BRITISH ACCOUNTING PRACTICES AND THE PROFESSION.

The article discusses the accounting practices and attitudes which have developed in Great Britain and the resulting public understanding of company affairs and accountants' credibility. The article discusses the calculation of depreciation, disclosure of secret or "inner" reserves, valuation of inventories, audit of accounts receivable, publishing of consolidated statements, changes in accounting practice, and accountants' insurance against liability for malpractice. The article questions why critics of accountants fail to call for legislation to address their criticisms. Special attention is given to the attitudes about accountants from those involved in the investment industry, government, and academia. Discussion of accountants' societies and their education and training is presented.