Hans Johnson, Editor UNIVERSITY OF TEXAS AT SAN ANTONIO
Perspectives on the "Objectives of Financial Statements" (NYU, 1976, 336 pp.; 37/4, p. 2264-A*) by Robert Bloom examines "the historical, empirical, and the theoretical perspectives on the AICPA Study Report. . According to Bloom, "a study of the roots and antecedents of the Report should clarify the objectives identified in the Report, cast light on the Report's acceptability, and provide a broader framework for developing accounting theory." His thesis is that "the Report has substantial foundations and support in pre-vious accounting literature, empirical research, and normative models." To test the thesis "twentieth-century American account-ing writings are examined." The "theoretical foundations of the Report" are reviewed based upon an analysis "of selected theories and models from economics, finance, the behavioral sciences, and social law."
Bloom's research indicates that "in general, the objectives set forth in the Report are not really new," and "the extent of support for each objective varies considerably." Further, "neither the Study Group's nor the FASB's empirical research provide substantial back-ing, contrary to what was hypothesized, for most of the objectives presented in the Report." Economic income and discounted cash-flow models "furnish underpinnings for nearly all of the objectives" and "the 'right-to-know' theory provides implicit backing for each objective."
Bloom concludes that "although the Report is based upon his-torical thought in accounting, the empirical research conducted by the Study Group, and selected normative models, it does not de-velop a rigorous model for accounting objectives in terms of these foundations."
Robert M. Trueblood, CPA: The Consumate Professional (Georgia State U., 1976, 315 pp.; 37/4, p. 2264-A) by Roscoe Bryson analyzes and evaluates the "life and contributions" of the late partner of
*Volume/Number and page in Dissertation Abstracts International.