By R. S. Gynther
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Additional info for Accounting for Price-Level Changes. Theory and Procedures
2 6 4 - 2 7 5 . Types of Proposals that Have Been Advocated 37 In accordance with the principles of "accounting for m a n a g e m e n t " the responsible managers of all levels must k n o w periodically the income and the capital employed, both in total and in detail. 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.
Australian Accountant, April 1956, p . 141. e. using several specific indexes] the emphasis is placed o n things, physical assets, rather than o n m o n e y or purchasing-power-units, as a result of which the capital at the beginning o f the period is considered as comprising a group o f physical assets which is eventually converted into funds, a portion o f the fimds b e m g used t o replace the physical assets and the balance being the income for the period. W e then have a change from accoimting for things in terms o f m o n e y or purchasing-power-units, t o accounting for m o n e y in terms o f things, and the capital which is being maintained intact is the real physical capital and n o t the financial capital, or a p o o l o f purchasing-power.
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 !