Accounting for the effects of changing prices
Seven months after the Financial Accounting Standards Board (FASB) issued Statement No. 33, Financial Reporting and Changing Prices, in September, 1979, the Institute of Chartered Accountants in England and Wales published Statement of Standard Accounting Practice (SSAP) no. 16, Current Cost Account...
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| Veröffentlicht in: | Journal of Accountancy (pre-1986) 1980-07, Vol.150 (1), p.82-87 |
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| container_title | Journal of Accountancy (pre-1986) |
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| creator | Sale, J Timothy Scapens, Robert W |
| description | Seven months after the Financial Accounting Standards Board (FASB) issued Statement No. 33, Financial Reporting and Changing Prices, in September, 1979, the Institute of Chartered Accountants in England and Wales published Statement of Standard Accounting Practice (SSAP) no. 16, Current Cost Accounting, which deals with accounting for price changes. Statement No. 33 requires disclosure information on income from continuing operations on both a constant dollar and a current cost basis, while SSAP 16 requires disclosure on a current cost basis only.Statement No. 33 tries to embody both concepts of capital maintenance while SSAP 16 has adopted the operating capacity concept. The 2 different concepts of capital maintenance are: 1. The financial concept of capital states that capital is maintained when the money value of net assets remains constant, measured either in nominal dollars or in units of purchasing power. 2. Capital is maintained when the net assets remain sufficient to produce a fixed quantity of goods and services. |
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Statement No. 33 requires disclosure information on income from continuing operations on both a constant dollar and a current cost basis, while SSAP 16 requires disclosure on a current cost basis only.Statement No. 33 tries to embody both concepts of capital maintenance while SSAP 16 has adopted the operating capacity concept. The 2 different concepts of capital maintenance are: 1. The financial concept of capital states that capital is maintained when the money value of net assets remains constant, measured either in nominal dollars or in units of purchasing power. 2. 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| fulltext | fulltext |
| identifier | ISSN: 0021-8448 |
| ispartof | Journal of Accountancy (pre-1986), 1980-07, Vol.150 (1), p.82-87 |
| issn | 0021-8448 1945-0729 |
| language | eng |
| recordid | cdi_proquest_reports_206743089 |
| source | EBSCOhost Business Source Complete |
| subjects | Accounting Accounting standards Balance sheets Comparative analysis Current cost accounting Current liabilities Exposure drafts FASB statements Inflation accounting Inventory Methods Prices Profits Sales Stockholders Tax basis Taxation Working capital |
| title | Accounting for the effects of changing prices |
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