Download PDF by Aidan Berry, Robin Jarvis: Accounting in a Business Context

By Aidan Berry, Robin Jarvis

ISBN-10: 0412375109

ISBN-13: 9780412375101

ISBN-10: 1489969446

ISBN-13: 9781489969446

Presents non-specialist accounting and finance scholars on company reports classes with an advent to the function of accounting in a managerial environment. This name displays adjustments in overseas monetary Reporting criteria (IFRS).

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However, we recognize the need and continue to support the search for an acceptable method of handling the effects of changing costs and prices. Since the UK Standard remains in force current cost figures have been provided as a matter of compliance on pages 56 to 59. We believe that a combination of replacement and historical cost figures is necessary to provide our shareholders with financial information on the group's performance and this rationale is applied in the highlights on page l and in the main accounts.

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.

In fact it is not as easy as that as we all know that the value of money is not stable; we only have to listen to our grandparents or even our parents talking about what money used to buy to realize that the value of money has decreased over time. If we leave the problem of the changing value of money aside and we use money as a measure of value, then we have no problem with the value of the cash in the bank, but what of the other items? What is the value of the car for example? Is it worth less because it is one year older, and if so how much less?

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Accounting in a Business Context by Aidan Berry, Robin Jarvis


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