By R. S. Gynther
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Extra resources for Accounting for Price-Level Changes. Theory and Procedures
S. Edwards says: If we are t o measure changes in the value o f money by examining changes in the prices o f particular g o o d s and services, w e have t o c h o o s e the g o o d s and services and the weight which w e shall attach t o each. It is clear, therefore, that the conclusions which w e draw as t o m o v e ments m the purchasing p o w e r of m o n e y depend o n the choice of data. T h e importance of a given index number may be quite different t o different individuals. T o a p o o r m a n a rise in the index number due t o a rise in the price of tea and sugar is probably m u c h m o r e important than it w o u l d be t o a rich m a n , while a rise in the number due t o the price o f R o l l s - R o y c e cars means nothing t o the p o o r m a n .
O p . , p. 35. 50 Accounting for Price-level Changes—Theory and Procedures Money has different values in the hands of different people and different firms. In each case it depends on the use these people and firms have for this money. All depends on what things they usually buy with their money. One general index of prices designed to show changes in the value of money can have no meaning to any one person or firm. As Professor R. S. Edwards says: If we are t o measure changes in the value o f money by examining changes in the prices o f particular g o o d s and services, w e have t o c h o o s e the g o o d s and services and the weight which w e shall attach t o each.
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.