The SEC rules historical cost accounting: 1934 to the 1970s
研究美国证券交易委员会（SEC）从1934年成立到1970年代对固定资产向上重估和物价水平调整的政策演变，解释其为何长期反对此类调整，以及1972年后政策反转的原因。
Abstract From its founding in 1934 until 1972 the SEC, and especially its chief accountant, disapproved of most upward revaluations and general price-level restatements of fixed assets as well as depreciation charges based thereon. This article is a historical study of the evolution of the SEC's policy on upward revaluations and restatements of non-financial assets. It treats episodes prior to 1972 when the private-sector bodies that established accounting principles sought to gain a degree of acceptance for such revaluations and restatements but were consistently rebuffed by the SEC. The SEC reversed its policy on upward revaluations during the period from 1972 to the end of the 1970s. Throughout the article, the author endeavours to explain the factors that influenced the successive positions taken by the SEC.