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

By R. S. Gynther

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293. Profit Determination—The Index Problem 51 stated that the preparation of a general index was "quite feas­ i b l e " . "*' This statement seems to have a different emphasis from that inferred. Mrs. Anstey, a Royal Commissioner at the same inquiry, made an important and legitimate point in a question directed to Professor Paish, when she suggested that to tax companies on profits derived after adjusting costs in accordance with a general index would differentiate against companies whose costs had risen at a steeper rate*' (and vice versa).

J. Greener in arguing for the use of one general index actually uses the words: . should the business be wound u p the proprietors would receive in real terms . Professor Corbin uses these words: "Inasmuch as the stock­ holders have increased their equity in terms of purchasing power . " M o o n i t z , op. , p . 50. Accountant y 1 October 1961, p . 457. ^•Journal of Accountancy, D e c e m b e r 1960, p . 28. "" Jean St. G. " But the company is not going into liquidation. It hopes to survive, expand and prosper.

32 Accounting for Price-level Changes—Theory and Procedures publication of the annual financial statements adjusted to show the effects of price-level changes provided that "what has been done and the basis adopted" be clearly shown. The purpose of this examination of the official recommendations and other publications of these professional accountancy bodies has been to show that there is much recognition of those problems created by accounting and reporting in original historical costs. Too many people are unaware of this situation and beHeve that all professional bodies are opposed to making any step in this changing price-level problem area until such time as " t h e one answer" has been discovered.

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