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Friday, 31 October 2014

Silliest statements in accounting


"Measuring items in units of constant purchasing power makes no difference to the economy."

Prof Geoff Everingham
University of Cape Town __________________________________________________________________

"Financial reporting has no effect on the economy."

Michael Stewart 
Director of Implementation Activities at the IASB

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"Historical cost has predictive value."

IASB staff

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"If capital maintenance concepts will only be used for high inflation issues, the question could be asked whether the concepts should be retained in the Conceptual Framework or not." 

South African Institute of Chartered Accountants

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