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Accounting for Price-Level Changes—Theory and Procedures. - download pdf or read online

By R. S. Gynther

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Read Online or Download Accounting for Price-Level Changes—Theory and Procedures. Pergamon International Library of Science, Technology, Engineering and Social... PDF

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Extra info for Accounting for Price-Level Changes—Theory and Procedures. Pergamon International Library of Science, Technology, Engineering and Social...

Example text

Even then, the adjusted net profit figure will have its usefulness restricted unless the balance-sheet accounts are also restated. ^ ^Reporting the Financial Effects of Price-level Changes, p p . 5 4 - 5 5 . CHAPTER 5 STATEMENTS BY PROFESSIONAL BODIES SEEING that more and more people have been discussing and writing about the inefficiencies of conventional accounting and its Historical Record Convention since the Second World W a r (and quite rightly so too), anyone on the sidehnes would assume that the professional bodies would have immediately done everything in their power to make constructive recommendations to their members to correct the situation.

Moonitz, op. , p . 50. •Sprouse, R. T. , A Tentative Set of Broad Accounting Principles for Business Enterprises (American Institute o f Certified Public Accountants, N e w York, 1962), 87 pp. , p. 9. 26 Accounting for Price-level Changes—Theory and Procedures The "Tentative Principles" also contain the following relevant statements which concern the balance sheet: Inventories which are readily salable at k n o w n prices with readily predictable costs o f disposal should be recorded at net realizable value, and the related revenue taken u p at the same time.

Insofar as the position of an auditor is concerned, the council is o f the opinion that what constitutes "a true and fair view" o f the state o f the aff'airs of a c o m p a n y and of the profit for a stated period must always be a matter for decision in relation t o the facts of a particular case, but that there is no reason in principle w h y an auditor should qualify his report o n accounts by reason only o f s o m e disclosed departure from the basis of historical cost. 4. The council w o u l d welcome experiments by individual undertakings which have as their objective the presentation o f accounts in which all items in the trading and profit and loss account are expressed in p o i m d s sterling of the same purchasing power.

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