By R W Scapens
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Extra resources for Accounting in an Inflationary Environment
0. 19X2). As a general rule it may be concluded that the restatement process involves the multiplication of [,H figures by a factor wh ich comprises as numerator the general price-level index at a selected date (normally, the date of the financial statements) and as denominator the general price-Ievel index at the date each [,H figure was measured (normally, the date of the original transaction). The resulting figures will be measured in [,C of the selected date. Monetary IteDls Certain assets and liabilities are expressed as a number of units of money - for instance, balance with bankers or amounts of indebtedness.
Pearcy also studied aperiod of moderate inflation. K. K. companies for the period 1958-68. 4 per cent and totalled 29 per cent. ) were overstated by one-quarter. ) overstated by 60 per cent and the net of tax return on ordinary shareholders' funds overstated by 20 per cent. A 1ater study undertaken in the United Kingdom at a time of greater inflation reinforces Rosenfie1d's findings that differences between the reported and res ta ted figures may vary considerably from company to company. The study, undertaken by Cuder and Westwick,9 estimated the results ofrestating the financia1 statements of 137 companies quoted on the London Stock Exchange.
Accounts it is not normally necessary to compute separately the gain or loss on each monetary item. 5 Net monetary assets (liabilities) at start of period Add acquisitions of net monetary assets (liabilities) during period Less disposals of net monetary assets (liabilities) during period [,C (period end) X X X Sub-total Net monetary assets (liabilities) at end of period X X Loss (gain) from holding net monetary assets (liabilities) X monetary items during the period. 5 summarises the appropriate calculations, which are all expressed in terms of period-end purchasing power.
Accounting in an Inflationary Environment by R W Scapens