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

By R. S. Gynther

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E. current replacement value] is applied. In other words, the application of the replacement value theory is n o t merely a calculation technique used in preparing the annual statements of the concern. It is integrated in the accounting system o f all sections o f the concern at every stage. " Naturally, there are many variations within the four types of proposals mentioned above and all important theoretical differen­ ces of any kind will be dealt with in subsequent chapters. As was indicated in Chapter 1, the proposals to be put forward in this book come within the fourth type of proposals discussed above.

T h e replacement cost used for calculating the a m o u n t charged in costs should be the current (or notional) cost o f replacement. V. IX. The replacement cost should be established as accurately possible. as T h e amounts appropriated and charged should be retained as a reserve. , L o n d o n , 129 p p . , p . 7. 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 !

T o be discussed later. See f o o t n o t e 15 in this chapter. ^Moonitz, op. , p . 50. •Sprouse, R. T. , A Tentative Set of Broad Accounting Principles for Business Enterprises (American Institute o f Certified Public Accountants, N e w York, 1962), 87 pp. , p. 9. 26 Accounting for Price-level Changes—Theory and Procedures The "Tentative Principles" also contain the following relevant statements which concern the balance sheet: Inventories which are readily salable at k n o w n prices with readily predictable costs o f disposal should be recorded at net realizable value, and the related revenue taken u p at the same time.

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