By Aidan Berry, Robin Jarvis
Offers non-specialist accounting and finance scholars on company reports classes with an advent to the position of accounting in a managerial surroundings. This name displays alterations in overseas monetary Reporting criteria (IFRS).
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Extra resources for Accounting in a Business Context
With no innovation etc. Clearly this is notthe case and so we should look for alternative measures. One such alternative t o the original or historic cost of an item is its replacement cost. This is certainly more up 29 30 Wealth and the measurement of profit to date and allows for the changes that will take place in a non-static world. 6 Replacement cost The amount that would have to be paid at today's prices to purchase an item similar to the existing item. cement cost The replacement cost of an item is the amount that would have to be paid at today's prices to purchase an item similar to the existing item.
G. H. Williams (Prentice Hall, 1980). Review questions 1 Profit is normally seen as a flow over time whereas wealth can be described as a stock at a point in time. Explain in your own words the difference between a stock and a flow. 2 There are a number of different ways in which we can measure wealth. List the alternatives discussed in the chapter together with any drawbacks or problems that were identified with their use. 3 In certain situations we said that written-down cost could be used as an alternative.
Each of these is a possible measure of the original cost, but the question is which is the right cost. The answer is that the cost is the cost to the individual or enterprise on which you are reporting. This cost is normally referred to as the historic cost. The cost incurred by the individual or enterprise in acquiring an item measured at the time of the originating transaction. 5 Historic cost Historic cost Historic cost is the cost incurred by the individual or enterprise in acquiring an item measured at the time of the originating transaction.