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

By R. S. Gynther

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It is not possible for an accountant to implement this method of valuation in any objective way, and any two accountants could produce figures varying greatly in size. Secondly, the selection of an appropriate discount rate is fraught with difficulties, and over the years there has been much debate concerning methods of selecting discount rates in any given set of circumstances. Much subjectivity exists here, too, as there can be much difference of opinion concerning the risk factor which must be reflected in the rate selected in each case.

The profit must be that which shows just how much can be taken from the business and still leave its capital intact for its then existing objects. These surplus funds could be used for dividends, further diversifi­ cation, etc. The point is that the profit must measure the surplus for the firm for the period under review, for the way it existed during the period; and taking into account the costs which were specific to it during that period. " O p . , p. 35. 50 Accounting for Price-level Changes—Theory and Procedures Money has different values in the hands of different people and different firms.

Journal of Accountancy, A u g u s t 1960, p . 2 9 . "" And Dr. "^^ The following extract from Accounting Research Study N o . 6 shows that it suggests the use of one general index. , balance sheet, i n c o m e statement, analysis o f retained earnings) should be restated by means of a single index o f the general price-level as of the balance sheet date s o that all the financial data will be expressed in terms of dollars o f the same purchasing-power. Why Are there Two Main Schools of Thought on Indexes?

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