By R. S. Gynther
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Additional resources for Accounting for Price-Level Changes. Theory and Procedures
The council w o u l d welcome experiments by individual undertakings which have as their objective the presentation o f accounts in which all items in the trading and profit and loss account are expressed in p o i m d s sterling of the same purchasing power. . T h e desirability of s h o w i n g in the balance sheet the capital employed expressed in p o u n d s sterling of the same m o n e y value also merits consideration. . Where there is a departure from the basis of "historical c o s t " (whether in the b o d y o f the financial accounts or by way of supplementary statements), what has been done and the basis adopted should b e clearly s h o w n .
The people who hold these opposing views are very definite in their beUefs, as the following few statements by men of abihty show. Mr. Lionel A. Wilk in his book Accounting for Inflation says: " T h e first essential is a yardstick and the only one which is applicable to all business and to all types of assets and UabiUties is the general purchasing power of m o n e y . "' Professor W. J. G r a h a m commenting on the method used by the PhiUps Electrical Companies states: " I t demonstrates that adjustment of accounts to reñect price change is practical.
6, Reporting the Financial Effects of Price-level Changes, was pubUshed late in 1963, and certain references have been and wiU be made to it in this book. It certainly suggests the disclosure of the effects of price-level changes on "all elements of the financial statements". It would seem from all of the above that an amendment to the official 1953 recommendations of the American Institute of PubUc Accountants, as regards accounting for the effects of price-level changes, is a distinct possibiUty in the near future.
Accounting for Price-Level Changes. Theory and Procedures by R. S. Gynther