By R W Scapens
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Extra resources for Accounting in an Inflationary Environment
P. L. P. terms. In this chapter such a method of accounting will be illustrated and discussed. P. sed in this generally accepted manner. P. accounting is not a simple alternative to current-cost accounting - the two methods are not mutually exclusive. P. P. However, all other accounting principles remain operative. P. P. financial statements requires Constant Purchasing Power Accounting II- Application 33 the restatement of each transaction; but if every transaction were to be restated individually, a completely revised accounting system would be required.
Historical cost can be retained as the basis of financial reporting. However, constant purchasing power adjustments may also be applied in accounting systems based on replacement or current costs. P. and further adjustments will be unnecessary. P. adjustments may be appropriate. P. L. P. terms. In this chapter such a method of accounting will be illustrated and discussed. P. sed in this generally accepted manner. P. accounting is not a simple alternative to current-cost accounting - the two methods are not mutually exclusive.
If this wide interpretation of purchasing power is adopted, and money values are restated accordingly, the accounting system may Constant Purchasing Power Accounting I- Concepts 29 appropriately be termed 'inflation accounting' or 'general pricelevel accounting'. For this purpose the general price-level index should be as wide-ranging as possible and include the movements in prices of all goods and services produced in the economy. Nationalincome deflators, as described in Chapter I, provide a suitable index for this purpose.