Measurement in Current Accounting Practices: A Reply.

Abstract The article presents a reply to the article "Measurement in Current Accounting Practices: A Critique," by Raymond J. Chambers, published in the July 1, 1972 issue of the journal "The Accounting Review." First of all, the author states that the book is definitely concerned with accounting as it is. Although policy implications are not completely lacking, the primary purpose of the book is to promote a better understanding of the foundations of accounting as it is, or more specifically the foundations of accounting measurement as observed in current accounting practice. Although an objection is raised, no alternative definitions are given in the critique and it is hard to evaluate the definition without comparing it with an alternative. It seems most natural to consider objectivity in measurement as the degree of independence of the measure from variations in the personal characteristics of the measurers. The author believes that the above responses cover all of the major issues raised in the critique. Because of space limitations, the author had to omit some responses to the remaining questions and comments in the critique, although such responses have been communicated.