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By Aidan Berry, Robin Jarvis

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

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We start with original cost, then look at historic cost and finally discuss replacement cost. 1 which shows the values that would be obtained for both wealth and profit using a hybrid method known as current cost accounting. The definitions of the terms will be explained where appropriate later in this chapter. The important point to note at this stage is the relationship between wealth and profit and the way in which a change in the measurement of one affects the other. This will be explored in more detail, using an example called Alex, later.

If, on the other hand, the market conditions are neutral between buyer and seller, then the net realizable value is likely to be the open market value. It should be clear from the above that plenty of alternative measures are available, each of which has its own problems. 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, Fisher's (1930) income concept and that of Friedman (1957)).

We have already pointed out that to measure future income streams is extremely difficult in the real world because of the effects of uncertainty. This then leaves us with the alternative of measuring wealth and leads us to the question of finding the most appropriate measure. As we have seen, all the measures put forward so far have inherent problems, and it may be that the solution lies in combining one or more of these measures to obtain the best measure. For the purposes of this introductory text it is probably unnecessary to probe this area in greater depth but some references are given at the end of the chapter which will provide further background for those interested in pursuing the topic.

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