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the department subsequently was terminated, it was
reinstated in December, 1927.^0
The New York Stock Exchange was continuing its
efforts to achieve minimum financial disclosure by all
companies listed on the Exchange. Although by 1926 the
Exchange had not made the issuance of audited financial
statements mandatory for retention of listing, nearly all
the listed manufacturing companies were issuing audited
annual reports.^
In the latter 1920's, the Institute attempted to
establish cooperative relations with the New York Stock
Exchange as the basis for improving financial reporting.
The closest the Institute could come at this time to the
desired cooperation was the appointment of Price Waterhouse
as advisor to the Exchange,^2
In 1929, a revised edition of the 1917 pamphlet was
published as Verification of Financial Statements under the
authority of the Federal Reserve Board.^ According to the
20. Editorial, "Department of Accounting Terminology,"
The Journal of Accountancy, 45:34-35, January,
1928.
21. George 0. May, "Corporate Publicity and the
Auditor," The Journal of Accountancy, 42:322, November,
1926.
22. John L. Carey, "The Origins of Modern Financial
Reporting," The Journal of Accountancy, 128:37, September,
1969.
23. Federal Reserve Board, op. cit.