By R W Scapens
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Extra resources for Accounting in an Inflationary Environment
P. accounting propose that the purchasing-power adjustments be applied to the historic-cost figures used in the conventional financial statements. P. adjustments will not violate the basic accounting principles (except the money-unit principle). P. P. accounting for professional accountancy bodies is that it does not necessarily involve any major shifts in accounting theory or practice and it lacks both complexity and subjectivity. P. adjustments are relatively easy to apply in existing accounting systems and do not require any subjective evaluations (such as the valuation of assets).
P. profit and loss account. This restatement of a cash sale may at first sight appear inappropriate, as the purchasing power of cash holdings declines with increases in the general price level. However, to understand the restatement process Constant Purchasing Power Accounting I- Concepts 27 it is necessary to consider both book-keeping aspects of the transaction- the revenue-earning aspect (a credit) and the cash receipt (a debit). At the date of the transaction the business earned revenue of £Hl000, equivalent to £Cll00 (period end), and also received a cash receipt of the same amount.
The depreciation charge must be measured on that scale in the historical-cost records as it is computed as a proportion of the original cost. P. C. 3). C. 19X4). As the retail price index stood at 154 on the date of the statements, the restatement process will involve multiplication of £H amounts by 154 and division of the resulting product by the index number for the date on which the historical cost was measured. 3. P. ) Consider first the balance-sheet as at 31 December 19X4. The plant was acquired at a cost of £10,000 on 1 January 19X4 when the retail price index stood at 140.