Reviewed by Eugene C. Hassler West Chester State College

The purpose of the monograph, a revision of the author’s 1968 doctoral dissertation, is to catalogue and examine the philosophy contained in selected accounting thoughts of George O. May that has had a lasting impact on the accounting profession, generally accepted accounting principles (GAAP) and areas of controversy for which there are no GAAP.

The selected contributions are organized into three broad topics and chapters; Income, Changes In The Price Level, and The Balance Sheet and Significant Related Bulletins. These chapters comprise 58 percent of the monograph and are technical discussions of the accounting positions of May and the influence of his thoughts in the struggle to establish GAAP. The author appropriately em-phasizes the pragmatic approach championed by May and his role in permitting varying accounting procedures and his opposition to uniform accounting methods and procedures.

The balance of the monograph is devoted to the philosophy of accounting and a very befitting final chapter entitled, “A Guiding Light” in which the author salutes the ideas and concepts of May which are important in current GAAP. The author concludes that May’s contributions continue to permeate accounting thought through the ARB’S and the AICPA whose philosophy still shows evidence of his influence.

This monograph would be primarily useful as supplemental read ing for an accounting history course. It might also be used as sup plemental reading in intermediate accounting to provide a con ceptual discussion of income and the balance sheet as well as fulfillment of the author’s hope “that this work will generate an interest on the part of the profession in its history.”