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P . 145. •American Accounting Association, 1956, 28 p p . , p . 13. ^^Reporting the Financial Effects of Price-level Changes, 36 Accounting for Price-level Changes—Theory and Procedures During and after a proposed transition period, it is visualized that statements in both current and historical costs will be prepared. Mr. W. E. ) is one company that has prepared supplementary financial statements in the way recommended by this third group. ^' The fourth type of proposal comes from those who wish to incorporate all adjustments for price-level changes within the accounting system itself (and not only in the annual financial statements), thus making it impossible in most cases to prepare two sets of accounting reports, the only set then possible being the set of financial statements in current values.

They want their index to measure pure inflation or deflation—as distinct from the movements in the prices of specific items or ^Sands, J. E . , Wealth, Income and Intangibles (University o f T o r o n t o Press, 1963), p . 4 1 . *It is believed that the m e t h o d s subsequently r e c o m m e n d e d in this b o o k for dealing with s o m e so-called "holding gains a n d losses" ( c o m b m e d w i t h the "matching process") result in m o s t cases in a better profit figure for the firm than the economist's concept o f profit.

This group suggests that in each accounting period, calculations should be made t o assess the amount of inflationary profits included in conventional accoimting profits, and that this amount should be the subject of a n auto­ matic, compulsory transfer from the Profit and Loss A p p r o ­ priation Accoxmt to Capital Reserve Accounts. The idea is t o leave in the Profit and Loss Appropriation Account a net balance which could be distributed as dividends without impairing the financial solidarity of the company.

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