Accounting in an Inflationary Environment - download pdf or read online

By R W Scapens

ISBN-10: 0333226267

ISBN-13: 9780333226261

ISBN-10: 1349157775

ISBN-13: 9781349157778

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Extra resources for Accounting in an Inflationary Environment

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The table discloses substantial differences. At one extreme the difference between the two profit numbers for Land Securities was four times the unadjusted (reported) profit, while a small unadjusted profit of International Computers was restated as a substantial loss. The median change in profit number (for all 137 companies in the sample) was a reduction of 20 per cent. P. financial statement disclosed a lower profit than the reported statements. P. profit numbers will be lower on average than the historic profit numbers is supported by the calculations of the Monopolies and Mergers Commission Accountancy Staff.

P. accounting should be adopted because it does not fundamentally change existing accounting practice implies that historical costs provide the most useful information. This assertion may be challenged. The nature of financial reporting and the characteristics of useful information are discussed in Chapter 7. P. accounting to historical-cost methods to be of limited value. P. ' 10 The Sandilands Committee favoured an application of current-cost financial reporting. P. adjustments in the current-cost financial statements would add no useful information.

P. implicit price deflator - was 2. 7 per cent. The most striking feature of Rosenfield's results is the variation from company to company, particularly in the excess of reported 42 Accounting in an lriflationary Environment over restated profits. Unfortunately the companies are not identified, nor is the nature of their activities indicated. Thus the reasons for the variations are unclear, although differences in amounts and ages of fixed assets and inventories are likely to have been an important factor.

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Accounting in an Inflationary Environment by R W Scapens


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