Download Accounting in an Inflationary Environment by R W Scapens PDF

By R W Scapens

ISBN-10: 0333319001

ISBN-13: 9780333319000

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A. a. a. a. 78 48 24 37 Note: Brackcts indicate that reported profits were less than adjusted profits. a. = not available. 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.

Profit and loss account of a business with many monetary liabilities may show a substantial gain from holding such items that more than offsets the effects of restating revenues and expenses. The recognition of gains from holding long-term monetary liabilities, such as debentures, loan stock and preference shares, is the subject of much controversy. P. accounting, as described above, such gains may be recognised in the profit and loss account. However, it can be argued that such gains are not realised, and are unlikely to be realised in the foreseeable future.

Limited statement an adjustment is made to restate the closing stock and depreciation charge in terms of average-of-the-year pounds. 25). P. 25 = fC2897 (average 19X4) This difference oHC103 (average 19X4) must be deducted from the historic-cost profit. The depreciation adjustment is computed in a similar way. 6. As the increase in net monetary assets du ring the year already reflects average purchasing power, only the opening and closing bai an ces require adjustment. C. Limited - lass 1rQm holding monetary assets (in average 19X4 pounds) fH Balance at I January 19X4 Increase during year Sub-total fC(average 19X4) X 4000 147 140 500 Average of year H500 4200 500 4700 Balance at 31 December 19X4 H500 154 4295 Loss during year H05 147 Although Statement of Financial Accounting Standards No.

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