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By R W Scapens

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For instance, a cash sale of ;[1000 during an accounting period will be. restated in constant purchasing power at the date of the financial statements. e. P. profit and loss account. This restatement of a cash sale may at first sight appear inappropriate, as the purchasing power of cash holdings declines with increases in the general price level. However, to understand the restatement process Constant Purchasing Power Accounting 1- Concepts 27 it is necessary to consider both book-keeping aspects of the transaction - the revenue-earning aspect (a credit) and the cash receipt (a debit).

Historical cost can be retained as the basis of financial reporting. However, constant purchasing power adjustments mayaiso be applied in accounting systems based on replacement or current costs. P. and further adjustments will be unnecessary. P. adjustments may be appropriate. P. P. terms. In this chapter such a method of accounting will be illustrated and discussed. P. accounting' will be used in this generally accepted manner. P. accounting is not a simple alternative to current-cost accounting - the two methods are not mutually exclusive.

A general price-level index measures changes in the prices of goods and services in general and, accordingly, reflects shifts in the value of money. 3 5 7 cent during 19X2. e. 3 at 31 December 19X2. 0. These changes in the index may be illustrated by an example of a basket of goods and services representing a fraction of all the goods and services available within the economy and costing [100 on 1 January 19X1. 30 on 31 December 19X2. 30 on 31 December 19X2 is equivalent to an outlay of [100 on 1 January 19X1.

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