By R W Scapens
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Extra info for Accounting in an Inflationary Environment
This exposure draft became Statement 01 Standard Accounting Practice No. 16 on 31 March 1980. 17 This standard requires larger companies in the United Kingdom to publish supplementary current-cost financial statements for accounting periods beginning on or after I J anuary 1980. Alternatively, the current-cost information can be included in the primary financial statements. ) issued in 1974 an exposure draft on general price-Ievel accounting. S. corporations register with the Commission. B. also gave support to current-cost accounting.
Although the Statement of Standard Accounting Practice No. P. financial statements were to be directed towards the equity owners of the business. Accordingly gains to equity (at the expense of debt-holders) could be recognised in the profit and loss account. P. accounting which requires this approach to be adopted. If the financial statements are to be directed to all capital-holders (debt and equity) the effects of purchasing power changes on long-term monetary liabilities could be reported as a capital adjustment, via a capital-reserve account.
3, remember that we are now using a different purchasing-power base. e. 3 uses yearend pounds (index ofl54). P. 12. 19X4) , can be restated in average-of-the-year Gonstant Purchasing Power Accounting II - Application 41 pounds by multiplying by the factor (147/154) to give fC2347 (average 19X4). 19X4) can be similarly restated as fG405 (average 19X4). 5, fG16,642 (average 19X4), can be computed by restating each item in the historic-cost balance sheet (including net monetary assets) in average-of-the-year pounds.