Accounting without inflation

Article Abstract:

The Accounting Standards Committee of the Institute of Chartered Accountants in England and Wales recommends that businesses use some form of current cost accounting when stating asset and inventory values, since these methods allow reporting of the effect of price hikes on profitability. This recommendation has come in the form of Statements of Recommended Practice, rather than British accounting standards, partially as a result of Britain's attempts to avoid the standards overload being experienced by the U.S. (due to the Financial Accounting Standards Board's standards proliferation). As a rule, the British accounting standards are less detailed than U.S. standards, and enforcement of the British standards relies upon businesses complying with the spirit, not the letter, of the standard.

United Kingdom, Methods, Valuation, Assets (Accounting), Inventories, Inflation accounting

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Accounting for the effects of changing prices

Article Abstract:

Five associations of accountants have agreed with the Accounting Standards Committee that a cost accounting standard needs to be developed to require companies to report the effects of changing prices in a standardized way; these accounting groups are: the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland, the Institute of Cost and Management Accountants, and the Chartered Institute of Public Finance and Accountancy. Excerpts from the Accounting Standards Committee handbook on this subject are provided and discussed.

Chartered Institute of Public Finance and Accountancy, Institute of Cost and Management Accountants

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A guide to good practice

Article Abstract:

The Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Scotland and the Institute of Chartered Accountants in Ireland have issued a new Guide to Professional Ethics. The new ethical guidelines were prepared by the Chartered Accountants Joint Ethics Committee, a body formed by representatives of the ethics committees of the three Institutes of Chartered Accountants.

Accounting, auditing, & bookkeeping, Ethical aspects, Accountants

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