By Aidan Berry, Robin Jarvis
Presents non-specialist accounting and finance scholars on enterprise experiences classes with an creation to the position of accounting in a managerial atmosphere. This name displays alterations in foreign monetary Reporting criteria (IFRS).
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1 which shows the differing values that would be obtained for both wealth and profit using historic cost, replacement cost and a hybrid method known as current cost accounting. 1 THE POST OFFICE: VALUE OF ASSETS The debate about the most appropriate method of arriving at a figure for the cap1tal of a business has gone on for many years. In the 1980s an alternative valuation base, other than h1stonc cost, was included in published accounts. In the followmg extracts from the Post Office accounts for 1985 two alternative sets of figures were presented.
15 16 INTRODUCTION TO ACCOUNTING future the information may have limited value for this purpose. In the real world, because of the impact of such things as changes in technology, innovations, changing fashions and inflation the past is unlikely to be a good predictor of the future. Apart from these problems there is also the question of what is and what is not included in the financial accounts. For instance, some items which, it is generally agreed, should be included in financial reports are often difficult to measure with any accuracy and thus the figures become more subjective.
If you remember, the starting point for this discussion was that we wished to establish whether Alex was better off at the end of the period than he was at the start. Had he made a profit? The problem is not one of finding a concept of profit, as there are plenty within the economics literature apart from the one that we have already referred to which was provided by Hicks (see, for example, Fischer's (1930) income concept and that due to Friedman (1957)). The problem is in fact one of measurement as most of these concepts rely either on a measurement of future income streams or on the measurement of wealth.