Infation Accounting and Nonfinancial Corporate Prots: Physical Assets

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Infation Accounting and Nonfinancial Corporate Prots: Physical Assets

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The capital-maintenance definition of income is briefly summarized by Pigou: From the joint work of the whole mass of productive factors there comes an (annual) in-flowing stream of output. This is gross real income. When what is required to maintain capital intact is subtracted from this there is left net real income.' This definition makes absolutely no reference to financial liabilities. One could argue that, to be consistent with the accounting treatment of physical assets under this concept, the firm's short position on bonds should be handled with a LIFO-type procedure. This follows the "going concern" assumption of accountants and its basic emphasis on realization. It implies that accrued changes in...

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