By R. S. Gynther
Read or Download Accounting for Price-Level Changes—Theory and Procedures. Pergamon International Library of Science, Technology, Engineering and Social... PDF
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Extra resources for Accounting for Price-Level Changes—Theory and Procedures. Pergamon International Library of Science, Technology, Engineering and Social...
423. ^^Reporting the Financial Effects of Price-level Changes, p . xi. "Baxter, W . T. ), Studies in Accounting (Law B o o k C o . o f Australasia Pty. , Sydney, 1950), p . 243. Profit Determination—The Index Problem 45 profit determination purposes; so that the number of purchasingpower units contained in the monies subscribed to the business by shareholders will be maintained throughout a period of changing prices. e. so that the physical assets of the business wiU be maintained during the period of changing prices.
In their book. Inflation and Company Finance,^ Professors Mathews and Grant advocate this procedure a n d it appears that ^Law B o o k C o . o f Australasia Pty. , Sydney, 1958, 170 p p . * They also say that their procedures are not inconsistent with the recommendations of the main professional bodies in Britain and the United States, but involve objective measurement instead of arbitrary decisions as t o the amounts t o be transferred t o reserve, and require the allocations t o be m a d e as normal accounting procedures rather than as haphazard acts of financial policy.
On p . 1 of this book it was stated that it seemed as if most accoimtants were waiting for the non-existent perfect solution to this problem. The opening sentence of the Chartered Institute's paragraph 30 above shows that this is its attitude. The contents of these paragraphs seem to contain a contradiction. Whilst it is realized that conventional profit is not really profit, it is recommended that it still be called "profit". The adjustments or Statements by Professional Bodies 23 transfers to reserves necessary to preserve the purchasing power of the business are not to be a charge in arriving at "profits"!