SYNOPSIS: This paper reviews the life and contributions of the late Robert T. Sprouse to the conceptual development of financial accounting. He was an influential accounting academic and standard setter who is perhaps best known for his joint monograph with Maurice Moonitz, A Tentative Set of Broad Accounting Principles for Business Enterprises, which provided a springboard for the development and use of fundamental concepts that are expressed or implied in the FASB conceptual framework, accounting standards, and related publications and have changed the way we analyze and resolve financial accounting and reporting issues.

REFERENCES

REFERENCES
Accounting Principles Board (APB)
.
1962a
. Statement by the Accounting Principles Board.
New York, NY:
AICPA
.
Accounting Principles Board (APB)
.
1962b
. Accounting for the Investment Credit.
Opinion of APB No. 2
.
New York, NY:
AICPA
.
Accounting Principles Board (APB)
.
1964a
. Accounting for the Investment Credit.
Opinion of APB No. 4
.
New York, NY:
AICPA
.
Accounting Principles Board (APB)
.
1964b
. Reporting of Leases in Financial Statements of Lessee.
Opinion of APB No. 5
.
New York, NY:
AICPA
.
Accounting Principles Board (APB)
.
1967
. Accounting for Income Taxes.
Opinion of APB No. 11. New York, NY: AICPA
.
Accounting Principles Board (APB)
.
1970
. Basic Concepts and Accounting Principles underlying Financial Statements of Business Enterprises.
Statement No. 4
.
New York, NY:
AICPA
.
American Accounting Association (AAA)
.
1936
.
Tentative statement of accounting principles affecting corporate reports
.
The Accounting Review
11
(
2
)
:
187
191
.
American Accounting Association (AAA)
.
1966
. A Statement of Basic Accounting Theory.
Evanston, IL:
AAA
.
Basu
S.
, and
Waymire
G. B.
2010
.
Sprouse’s what-you-may-call-its: Fundamental insight or monumental mistake?
Accounting Historians Journal
37
(
1
)
:
121
148
.
Bloom
R.
2009
.
Carl L. Nelson: The interrogator (1910–2007)
.
Accounting Education
18
(
Issue
3
)
:
319
330
.
Committee on Accounting Procedure (CAP)
.
1959
. Consolidated Financial Statements.
Accounting Research Bulletin No. 51
.
New York, NY: AICPA
.
Financial Accounting Standards Board (FASB)
.
1973
. Accounting for Research and Development Costs.
Statement of Financial Accounting Standards No. 2
.
Stamford, CT:
FASB
.
Financial Accounting Standards Board (FASB)
.
1978
. Objectives of Financial Reporting by Business Enterprises.
Concepts Statement No. 1
.
Stamford, CT:
FASB
.
Financial Accounting Standards Board (FASB)
.
1980a
. Qualitative Characteristics of Accounting Information.
Concepts Statement No. 2
.
Stamford, CT:
FASB
.
Financial Accounting Standards Board (FASB)
.
1980b
. Accounting for Compensated Absences.
Statement of Financial Accounting Standards No. 43
.
Stamford, CT:
FASB
.
Financial Accounting Standards Board (FASB)
.
1980c
. Elements of Financial Statements of Business Enterprises.
Concepts Statement No. 3
.
Stamford, CT:
FASB
.
Financial Accounting Standards Board (FASB)
.
1984
.
Recognition and Measurement in Financial Statements of Business Enterprises
.
Concepts Statement No. 5
.
Stamford, CT:
FASB
.
Financial Accounting Standards Board (FASB)
.
1985a
. Elements of Financial Statements.
Concepts Statement No. 6
.
Stamford, CT:
FASB
.
Financial Accounting Standards Board (FASB)
.
1985b
. Employers’ Accounting for Pensions.
Statement of Financial Accounting Standards No. 87
.
Stamford, CT:
FASB
.
Jaedicke
R. K.
, and
Sprouse
R. T.
1965
. Accounting Flows: Income, Funds, and Cash.
Englewood Cliffs, NJ:
Prentice Hall, Inc.
Johnson
L. T.
2004
.
Understanding the conceptual framework
.
The FASB Report
.
December 28. Available at:
http://www.fasb.org/articles&reports/conceptual_framework_tfr_dec2004.pdf
.
Moonitz
M.
1961
. The Basic Postulates of Accounting.
New York, NY:
AICPA
.
Paton
W. A.
, and
Littleton
A. C.
1940
. An Introduction to Corporate Accounting Standards.
Sarasota, FL:
AAA
.
Rappaport
A.
1971
.
Discussion of: The balance sheet—Embodiment of the most fundamental elements of accounting theory
.
In
Foundations of Accounting Theory,
edited by
Stone
W. E.
,
103
113
.
Gainesville, FL:
University of Florida Press
.
Report to Council of the Special Committee on Research Program
.
1958
.
Journal of Accountancy
106
(
6
)
:
62
68
.
Securities and Exchange Commission (SEC)
.
2008
. Report and Recommendations Pursuant to Section 133 of the Emergency Economic Stabilization Act of 2008: Study on Mark-To-Market Accounting.
Office of the Chief Accountant, Division of Corporate Finance
.
Washington, D.C.:
SEC
.
Sprouse
R. T.
1976
. The Effect of the Concept of the Corporation on Accounting.
New York, NY:
Arno Press
.
Sprouse
R. T.
1957
.
The significance of the concept of the corporation in accounting analyses
.
The Accounting Review
32
(
3
)
:
369
378
.
Sprouse
R. T.
1958
.
Legal concepts of the corporation
.
The Accounting Review
33
(
1
)
:
37
49
.
Sprouse
R. T.
1959
.
Accounting for treasury stock transactions: Prevailing practices and new statutory provisions
.
Columbia Law Review
59
(
6
)
:
882
900
.
Sprouse
R. T.
1960
.
Accounting principles and corporation statutes
.
The Accounting Review
35
(
2
)
:
246
257
.
Sprouse
R. T.
1963a
.
AICPA Accounting Research Study 3—Radical or rational?
The Florida Certified Public Accountant (
May
1963
).
Sprouse
R. T.
1963b
.
Historical costs and current assets—Traditional and treacherous
.
The Accounting Review
38
(
4
)
:
687
695
.
Sprouse
R. T.
1964a
.
The “radically different” principles of accounting research study no. 3
.
Journal of Accountancy
(
May
)
:
1964
.
Sprouse
R. T.
1964b
. The Measurement of Property, Plant and Equipment in Financial Statements, Harvard Business School Accounting Round Table, (Reporter).
Boston, MA:
Graduate School of Business Administration, Harvard University
.
Sprouse
R. T.
1965
.
Observations concerning the realization concept
.
The Accounting Review
40
(
3
)
:
522
526
.
Sprouse
R. T.
1966a
.
The measurement of financial position and income: Purpose and procedure
.
In
Research in Accounting Measurement,
edited by
Jaedicke
R. K.
,
Ijiri
Y.
, and
Nielsen
O.
.
Evanston, IL:
AAA
.
Sprouse
R. T.
1966b
.
Accounting for what-you-may-call-its
.
Journal of Accountancy
122
(
4
)
:
45
53
.
Sprouse
R. T.
1971
.
The balance sheet—Embodiment of the most fundamental elements of accounting theory
.
In
Foundations of Accounting Theory,
edited by
Stone
W. E.
,
90
104
.
Gainesville, FL:
University of Florida Press
.
Sprouse
R. T.
1980
. Financial Accounting Standards: Concepts, Consensus, and Controversy.
George S. Eccles Distinguished Lecture Series
.
Logan, UT:
College of Business, Utah State University
.
Sprouse
R. T.
1987a
.
Commentary on financial reporting: Economic consequences
.
Accounting Horizons
1
(
1
)
:
87
90
.
Sprouse
R. T.
1987b
.
Commentary on financial reporting: The case for financial accounting standards
.
Accounting Horizons
1
(
2
)
:
83
86
.
Sprouse
R. T.
1987c
.
Commentary on financial reporting: Financial instruments and financial institutions
.
Accounting Horizons
1
(
3
)
:
104
108
.
Sprouse
R. T.
1987d
.
The SEC-FASB partnership
.
Accounting Horizons
1
(
4
)
:
92
95
.
Sprouse
R. T.
1988a
.
Commentary on financial reporting
.
Accounting Horizons
2
(
1
)
:
120
122
.
Sprouse
R. T.
1988b
.
Commentary on financial reporting: Congressional involvement in accounting standards
.
Accounting Horizons
2
(
2
)
:
110
114
.
Sprouse
R. T.
1988c
.
Commentary on financial reporting: Government intervention
.
Accounting Horizons
2
(
3
)
:
110
116
.
Sprouse
R. T.
1988d
.
Commentary on financial reporting: Developing a conceptual framework for financial accounting
.
Accounting Horizons
2
(
4
)
:
121
127
.
Sprouse
R. T.
1989
.
The synergism of accountancy and accounting education
.
Accounting Horizons
3
(
1
)
:
102
110
.
Sprouse
R. T.
, and
Moonitz
M.
1962
. A Tentative Set of Broad Accounting Principles for Business Enterprises.
New York, NY:
AICPA
.
Storey
R. K.
, and
Storey
S.
1998
. The Framework of Financial Accounting Concepts and Standards.
Norwalk, CT:
FASB
.
Trueblood Report
.
1973
. Objectives of Financial Statements.
New York, NY:
AICPA
Van Riper
R.
1994
. Setting Standards for Financial Reporting: FASB and the Struggle for Control of a Critical Process.
Westport, CT:
Quorum Books
.
Wheat Report
.
1972
. Establishing Financial Accounting Standards.
New York, NY AICPA
.
Zeff
S. A.
1982
. The Accounting Postulates and Principles Controversy of the 1960s.
New York, NY:
Garland Publishing, Inc.
Zeff
S. A.
1999
.
The evolution of the conceptual framework for business enterprises in the United States
.
Accounting Historians Journal
26
(
2
)
:
89
131
.
Zeff
S. A.
2007
. The SEC Rules Historical Cost Accounting: 1934 to the 1970s.
Accounting and Business Research, International Accounting Policy Forum, 1–14. Available at:
http://www.allbusiness.com/government/government-bodies-offices-us-federal-government/13444917-1.html
.
This content is only available as a PDF.