Discussion of Opportunities and Implications of the Report on Objectives of Financial Statements.

The article presents the author's comments and opinions on the report "Opportunities and Implications of the Report on Objectives of Financial Statements," by George H. Sorter and Martin S. Gans included within the issue, discussing the 1973 Report on Objectives of Financial Statements by the American Institute of Certified Public Accountants and its impact on the profession. The author argues that more specific distinctions between underlying ideals and acting objectives need to be made.