The Accounting Review Vol. 27 No. 1 1952
AN ANALYSIS OF SUPPLEMENTARY STATEMENT NO. 2.
Abstract
In the October 1951 issue, "The Accounting Review" published the text of Supplementary Statement No. 2 prepared by the American Accounting Association's committee on concepts and standards underlying corporate financial statements. That differences of opinion among members of the Committee relative to the utility of the historical dollar cost convention were not as extreme as those apparently existing among accountants generally is demonstrated by the emergence of unanimous and reasonably definite conclusions. That substantial differences in viewpoint did exist, however, is evidenced by the fact that achievement of unanimous agreement on a statement for publication required more than a year of effort, involving several meetings and very extensive correspondence. Agreement within the committee as to the dynamic nature of accounting practice did not, of course, lead automatically to a decision in favor of change. It was generally conceded that the widespread dependence of our now highly complex economy on accounting information presented a major barrier to radical revisions in accounting procedures.
- DOI
- 10.2308/tar-7124220
- Volume
- 27
- Issue
- 1
- Pages
- 17-25
- Language
- en
- Sources
- openalex crossref