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ATLANTA PORTLAND BALTIMORE BIRMINGHAM BOSTON HASKINS & S E L LS PROVIDENCE SAINT LOUIS SALT LAKE CITY CBHUAFFRALLOOT TE SAN DIEGO CHICAGO CERTIFIED PUBLIC ACCOUNTANTS SAN FRANCISCO SEATTLE CINCINNATI TULSA CLEVELAND WATERTOWN DALLAS DENVER BULLETIN DETROIT BERLIN JACKSONVILLE LONDON KANSAS CITY MANILA LOS ANGELES PARIS MINNEAPOLIS SHANGHAI NEWARK NEW ORLEANS EXECUTIVE OFFICES NEW YORK 15 BROAD STREET. NEW YORK HAVANA PHILADELPHIA MEXICO CITY PITTSBURGH MONTREAL VOL. X I NEW YORK, SEPTEMBER, 1928 No. 9 Sound Accounting EVIDENCE is accumulating gradually to indicate that accounting may be regarded as sound or unsound, according to the faithfulness with which it follows economic doctrines and the facts of given situations. The past has seen many occasions when accounting statements were but jumbles of figures; when the way in which a situation was expressed depended upon the vagaries of the individual who could exercise the greatest amount of power; when the easiest way out of an accounting controversy was the line of least resistance; when it was frequently expedient to allow that a matter might be treated in either of two ways, meaning that as long as there was some reason assigned for the treatment not much else mattered. Today one finds encouragement in the fact that an increasing amount of thought is being given to the theory of accounting; that convictions are being developed with respect to what constitute right ways and wrong ways of handling various transactions; that it is unethical for accountants to lend their names to statements which obscure the facts and hide behind the skirts of ingenious theories. One need not charge misleading intent to those who have occasion to deal collaterally with the institution of accounting if they bend the product thereof to their needs. If the lawyers make statutes which are in violation of established economic doctrines, it is because they see practical benefit in the violation. If investment bankers ignore certain factors of expense in looking at a set of figures, it is because they are interested in only one angle of the situation. If appraisers advocate the establishment of depreciated reproduction value as a basis for carrying property on the books, it does not follow that they are attempting to indicate to a client that he has made a profit by writing up his property values to that figure. The various developments in current practices growing out of revised corporation statutes, corporate financing, and revaluation of assets have given the accountant many accounting problems to think about. It is not sufficient that he should think about them. It is important that he should reach sound conclusions concerning them, and, having done so, assume a leadership in advocating theory and practice which are sound. Thus, only, will the accountant achieve the respect and consideration to which any man is entitled when he knows more about his subject than any one else, and when he contributes something to the advancement of civilization.
Accounting as a profession
Haskins & Sells Bulletin, Vol. 11, no. 09 (1928 September), p. 65
|Source||Originally published by: Haskins & Sells|
|Collection||Deloitte Digital Collection|
|Digital Publisher||University of Mississippi Libraries. Accounting Collection|
|Identifier||HS Bulletin 11-p65|