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By R W Scapens

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Extra resources for Accounting in an Inflationary Environment

Sample text

P. financial statements is given below. C. Limited was incorporated on 1 January 19X4, at which date it issued 14,000 ordinary shares of £1 each, payable at once. The cash was received the same day and £10,000 was immediately used to acquire plant. 1. C. C. Limited undertook production and trading activities. No further plant was acquired, nor were any dividends paid during that year. 2 in the form of conventional financial statements. During the year the retail price index moved from 140 on 1 January to 154 on 31 December (for purposes of this illustration, the retail price index is used to measure changes in purchasing power, but other indices could be used- see the discussion in Chapter 3).

9 The Sandilands Committee recommended that a major review of the basis of the taxation of profit and income be undertaken. The last major review was undertaken by a Royal Commission which presented its final report in 1955 and worked on the assumption that there would be no major fluctuations in the value of money. As that Commission reported more than twenty years ago and worked on an assumption which is inappropriate today, a new examination of the tax system is clearly essential. Conclusion As inflation distorts the monetary measurement scale normally used by accountants, the conventional financial statements comprise aggregations and comparisons of measurements which were made against an unstable scale.

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.

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