A Suggested Solution to the Principles Dilemma.

Abstract The article focuses on the suggested solutions to the accounting principle dilemma. The basic was clearly recognized in the 1958 report to the American Institute of Certified Public Accountants Council by the Special Committee on Research Program. Failure to establish the objective thwarted real progress in solving problems and it has disclosed not only how grossly inadequate accounting principles are but also how little logical support there is for them when justification or defense is attempted. As a practicing accountant, the author thought it self-evident that accountants examining reports of corporations must avoid developing vested interests in accepted procedures; otherwise, they would lose their objectivity and fails to see erroneous results that flowed from these procedures. There are people today who say it is regrettable that the accounting profession has such sharply divided opinions on accounting principles. But there will always be differences of opinion. It is that accountants as a profession, have failed to act decisively in establishing a method for considering and then resolving these differences.