Document Type
Article
Publication Date
1917
Abstract
The following tentative proposal for a uniform system of accounting to be adopted by manufacturing and merchandising concerns appeared in the April (1917) number of the Federal Reserve Bulletin, and is now reprinted for more general distribution. It is recognized that banks and bankers have a very real interest in the subject, because they are constantly passing upon credits based upon statements made by manufacturers or merchants. It is quite as much of vital interest to merchants and manufacturers, because they realize that their credit sometimes suffers by reason of losses incurred by bankers through credits given to merchants and manufacturers whose statements do not correctly reflect true conditions. Lastly, it is of immense importance to auditors and accountants, because they have a professional as well as a practical interest in having the character of their professional work thoroughly formulated and standardized. Losses incurred by bankers by reason of credits given to merchants or manufacturers, if such credits were given because the statements were either actually false or misleading in their nature, tend to discredit accountancy as a profession and to shake the confidence of bankers in the real value of any statements. Hence it is that the Federal Reserve Board puts out this tentative proposal with the hope of encouraging the fullest criticism and discussion.
Relational Format
article
Series Title
Federal Reserve Bulletin, April, 1917
Recommended Citation
United States. Federal Reserve Board, "Uniform accounting: a tentative proposal submitted by the Federal Reserve Board" (1917). Federal Publications. 85.
https://egrove.olemiss.edu/acct_fed/85