Alfred Eugene Littleton: A Profile
Alfred Eugene Littleton, a notable figure in American financial history, is best known for his significant contributions to accounting theory and practice, particularly his work at American General Finance (AGF). While not a household name, his influence quietly shaped the landscape of financial reporting and corporate governance.
Littleton’s career spanned a period of dramatic change in the business world, marked by the growth of large corporations and the increasing complexity of financial transactions. Born in 1885, he witnessed the rise of industrial capitalism and the subsequent need for more sophisticated accounting methods. He wasn’t strictly affiliated with American General Finance his entire career, but his work on accounting principles had a substantial impact on their internal controls and reporting systems, especially during a period of rapid expansion for consumer credit companies.
His academic background was deeply rooted in the burgeoning field of accounting. Littleton spent a considerable portion of his professional life as a professor at the University of Illinois, where he dedicated himself to researching and teaching accounting principles. It was here that he began to develop his core ideas, emphasizing the importance of matching costs and revenues to accurately reflect a company’s profitability.
Littleton’s most enduring legacy lies in his theoretical contributions to accounting. He co-authored, along with William Andrew Paton, the influential book, “An Introduction to Corporate Accounting Standards,” published in 1940. This work advocated for a matching principle and emphasized the importance of presenting a clear and understandable picture of a company’s financial performance. This perspective was particularly relevant in the context of rapidly growing finance companies like AGF, which needed to accurately track lending activities, interest income, and loan losses.
Specifically regarding American General Finance, Littleton’s work indirectly helped them refine their accounting practices related to consumer lending. His emphasis on matching loan origination costs with interest revenue generated over the life of a loan ensured a more accurate representation of profitability. This became increasingly important as AGF expanded its loan portfolio and diversified its financial products.
Littleton’s impact extended beyond theoretical work. He actively participated in professional accounting organizations, advocating for the adoption of standardized accounting practices. His involvement helped to raise the standards of the accounting profession and promote ethical conduct among practitioners. He strongly believed in the social responsibility of accountants, emphasizing their role in providing reliable financial information to investors and the public. Through his teaching, writing, and professional activities, Littleton left a lasting mark on the field of accounting, influencing generations of accountants and shaping the financial practices of companies like American General Finance and countless others across the nation. He died in 1974, leaving behind a legacy of rigor and integrity in the accounting profession.
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