Reviewed by Michael Chatfield Southern Oregon State College
In this age of accounting specialization, it is easy to forget that until the 1950s financial accounting periodicals were dominated by the writings of a few individuals. Those few were prolific: Paton, Kohler, Littleton, May and a dozen or so others contributed hundreds of articles to the leading accounting periodicals.
These authors recognized few subject limitations. Just as they might be asked to teach any course in the accounting curriculum, they considered themselves qualified to express judgments on a wide range of accounting issues. However, the evidential content of their articles was typically weak; and, though they were often persuasive, they settled few accounting controversies. Anthologies of their writings are of interest mainly as period pieces which show the state of accounting thought at various times in the past.
This collection includes about fifty short works written by Maurice Moonitz between 1939 and 1987, including nearly all his published articles and a monograph on changing prices and financial reporting. The original magazine pages were photocopied, resulting in a variety’ of page formats and type styles, but the text is easily readable. Preceding the reprinted articles are a current biobibliography and Moonitz’s “Guided Tour Through the Contents” which explains the background of many of his writings.
Like his predecessors, Moonitz published on a wide variety of topics. Included in this collection are articles on LIFO, depreciation, economics, fund flows, pension accounting, auditing standards, curriculum choices, and of course postulates and principles.
But two differences are evident between Moonitz’s writings and those of earlier “Accounting Pioneers”. First, Moonitz wrote repeatedly about certain areas of general interest as problems in those areas became acute. Second, he returned to those seminal topics again and again, even after many years, to update his thinking in light of new developments. This is true of consolidated financial statements, his dissertation topic at UC Berkeley (first article 1939, last in 1983); of financial reporting, where the articles also span 40 years; of price level accounting, on which articles appear between 1948 and 1974; and on accounting principles, on which eight articles lead up to and follow from the publication of Accounting Research Studies 1 and 3.
Most of the problems Moonitz attacked are of perennial concern to accountants. None has been resolved; probably they never will be. However, one result of Moonitz continually updating his ideas is a series of direct connections between his articles and the current literature on those topics. The AlCPA’s view on accounting principles traces directly back to ARS 3. FAS 33 has been allowed to lapse, but inflation continues, and Moonitz posed the revaluation alteratives still being considered, as he posed the essential problems of formulating and enforcing audit standards.
This collection is recommended to AHJ readers for its contemporary, not its historical interest.
