FINANCIAL ACCOUNTING THEORY （RMIT UNIVERSITY,CRAIG DEEGAN）--CHAPTER4规范会计理论-物价变动会计为例.pptVIP

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FINANCIAL ACCOUNTING THEORY （RMIT UNIVERSITY,CRAIG DEEGAN）--CHAPTER4规范会计理论-物价变动会计为例.ppt

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FINANCIAL ACCOUNTING THEORY （RMIT UNIVERSITY,CRAIG DEEGAN）--CHAPTER4规范会计理论-物价变动会计为例

PPT t/a Carnegie et al; Financial and Organisational Decision Making Financial Accounting TheoryCraig Deegan Chapter 4 Normative theories of accounting - the case of accounting for changing prices Slides written by Michaela Rankin Learning Objectives In this chapter you will be introduced to some particular limitations of historical cost accounting in terms of its ability to cope with various issues associated with changing prices a number of alternative methods of accounting that have been developed to address problems associated with changing prices some of the strengths and weaknesses of the various alternative accounting methods Learning Objectives Evidence that the calculation of income pursuant to a particular method of accounting will depend on the perspective of capital maintenance that has been adopted Limitations of historical cost in times of rising prices Historical cost assumes money holds a constant purchasing power three components of the economy which make the assumption less valid than when historical cost was developed: specific price level changes (shifts in consumer preference; technological advances) general price level changes (inflation) fluctuation in exchange rates Limitations of historical cost in times of rising prices - continued problem of relevance in times of rising prices asset’s current value may be different from historical cost problem of additivity can overstate profits in times of rising prices, with distribution of profits leading to an erosion of operating capacity including holding gains which accrued in previous periods in current year’s income distorts the current year’s operating results Support for historical cost accounting Predominant method used today so tended to maintain support of profession if not found useful business entities would have abandoned it Definition of Income The maximum amount that can be consumed during the period while still expecting to be as well off at the end of the period as at the beginn