We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
STATEMENT OF ACCOUNTING POLICIES FOR WAR CONTRACT TERMINATIONS.
- Authors
Clarke, John W.
- Abstract
The impact of a large volume of war contracts has made imperative the preparation of statements of accounting policies to govern the manner of their terminations, as of January 1946. This article concerning the full content of statements of accounting policies, related accounting surveys and the method of processing them by the Eastern Audit District of the U.S. Army Air Force may be of timely interest to the many professional accountants and company executives engaged in contract terminations. This article may also be of interest to accountants not involved in war contract terminations. Statements of accounting policies prepared during the past year contain items concerning peacetime activities and are for most companies the only clearcut statements available at the present time. It is the government accountant's general function to serve the contracting officer by reporting upon the data submitted by contractors for use by contracting officer in effecting termination settlements fairly and quickly. To provide uniformity in requests to contractors for statements of accounting policies and procedures, a suggested outline of accounting matters to be incorporated in such statements was prepared by the staff of the Eastern Audit District Office of the Army Air Force and sent to contractors in May 1945. It was suggested to regional and other staffs that all such requests addressed to contractors by these staffs be drawn up to embody the points in the numerical sequence of the outline and to the extent practicable.
- Subjects
UNITED States; ACCOUNTING; DEFENSE contracts; ACCOUNTING policies; VALUATION; PUBLIC contracts; AUDITING; ACCOUNTANTS
- Publication
Accounting Review, 1946, Vol 21, Issue 1, p31
- ISSN
0001-4826
- Publication type
Article