IFRS are almost 100 per cent issued for the only accounting paradigm the world has ever known, namely, the Historical Cost paradigm. The stable measuring unit assumption is applied under the HC paradigm. In terms of the stable measuring unit assumption it is assumed that changes in the purchasing power of money are not sufficiently important to require capital maintenance in units of constant purchasing power during inflation. It is basically assumed that there is no such thing as inflation. It is assumed that there has never been inflation in the past, there is no inflation now and there will never be inflation in the future.
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