By R W Scapens
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Extra resources for Accounting in an Inflationary Environment
Debtors and creditors will be measured at the balance-sheet date, as the amounts outstanding represent the actual indebtedness at that date. Cash is also measured at the balance-sheet date. Owners' equity comprises the capital subscribed by the owners when the business commenced, together with any further amounts of capital introduced and the reserves accumulated out of profits. Accordingly these items may be measured at many different dates. The above illustration was designed to demonstrate that conventional accounting is equivalent to the measurement of a field by expressing length in metres and breadth in centimetres.
Accounting, as described above, such gains may be recognised in the profit and loss account. However, it can be argued that such gains are not realised, and are unlikely to be realised in the foreseeable future. Furthermore, as debt capital and preference shares are generally regarded as part of capital structure, it is arguable that any recognition of a change in their value should be treated as a capital adjustment. Although the Statement of Standard Accounting Practice No. P. financial statements were to be directed towards the equity owners of the business.
These four items are held on 31 January. To determine the outcome of these transactions and the financial position on 31 January a measurement scale is required to assist aggregation of the two purchase transactions and for comparison with the selling transaction. In the absence of such a scale, the accountant's report would be restricted to descriptive information, similar to that given above. The accountant has traditionally used money as his unit of measure and placed transactions on the monetary scale according to the money units associated with each transaction.
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