By R. S. Gynther
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Additional resources for Accounting for Price-Level Changes. Theory and Procedures
Which reflects the amount by which operations have resulted in the company being "better off"". A review o f accounting literature indicates that the realization a n d matching concepts were o n l y devised as a m e a n s o f approximating increases in wealth. * But how are current cost figures to be arrived at when past historical costs are out of date? Revenues will be in "current costs", but how are accountants to convert old historical costs t o current costs for the correct matching of expenses and revenues ?
30 Accounting for Prlce-Ievei Changes—Ttieory and Procedures XII. *® These "principles" give an indication of the ideas expressed in this Institute's book. Whilst they may not be the "official" views, the Council of the Institute has certainly made a good j o b of promoting the sales of the b o o k ! The Association of Certified and Corporate Accountants In 1952 this Association, too, published a book which strongly advocates the adoption of accoimting methods incorporating adjustments for changing price levels.
Accounting Methods. Whilst many of its theories and methods are not in agreement with those of this author, it is certain that any company adopting them on and from 1 July 1952 would have been much better informed over the following years than aU those companies who adhered to the conventional form of accounting based on his torical costs. The following few "principles" have been extracted from a summary of the recommendations in the book. I. The calculation and disclosure o f real profits falls w i t h m the sphere of accountancy.
Accounting for Price-Level Changes. Theory and Procedures by R. S. Gynther