By Andrew M. McCosh, Michael J. Earl

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Whilst the case is not primarily intended to demonstrate the effect of inflation on profitability and liquidity, nevertheless it is a component problem. Finally the case is not designed explicitly to examine some of the issues of finance theory which arise, for example alternative models of valuation. However, it can be used to point out the contribution (and limitations) that fmance concepts, such as the capital asset pricing model, provide, and can be used to demonstrate the interface between fmancial accounting, financial analysis and finance theory.

2. Inflation Accounting In 1976 the debate over inflation accounting was in progress, it seemed likely that current cost accounting would be introduced. At that time companies were not obliged to produce inflationadjusted accounts; EPL did not.. However, it can be fruitful to ask students how well EPL's accounts portray the effect of inflation and what amendments they would make. 3. Notes Payable The amounts referred to in Notes 3 and 4 refer to repayment of principal. We are not told what interest rate pertains to the loan from the insurance company.

Considered. At least some sensitivity analysis is required, and perhaps SOJlle deterministic or probability modelling. Then alternative and possible outcomes could be assessed. Out of such assessment of risk and uncertainty, Elliot may have established the possible 'downside'. Any such appraisal would probably establish that the likely outcome of the project was skewed to the downside. Given that likelihood, an investm~nt of £170,000 could easily be a hazard to the company. learned through their Scottish paper mill.

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