Accounting for Price-Level Changes—Theory and Procedures. by R. S. Gynther

By R. S. Gynther

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Extra info for Accounting for Price-Level Changes—Theory and Procedures. Pergamon International Library of Science, Technology, Engineering and Social...

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The Two Main Schools of Thought Concerning Indexes One school advocates the using of one general index for all necessary adjustments of expenses,' and its members want this index to represent the movement in the prices of all the goods and services in the country. They want the index to represent the movements in the prices of "all things in general". They want the index to be the reciprocal of the value of money itself. They want their index to measure pure inflation or deflation—as distinct from the movements in the prices of specific items or ^Sands, J.

The other school advocates the using of several specific indexes, with each index measuring the specific movement in the relative expense for each firm. They wish to restate the historical cost of each item in accordance with the current specific cost of that item. They want to record the effect of price-level changes as they affect each specific firm. They do not want to record the effect of the general inflation or deflation, which by itself is considered to be irrelevant. They claim that the movements in the prices of "all things in general" have no specific bearing on each individual or individual firm.

See f o o t n o t e 15 in this chapter. ^Moonitz, op. , p . 50. •Sprouse, R. T. , A Tentative Set of Broad Accounting Principles for Business Enterprises (American Institute o f Certified Public Accountants, N e w York, 1962), 87 pp. , p. 9. 26 Accounting for Price-level Changes—Theory and Procedures The "Tentative Principles" also contain the following relevant statements which concern the balance sheet: Inventories which are readily salable at k n o w n prices with readily predictable costs o f disposal should be recorded at net realizable value, and the related revenue taken u p at the same time.

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