Accounting in an Inflationary Environment by R W Scapens

By R W Scapens

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P. C. 5. P. 3, remember that we are now using a different purchasing-power base. e. 3 uses yearend pounds (index ofl54). P. 12. 19X4) , can be restated in average-of-the-year Gonstant Purchasing Power Accounting II - Application 41 pounds by multiplying by the factor (147/154) to give fC2347 (average 19X4). 19X4) can be similarly restated as fG405 (average 19X4). 5, fG16,642 (average 19X4), can be computed by restating each item in the historic-cost balance sheet (including net monetary assets) in average-of-the-year pounds.

Constant Purchasing Power Accounting II - Application 45 which varied considerab1y in size and type, although most were 1isted on American stock exchanges. S. P. 7 per cent. The most striking feature of Rosenfie1d's results is the variation from company to company, particu1arly in the excess of reported over restated profits. Unfortunately the companies are not identified, nor is the nature of their activities indicated. Thus the reasons for the variations are undear, although differences in amounts and ages of fixed assets and inventories are 1ikely to have been an important factor.

Requires the publication of both constant dollar and current-cost information. The latter will be described in Chapter 6. CHAPTER 4 Constant Purchasing Power Accounting 11- Application Measurement of financial transactions in terms of constant purchasing power does not necessarily imply a major change in established accounting principles. Historical cost can be retained as the basis of financial reporting. However, constant purchasing power adjustments mayaiso be applied in accounting systems based on replacement or current costs.

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