Reviewed by Edward N. Coffman Virginia Commonwealth University
This books is based in large part on selected articles that F. Sewell Bray, an English accountant, wrote for professional periodicals.
The book is divided into three parts. Part I, entitled “The Ac¬countancy Profession — Philosophy and Background”, consists of chapters on Philosophy of Accounts (3 pp.), Background of the Accountant’s Art (5 pp.), Professional Education (3 pp.), Approach to Economic Science (7 pp.), Internal Equilibrium (3 pp.), and Re¬lation between Accountants and Economists (6 pp.).
In Part II, entitled “Accounting Technique and Research”, chap¬ters are presented on the Development in the Functions of Ac-countants (7 pp.), An Accounting Statement of Profit (12 pp.), Theoretical Conceptions of Fixed Asset Valuation (3 pp.), Technique of Accountancy in Relation to Management in a Period of Transition (6 pp.), Uniform Accounting (5 pp.), and Accounting Standards (13 pp.).
Part III consists of 15 appendices containing mainly the author’s letters to the editors of professional journals, and exchanges of letters with H. W. Singer and H. Norris.
As indicated by the above list of chapter titles, Bray reflects on a number of topics, including the education of accountants and the accounting concepts of historical cost, realization, uniformity, and conservatism.
He briefly describes some of the changes that have taken place in commerce, industry, and in the environment that have caused changes in the services, duties, and responsibilities of accountants. Bray felt that more is being expected from the financial accounts than was formerly the case and it is therefore important that a sound theory base be established to support the techniques that are followed in practice.
Much of the book is devoted to discussions of the differences in the thinking of accountants and economists in relation to the concepts of income measurement, fixed asset valuation, depreci¬ation, and changes in money value. Bray’s explanations of the differences in the accountants’ viewpoint and the economists’ view¬point are easily distinguishable and well-defined.
This is a most interesting book that provides insight into the development of accounting thought, and thus would constitute valuable reading for courses so designated at the graduate level.
