Statement by William A. Paton.

Abstract This article responds to a review of the book, An Introduction to Corporate Accounting Standards, by W. A. Paton and A. C. Littleton. Paton was pleased to have the opportunity to examine a draft of Professor Yuri Ojiri's review of the book. Before the book was published, there was some delay, some criticism, but no substantial changes were made. After those situations, the executive committee of the American Accounting Association decided to publish the book in 1940. Under the conditions prevailed, Paton feels that he and Littleton did a creditable job.