professional education should provide the student with the theoretical background necessary to proper interpretation of practical problems. The major objective of technical accounting coverage in a professional program should be to provide the graduate with the foundation to recognize, interpret and analyze the complex and specialized problems to be faced in his future career.

Abstract This article presents the findings of the report of the committee, appointed by President Charles J. Gaa as a task committee operating under the Joint Committee on Education, to receive and review the Ford and Carnegie reports for the American Accounting Association. The two reports--"Higher Education for Business" by Gordon and Howell, and "The Education of American Businessmen" by Pierson were financed and sponsored by The Ford Foundation and the Carnegie Corporation of New York respectively. The authors of Ford and Carnegie reports, in their extensive surveys found glaring examples of bachelor's degrees given for programs of study, overloaded with business in general or with accounting in particular. The Committee urges that the faculty of each school should read the entire reports so that by carefully trying on each shoe of criticism they may find those, which fit their particular situations. It is also expected that the Ford and Carnegie reports will have an impact on collegiate education for business.