The Accounting Review Vol. 31 No. 4 1956
A COMMENT ON MR. GEER'S BENCHMARKS AND BEACONS.
Abstract
This article focuses on the views of Howard C. Green, chairman of the American Institute of Certified Public Accountants, about corporate's financial reporting. He recommends that the organization should endorse an approach to the problem of corporate financial reporting that has been in existence for nearly a quarter of a century. He says that the U.S. Securities and Exchange Commission has adhered in general to the approach recommended in the joint report of the Stock Exchange and the Institute and also in the report of the Advisory Committee to the Department of Commerce. It is this approach which would have the organization adopt and extend, as indicated in his recommended proposals. It was in the Stock Exchange-Institute correspondence that the introduction of the expression "generally accepted accounting principles" was first suggested, and its meaning in that context was clearly defined though Green's statement would suggest that the fact was otherwise. On the subject of the all-inclusive income account, Green says that the president of the Institute notes a "reluctant trend" towards its adoption, and the Institute Committee on Accounting Procedure moves cautiously in this direction by recommending issuance of a combined statement of income and surplus.
- DOI
- 10.2308/tar-7061082
- Volume
- 31
- Issue
- 4
- Pages
- 581-583
- Language
- en
- Sources
- openalex crossref