aconceptualframeworkforfinancialreporting(參考版)
2024-08-24 14:28本頁面
【正文】 s capital has been maintained at a predetermined level. ? Financial capital maintenance (FCM) – Set aside profits in order to preserve the value of shareholders’ funds in ‘real terms’. – Money FCM /CPP FCM ? Physical /Operating capital maintenance (PCM, OCM) – Set aside profits in order to allow the business to continue to operate at current levels of activity. 29 Example ? Beginning – $100 / 1 unit inventory = $100/ capital ? Inventory was sold for $160. ? Inflation rate is 20%. ? Ending – Current cost of 1 unit inventory was $150. ? Profit under FCM and PCM? 31 Measurement base Accounting model FCM Historical Cost HCA Constant Purchasing Power CPPA PCM Current Cost CCA Historical cost accounting ? Advantage – recording assets at their original historical costs reduces subjectivity to a minimum – record gains until they are realised. 32 ? Disadvantage – asset values are outdated, particularly understated (inflation) – Ignore the effect of rising prices on moary items – profits are overstated (match historical cost with current revenue, inflation). If profits were distributed in full, the level of operations would have to be curtailed. – ROCE is overstated – Less parability Example 5, p184 Constant purchasing power accounting ? Moary items – already stated at current purchasing power, and no adjustment is required. – Gain or loss on purchasing power ? Nonmoary items – uplift to reflect price level at the reporting date (CPP units). ? Residual figure – neither a moary or a nonmoary item 34 ? Advantage – simple and objective – a true system of inflation accounting – measure the impact on the pany in terms of shareholders’ purchasing power ? Disadvantage – fail to capture specific and general price divergences – CPP currency units can be unfamiliar – does not show current value of assets and liabilities – physical capital is not maintained 35 Current cost accounting ? Moary items – no adjustment is required. ? Nonmoary items – Based on deprival value or value to business ? Cost of sales adjustment – takes the realised holding gain element out of profit ? Depreciation adjustment ? charges the CC depreciation on the yearend (or average) CC to ine statement in order to enable the replacement of the asset. 36 ? Advantage – relevant to real world business decisions – able to assess the current state or recent performance of the business – better parison between entities. – PCM ? assets are shown at their current
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