Abstract
As the title suggests, the current chapter considers the issue of accounting for inflation. Although there have been many problems and issues confronting the accounting community in recent years, none has occupied so much time and energy, or produced so much heated debate, as this issue. Although the attention given to this issue is partly due to the importance of the subject itself, other contributing factors include the amount of government involvement1 in the issue, and also the nature of the proposed solutions.
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Notes and References
D. R. Myddelton, ‘The Neglected Merits of CPP’, p. 90, from Leach and Stamp (eds), British Accounting Standards: The First Ten Years’ (Cambridge: Woodhead-Faulkner, 1981).
H. W. Sweeney, Stabilised Accounting (New York: Harper, 1936).
The Accountancy of Changing Price Levels (Institute of Cost and Works Accountants, 1952), and Accounting for Inflation (Association of Certified and Corporate Accountants, 1952).
Research Foundation of the Institute of Chartered Accountants in England and Wales, Accounting for Stewardship in a Period of Inflation (ICAEW, 1968).
Financial Accounting Standards Board, Financial Reporting and Changing Prices, Statement of Financial Accounting Standards, No. 3 (Sept. 1979).
Accounting Standards Steering Committee, Accounting for Changes in the Purchasing Power of Money, PSSAP 7 (1974).
Accounting Standards Committee, Inflation Accounting — An Interim Recommendation (1977).
See, for example, W. Godley and A. Wood, Stock Appreciation and the Crisis of British Industry (1974), available from the Department of Applied Economics, Sidgewick Avenue, Cambridge. Also, a series of articles was published by various authors on this point in the Financial Times, during November 1974.
See, R. S. Gynther, ‘Why use General Purchasing Power?’, Accounting and Business Research, vol. 4, no. 14, Spring 1974, pp. 141–57.
J. C. Bonbright, The Valuation of Property (New York: McGraw-Hill, 1937), p. 71, quoted in Sandilands, para. 208.
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© 1985 Robin John Limmack
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Limmack, R.J. (1985). Accounting for Inflation. In: Financial Accounting and Reporting. Palgrave, London. https://doi.org/10.1007/978-1-349-17898-8_15
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DOI: https://doi.org/10.1007/978-1-349-17898-8_15
Publisher Name: Palgrave, London
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