681) The Committee on Accounting Procedure has regularly supported exclusion of items from earnings "which would result in distortion or possible misleading inferences," and reaffirmed its position in Accounting Research Bulletin Number 32 which recommended exclusion under stated standards, but "the American Accounting Association has consistently advocated the all-inclusive theory.
Income and Earned Surplus; Accounting Research Bulletin No.
Committee on Accounting Procedure (1944), "Accounting for Income Taxes," Accounting Research Bulletin No.
1947), "Current Assets and Current Liabilities--Working Capital," Accounting Research Bulletin No.
Committee on Accounting Procedure (1958), "Declining-balance Depreciation," Accounting Research Bulletin No.
The second type would be "Authoritative statements of generally accepted accounting principles, similar in standing to the present accounting research bulletins, and based upon studies made by the research group, [which] would be issued by a special 'Board' set up for that purpose.
None of the contents of any other Accounting Research Bulletins were ever submitted either to Council or to the Institute's membership for approval.
The consideration, then, of detailed matters, such as those covered by the present accounting research bulletins, should be undertaken in relation to the postulates and broad principles previously expressed.
Statements of these probably should be comparable as to subject matter with the present accounting research bulletins.