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Chapter7
FinancialReportingandChangingPrices
DiscussionQuestionsSolutions
1.Historical-basedfinancialstatementsmaybemisleadingduringperiodsofsignificantinflation.Manyresourcesmayhavebeenacquiredinperiodswhenthepurchasingpowerofthemonetaryunitwasmuchhigher.Theseexpensesthentypicallyaredeductedfromrevenuesthatreflectcurrentpurchasingpower.Theresultingincomenumberisunintelligible.Anotherproblemforstatementreadersisthatthevalueofassetsrecordedattheirhistoricalacquisitioncostistypicallyunderstatedasaresultofinflation.Understatedassetvaluesproduceunderstatedexpensesandoverstatedearnings.
Financialtrendsarealsodifficulttointerpret,astrendstatisticsgenerallyincludemonetaryunitsofdifferentpurchasingpower.Apositivetrendinsalesmaybeduetopricechanges,notrealincreasesinsales.
2.Apriceindexisacostratio,thatis,theratioofarepresentative“basket”ofgoodsandservicesconsumedbyanaveragefamily,comparedtothepriceofthatsamebasketinabenchmark(“base”)year.Thepriceindexisinvaluableinenablingastatementreadertotranslatesumsofmoneypaidinthepasttotheircurrentpurchasingpowerequivalents.
3.Thisstatementispartlytrueandshowstheconfusionthatsurroundsinflationaccounting.Inaccountingforchangingprices,usersmustdistinguishbetweengeneralpricechangesandspecificpricechanges.Generalpricesrefertothepricesofallgoodsandservicesintheeconomy.Theobjectofaccountingforgeneralpricelevelchangesistopreservethegeneralpurchasingpowerofacompany’smoneycapital.Specificpricechangesrefertochangesinthepricesofspecificcommodities.Theobjectofaccountingforspecificpricechangesistopreserveacompany’sproductivecapacityoroperatingcapability.
4.Thecongressmaniswrong.Theobjectofinflationaccountingistoclarifythedistinctionbetweencapitalandincome,nottominimizecorporatetaxes.Inflationaccountingshowshowmuchmoneythecompanycanpayinexpenses,taxes,anddividends,whilekeepingenoughresourcestomaintainitscapital.
5.Althoughitisgenerallyconcededinprinciplethatpricelevel-adjustedfinancialstatementsaremoreusefulthanconventionalaccountingstatementsduringperiodsofsignificantinflation,itisajudgmentcalltoidentifyexactlywhenpricelevel-adjustedstatementsbecomemoremeaningful.Asaruleofthumb,executivesinBraziluseaninflationrategreaterthan10%permonth.InvestorsinGermanyorSwitzerlandmaybelievethat5%inflationperyearisalarming.Unfortunately,noonehasyetdevelopedaformal,rigorous,easy-to-applydefinitionofmeaningfulness.
Howdoesonedeterminewhetherthebenefitsofpricelevel-adjustedaccountinginformationexceedthecosts?Whilethecoststogeneratesuchinformationcanbemeasured,itismuchhardertoquantifythebenefits.Financialaccountingdealswithinformationproducedbybusinessenterprisesforusebyexternaldecisionmakers.Consequently,measurementofthebenefitsofpricelevel-adjustedinformationmustcoverallusergroupsinaneconomy.Multipleusergroups,unevendistributionsofbenefits(bothwithinandbetweengroups),andfavorableeconomy-widespillovereffectsofpricelevelinformationcomplicatethetask.Addinginternationaldimensionsmakestheproblemevenworse.
Chapter7
FinancialReportingandChangingPrices
DiscussionQuestionsSolutions
1.Historical-basedfinancialstatementsmaybemisleadingduringperiodsofsignificantinflation.Manyresourcesmayhavebeenacquiredinperiodswhenthepurchasingpowerofthemonetaryunitwasmuchhigher.Theseexpensesthentypicallyaredeductedfromrevenuesthatreflectcurrentpurchasingpower.Theresultingincomenumberisunintelligible.Anotherproblemforstatementreadersisthatthevalueofassetsrecordedattheirhistoricalacquisitioncostistypicallyunderstatedasaresultofinflation.Understatedassetvaluesproduceunderstatedexpensesandoverstatedearnings.
Financialtrendsarealsodifficulttointerpret,astrendstatisticsgenerallyincludemonetaryunitsofdifferentpurchasingpower.Apositivetrendinsalesmaybeduetopricechanges,notrealincreasesinsales.
2.Apriceindexisacostratio,thatis,theratioofarepresentative“basket”ofgoodsandservicesconsumedbyanaveragefamily,comparedtothepriceofthatsamebasketinabenchmark(“base”)year.Thepriceindexisinvaluableinenablingastatementreadertotranslatesumsofmoneypaidinthepasttotheircurrentpurchasingpowerequivalents.
3.Thisstatementispartlytrueandshowstheconfusionthatsurroundsinflationaccounting.Inaccountingforchangingprices,usersmustdistinguishbetweengeneralpricechangesandspecificpricechanges.Generalpricesrefertothepricesofallgoodsandservicesintheeconomy.Theobjectofaccountingforgeneralpricelevelchangesistopreservethegeneralpurchasingpowerofacompany’smoneycapital.Specificpricechangesrefertochangesinthepricesofspecificcommodities.Theobjectofaccountingforspecificpricechangesistopreserveacompany’sproductivecapacityoroperatingcapability.
4.Thecongressmaniswrong.Theobjectofinflationaccountingistoclarifythedistinctionbetweencapitalandincome,nottominimizecorporatetaxes.Inflationaccountingshowshowmuchmoneythecompanycanpayinexpenses,taxes,anddividends,whilekeepingenoughresourcestomaintainitscapital.
5.Althoughitisgenerallyconcededinprinciplethatpricelevel-adjustedfinancialstatementsaremoreusefulthanconventionalaccountingstatementsduringperiodsofsignificantinflation,itisajudgmentcalltoidentifyexactlywhenpricelevel-adjustedstatementsbecomemoremeaningful.Asaruleofthumb,executivesinBraziluseaninflationrategreaterthan10%permonth.InvestorsinGermanyorSwitzerlandmaybelievethat5%inflationperyearisalarming.Unfortunately,noonehasyetdevelopedaformal,rigorous,easy-to-applydefinitionofmeaningfulness.
Howdoesonedeterminewhetherthebenefitsofpricelevel-adjustedaccountinginformationexceedthecosts?Whilethecoststogeneratesuchinformationcanbemeasured,itismuchhardertoquantifythebenefits.Financialaccountingdealswithinformationproducedbybusinessenterprisesforusebyexternaldecisionmakers.Consequently,measurementofthebenefitsofpricelevel-adjustedinformationmustcoverallusergroupsinaneconomy.Multipleusergroups,unevendistributionsofbenefits(bothwithinandbetweengroups),andfavorableeconomy-widespillovereffectsofpricelevelinformationcomplicatethetask.Addinginternationaldimensionsmakestheproblemevenworse.
yieldsatranslationloss.Sincethechangeintheexchangerateitselfwascausedbyinflation,theresultisadoublechargeforinflation.
ExerciseSolutions
1.Thisexerciseisagoodwaytoteststudents’understandingofthevariousapproachesto
accountingforchangingprices.Vestel’searningsnumbersarebasedonthegeneralpricelevel
modelwhereasInfosysismeasuringitsperformancebasedonacurrentcostframework.Modellogoesastepfurtherandadjustsitscurrentcoststatementsforchangesinthegeneralpricelevel.
Somemayfeelthatcurrentcostdata,whichisbasedonthenotionofreplacementcosts,istoo
subjectiveanotiontobereliable.Sincegeneralpriceleveldataarebasedongeneralpricelevelindices,thenumbersappearinginVestel’sincomestatementaremuchmoreobjectiveand
facilitatescomparisonsamongcompaniesusingasimilarmethodology.Moreover,Vestel’s
statementsdonotviolatethehistoricalcostdoctrine.Otherswillarguethatthevalueofstock
investmentsarebasedondiscountedfuturecashflows.Accordingly,thecurrentcostframeworkprovidedbyInfosysismoregermanetoinvestordecisionsasitmeasurestheamountofearningsthatcouldbedistributedasdividendswithoutreducingthefirm’sfuturedividendgenerating
potential.Moreover,currentcostearnings,includingthegearingadjustment,reflectshowthefirmisimpactedbypricesthataremoregermanetothefirm,asopposedtothegeneralpublic.SomewillarguethatModello’sincomestatementcombinesthebestofbothworlds.However,thereismerittotheargumentthattheincomestatementshouldmeasuretheperformanceofthefirmandthatthisisbestaccomplishedwiththecurrentcostframework.Sinceindividual
investorsareaffectedbythegeneralpricelevel,theyshouldadjusttheirshareofafirm’scurrentcostearningsdistributionsforgeneralinflation.
2.a.
IncomeStatement
Revenue
OperatingexpensesDepreciation
OperatingincomeaMonetarygains
(losses)
Netincome
BalanceSheet
Cash
Land
Building
Acc.DepreciationTotal
Owners'equity
(beg.)
Netincome(loss)
Owner'sequity
(end)
Historical
Cost
MXP144,000,000
(86,400,000)(36,000,000)
MXP21,600,000
PriceLevelAdjustment
420/340
420/340
420/263
HistoricalCost-ConstantDollar
MXP177,882,353
(106,729,412)(57,490,494)
MXP13,662,447
-
MXP53,280,000
(73,248,759)MXP(59,586,312)
MX(P157,600,000180,000,000720,000,000(36,000,000)
MXP1,021,600,000
420/420
420/263
420/263
420/263
MXP157,600,000 287,452,471 1,149,809,885 (57,490,494)MXP1,537,371,862
MXP1,000,000,000rolledforwardb 21,600,000
MXP1,021,600,000
MXP1,596,958,174(59,586,312)
MXP1,537,371,862
aMonetaryloss:
Cash
Beginningbalance
Purchaseof
realestate
Rentalrevenues
Operatingexpenses
Monetaryloss
1,000,000,000420/2631,596,958,174
(900,000,000)420/263(1,437,262,356)
144,000,000420/340177,882,353
(86,400,000)420/340106,729,412)
157,600,000230,848,759
-157,600,000
(73,248,759)
bBeginningequityxpriceleveladjustment=adjustedamount
=P1,000,000,000x420/263=P1,596,958,174
2.b.
Cost
ReturnonAssets21,600,000
1,021,600,000
=2.1%
HC/ConstantDollar
(59,586,312)
1,537,371,862
=-3.9%
Cost-basedprofitabilityratiostendtoprovideadistorted(overstated)pictureofacompany'soperatingperformanceduringaperiodofinflation.
3.
Cash
Currentliabilities
LT-Debt
Netmonetaryliabilities
20X7
MJR2,500
(1,000)
(3,000)
MJR(1,500)
20X8
MJR5,100
(1,200)
(4,000)
MJR(100)
ZonoliaEnterprise’snetmonetaryliabilitypositionchangedbyMJR1,400duringtheyear(MJR100)–(MJR1,500).
4.
Netmonetaryliab.'s
12/31/X7
Decreaseduringyear
Netmonetaryliab.'s
12/31/X8
Nominal
MJR’s
MJR1,500x
(1,400)MJR100x
Restatefor
MajikstanGPL
32,900/30,000=
=32,900/36,000=
Constant
MJR’s
MJR1,645
(1,400)
MJR91
Monetary(generalpurchasingpower)gainMJR154
5.
IncomeStatement
Revenues
OperatingexpensesDepreciation
NetIncome(loss)
Historical
Cost
MXP144,000,000
86,400,000
(36,000.000)
MXP21,600,000
CurrentCostAdjustment
-
-
1.8
CurrentCost
MXP144,000,00086,400,000
64,800,000MXP(7,200,000)
BalanceSheet
Cash
MXP157,600,000
-
P157,600,000
Land
180,000,000
1.9
342,000,000
Building
720,000,000
1.8
1,296,000,000
Acc.Depreciation
(36,000,000)
1.8
(64,800,000)
TotalMXP1,021,600,000MXP1,730,800,000
Owners'Equity
Beg.Balance
OErevaluationa
Netincome(loss)
MXP1,000,000,000
-
21,600,000
MXP1,000,000,000
738,000,000
(7,200,000)
a
TotalMXP1,021,600,000
RevaluationoflandMXP162,000,000
Revaluationofbuilding576,000,000MXP738,000,000
MXP1,730,800,000
6.Solutionin000,000's:
MJR8,000X137.5/100.0=MJR11,000
20X720X8
CurrentcostMJR8,000MJR11,000
Acc.depreciation(1,600)(3,300)a
NetcurrentcostMJR6,400MJR7,700
aCurrentcostdepreciation=MJR800X137.5/100.0=1,100peryearfor3years.
7.Asnonewassetswereacquiredduringtheyear,wemustdeterminetowhatextenttheMJR3,000increaseinthecurrentcostofZonolia'sequipmentexceededthechangeinthegeneralpricelevelduringtheyear.Theappropriatecalculationfollows:
MJR11,000-[MJR8,000X36,000/30,000]
=MJR11,000-MJR9,600
=MJR1,400
Alternatively,ifwefollowtheFASB’ssuggestedmethodology,wherecalculationsareexpressedinaverage(20X8)dollars,currentcostdepreciationwouldbecomputedbyreferencetotheaveragecurrentcostoftherelatedassets.Thus,
Currentcost,12/31/X7MJR8,000,000
Currentcost,12/31/X811,000,000
MJR19,000,000
AveragecurrentcostMJR19,000,000/2=MJR9,500,000
Currentcostdepreciationat10%=MJR950,000
Increaseincurrentcostofequipment,netofinflation(000's):
CurrentCost
Restatefor
Inflation
Currentcost/
ConstantZonos
Currentcost,net
12/31/X7MJR6,400X32,900/30,000MJR7,019
Depreciation(950)(950)
Currentcost,net
12/31/X87,700X32,900/36,0007,037
MJR2,250MJR968
Theincreaseinthecurrentcostofequipment,netofinflationisMJR968.Thedifferencebetweenthenominalrengeamount(MJR2,250)andconstantrenges(MJR968)istheinflationcomponentoftheequipment'scurrentcostincrease.
8.Restate-translatemethod:
Increaseincurrent
costofequip.,net
ofinflation
Constant
renges
MJR968,000X
Translate
1/4,800
=
$Equivalents
ofconstant
renges
$202
Translate-restatemethod:
CC(MJR)
TranslateCC($)
Restate
U.S.GPL
CC/Constant$
CC,netMJR6,400,000x12/31/X7
Dep.(950,000)x
CC,net7,700,000x
12/31/X8
MJR2,250,000
x
1/4,800=$1,333
x
1/4,800=(198)
1/4,800=1,604
$469
292.5/281.5=$1,385
=(198)
292.5/303.5=1,546
$359
9.
Tradereceivables
-Tradepayables(170)
Netmonetaryworkingcapital72
20X7
£m
242
20X8£m
270
(160)
110
Changeinmonetaryworkingcapital=£38(£110-£72)
NetmonetaryW/C12/31/20X7
IncreaseduringyearNetmonetaryW/C12/31/20X8
Nominal
£
72X
38
110
X
Restatefor
BritishPPI
110/100=
=
110/120=
Constant
£
79.2
38.0
100.8
Monetaryworkingcapitaladjustment
=
(16.4)a
aThisamountisaddedtothecurrentcostadjustmentsfordepreciationandcostofsalesbecausetrade
receivablesexceededtradepayables,thustyingupworkingcapitalinanassetthatlostpurchasingpower.
Gearingadjustment:
[(TL–CA)/(FA+I+MWC)][CCDep.Adj.+CCSalesAdj.+MWCA]
whereTL=totalliabilitiesotherthantradepayables
CA=currentassetsotherthantradereceivablesandinventory
FA=fixedassetsincludinginvestments
I=inventory
MWC=monetaryworkingcapital
CCDep.Adj.=currentcostdepreciationadjustment
CCSalesadj.=currentcostofsalesadjustment
MWCA=monetaryworkingcapitaladjustment
=[(128–75)/(479+220+110][£m216]
=[.066][216]
=£14.3
TheonlynumberIcouldreadilyidentifyinproblem9isinventoryof220.ThenextnumberIcouldcomecloseonisfixedassets.Lookslikethesolutionabovesays479,thetextfor08indicates473.Icouldnotseewherethe110(MWC)camefrom.Neitherisitclearwheretheother3itemsinbracketscamefrom.ThesolutionneedstobeclearerbeforeIcancheckthenumbers.
Thisgearingadjustmentof£14.3millionissubtractedfromthecurrentcostofsalesanddepreciation
adjustments.Itrepresentsthepurchasingpowergainfromusingdebttofinancepartofthefirm'soperatingassets.
10.
a.
NominalThaiHistoricalTranslationU.S.
bahtinflationcost/constantratedollar
adjustmentbahtequivalent
Inven-
toryBHT500,000x100/200=BHT250,000x.02=$5,000
b.
NominalTranslationU.S.U.S.Historical
bahtratedollarinflationcost/constant
equivalentadjustmentdollars
Inven-
toryBHT500,000x.02=10,000x180/198=$9,090
Sorrythisseemsconfusingcomparedtonumber2wheretheyearendindexwasinthenumeratorandeitherthebeginningoraverageindexwasinthedenominator(e.g.420/340or420/263).ItisnotclearwhywedotheoppositeherewheretheThaipriceleveldoublesandweputthe200inthedenominatorand100inthenumerator.
c.Moststudentswillprefertherestate-translatemethod.Thisapproachhasmeritifgeneralandspecificpricelevelsmoveintandem.Ifnot,neitherapproachissatisfactoryasbotharebasedonahistoricalcostvaluationframeworkthatisgenerallyirrelevantforinvestmentdecisions.
d.Forreasonsenumeratedinthischapter,wefavorrestatinglocalcurrencyassetsforspecificpricechangesandthentranslatingthesecurrentcostequivalentstodollarsusingthecurrentexchangerate.
11.WeassumethatDoosanEnterprisestranslatesitsinventoryatthecurrentrateandadjustsitscostofsalesforinflationbysimulatingwhatitwouldhavebeenonaLIFObasis.Twoadjustmentsarenecessary
becauselocalinflationimpactsexchangeratesusedtotranslateforeigncurrencyinventorybalancestodollars.WithFIFOinventories,atranslationlossisrecordedin"asreported"earningswhenitisoriginallytranslatedtoU.S.dollarsbyacurrentexchangeratethatchanged(devalued)duringtheperiod.Thistranslationlossis
anindirectchargeforlocalinflation.Theinflationadjustment(simulatedLIFOcharge)toincrease"as
reported"costofsalestoacurrentcostbasisisanadditionalchargeforinflation.Absentsomeoffsetting
entry,consolidatedresultswouldbechargedtwiceforinflation.Toavoidthisdoublecharge,thetranslationlossembodiedinreportedearningsisdeductedfromthesimulatedLIFOchargetoarriveatanetU.S.dollarcurrentcostofsalesadjustment.Stepsintheadjustmentprocessareasfollows:
1.
2.
3.
4.
FIFOinventorysubjecttosimulatedLIFOcharge
Restateline1toJanuary1currencyunits
(KRW10,920,000x100/120).TheresultisanapproximationofDecember31LIFOinventory
DifferencebetweenFIFOandLIFOinventory
balances(line1minusline2)istheadditional
liraLIFOexpense(currentcostadjustment)
forthecurrentyear.
Translateline3todollarsattheJanuary1
exchangerate(KRW1,820,000÷900).TheresultistheadditionaldollarLIFOexpenseforthe
KRW10,920,000
KRW9,100,000
KRW1,820,000
currentyear$2,022
5.CalculatethetranslationlossonFIFOinventory
(line1)thathasalreadybeenreflectedin"as
reported"results:
a.Translateline1atJanuary
exchangerate(KRW10,920,000÷KRW900)
b.Translateline1atDecember31
exchangerate(L10,920,000÷KRW1,170)
c.Thedifferenceisthetranslation
lossin“asreported”results
$12,133
$9,333
$(2,800)
6.
Thedifferencebetweenlines4and5cis
thecostofsalesadjustmentindollars:
a.AdditionaldollarLIFOexpensefrom
line4.
b.Less:Inventorytranslationlossalready
reflectedin"asreported”results(from
line5c)
c.Thedifferenceisthenetdollarcurrent
costofsalesadjustment
$2,022
$(2,800)
$(778)
Here,thecurrentcostofsalesadjustmentisnegative(i.e.,reducesthedollarcostofsalesadjustment).Thisisbecausethewondevaluedbymorethanthedifferentialinflationrate(assumingaU.S.inflationrateclosetozero).Iftheliradevaluedbylessthanthedifferentialinflationrate,thecostofsalesadjustmentwouldhavebeenpositive.
12.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Costoffixedassetsat12/31
FIFOinventoryat12/31
Total
Less:Owners'equityat12/31
Liabilitiesusedtofinance
fixedassetsandinventory
Restateliabilitiestobeginning
ofperiodmarkka(EUR26,000X300/390)
Purchasingpowergain
Purchasingpowergainin
pounds(EUR6,000/EUR1.5)
Translationgainonapplied
liabilities(EUR26,000/EUR1.5-
EUR20,000
EUR8,000
EUR28,000
EUR2,000
EUR26,000
EUR20,000
EUR6,000
£4,000
EUR26,000/EUR1.95)
10.Netpurchasingpowergain
£4,000
£-0-
Inthiscasethetranslationgainonliabilitiesusedtofinancenonmonetaryassetsequalsthepurchasingpowergainbecausethecurrencydevaluationmatchedthedifferentialinflationof30%.Hence,nopurchasingpowergainswouldberecognized.
Case7-1Solution
Case7.1KashmirEnterprises
1.a–c
HistoricalPriceLevelHistorical
CostAdjustmentCostConstant
IncomeStatementRupees
RevenuesINR6,000,000160/144INR6,666,667
CostofSales2,560,000160/1283,200,000
Selling&Admin.1,200,000160/1441,333,333
Depreciation160,000160/128200,000
Interest240,000160/160240,000
Monetarygains(losses)a-741,666
NetIncomeINR1,840,000INR2,435,000
BalanceSheet
CashINR2,480,000160/160INR2,480,000
Inventory480,000160/128600,000
Building3,200,000160/1284,000,000
Accu.depreciation(160,000)160/128(200,000)
TotalINR6,000,000INR6,880,000
AccountspayableINR620,000160/160INR620,000
Notespayable2,400,000160/1602,400,000
Owners'equity2,980,0003,860,000
INR6,000,000INR6,880,000
aMonetarygains/(losses):
Cash
Beg.balanceINR720,000160/128INR1,150,000
Downpayment(800,000)160/128(1,000,000)
Sales6,000,000160/1446,666,667
Selling&Adm.exp.(1,200,000)160/144(1,333,333)
Paymentonaccount(2,200,000)160/144(2,444,444)
Interest(240,000)160/160(240,000)
INR2,480,000
Monetaryloss
INR2,798,890
-2,480,000
INR(318,890)
aMonetarygainsandlosses:
AccountsPayable
Beg.balanceINR420,000160/128INR525,000
Purchases2,400,000160/1283,000,000
Paymentsonaccount(2,200,000)160/144(2,444,444)
INR620,000INR1,080,556
-620,000
MonetarygainINR460,556
aMonetarygains/(losses):
NotesPayable
PurchasewarehouseINR2,400,000160/128INR3,000,000
-2,400,000
MonetarygainINR600,000
Netmonetaryloss:INR(318,890)+INR460,556+INR600,000=INR741,666.
CurrentCostFinancialStatements
HistoricalAdjustmentCurrentCost
IncomeStatementCostFactorEquivalents
RevenuesINR6,000,000-INR6,000,000
CostofSales2,560,0001.33,328,000
Sellingandadm.1,200,000-1,200,000
Depreciation160,0001.4224,000
Interest240,000-240,000
NetIncomeINR1,840,000INR1,008,000
BalanceSheet
CashINR2,480,000-INR2,480,000
Inventory480,0001.3624,000
Building3,200,0001.44,480,000
Acc.depreciation160,0001.4224,000
TotalINR6,000,000INR7,360,000
AccountspayableINR620,000-INR620,000
Notespayable2,400,000-2,400,000
Owners'equity2,980,0004,340,000
INR6,000,000INR7,360,000
2.Yourauthorsfavorcurrentcostoverhistoricalorhistoricalcost/constantdollarfinancialstatements.
Financetheorystatesthatinvest
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