mr VE idea that fund statements are more than mere supplements to acI counting reports is being accepted more and more by the accounting profession; those whose activities bring them into related fields-people interested in economic phenomena, especially those of a financial nature--are also giving increased attention to the potentialities of fund statements. An article published recently in these columns gives evidence of the latter tendency; Professor Edwards has called attention to the potential usefulness of fund statements in the study of financial trends.2 As one who has taken the position that the fund statement is the accounting report of operations (to which computations of income or "profit and loss" are but secondary and ancillary data),3 the present writer welcomes most heartily any discussion of the usefulness of fund statements. However, Professor Edwards' paper moves me to comment on some of the ideas he expresses; the discussion should be carried further, so as to consider a few salient issues related to the preparation and use of fund statements. For this purpose, I refer to the writing of Professor Edwards-not to take issue with him or his statements-but to use his work as a point of departure for bringing out what seem to me to be important considerations of interest both to accountants and to those who use accounting data.