Tuesday, 24 July 2012


I wish to thank the following people and entities for helping me in this project either directly or indirectly:

David Mosso, Vice Chairman (retired) at the Financial Accounting Standards Board (1978-1987) and Chairman (retired) at the US Federal Accounting Standards Advisory Board (1997-2006) for reading an abstract of my work and for his comment: ‘Good work.’

Prof. Robert Shiller from Yale University for his clarifications to me regarding the formula for calculating the Unidad de Fomento in Chile.

Prof. Rachel Baskerville from The School of Accounting and Commercial Law at the Victoria University in Wellington, New Zealand for taking the time in 2010 to confirm the authorization of a third concept of capital maintenance in IFRS with her colleague Prof. Kevin Simpkins, the Chairman of the New Zealand Accounting Standards Review Board and for her statement: ‘‘There is much to be gained from moving away from reporting on the basis Financial Capital Maintenance in Nominal Monetary Units.’

Sir David Tweedie, Ex-Chairman of the International Accounting Standards Board, and Prof. Geoffrey Whittington, ex-member of the IASB, for their valued input in 2005 regarding that year’s version of the manuscript.

The South African Institute of Chartered Accountants for their valued exchange of ideas regarding the project in 2008.

Prof. Geoff Everingham, Emeritus Professor of Accounting at the University of Cape Town, for his valued exchange of ideas regarding the project in 2008.

Without SAICA´s and Prof. Everingham’s input in 2008 the project would not be where it is today.

Prof. Steve Hanke from the Cato Institute and John Hopkins University for his detailed assistance regarding currency boards to me prior to 2005 and his assistance with the definition of severe hyperinflation more recently.

Dr Gustavo Franco, Ex-Governor of the Banco Central do Brazil for his contribution to confirm that trade debtors and trade creditors are non-monetary items which have to be measured in units of constant purchasing power during inflation and hyperinflation.

Ron Lott, FASB Research Director and Kevin McBeth, FASB Project Manager for clearing up my doubts regarding the treatment of capital maintenance during the IASB and FASB´s Joint Conceptual Framework Project.

Dr Cemal KUCUKSOZEN, the Ex-Head of the Accounting Standards Department at the Capital Markets Board of Turkey in Ankara, for reading the 2005 version of the manuscript and for his comments including: ‘Theoretically, I totally agree with you. But, as you know, there is a trend towards acceptance of International Accounting Standards and IFRS issued by the IASB all over the world. In this regard, we can change over to Real Value Accounting when there is a change in IAS / IFRS toward Real Value Accounting or there is a trend toward Real Value Accounting all over the world.’ Constant Item Purchasing Power Accounting was called Real Value Accounting in 2005.

Prof. Dr Aylin POROY ARSOY from the Uludag University in Turkey for her information regarding her article where she and Prof. Dr Umit GUCENME state in 2005 that inflation has no effect on the real value of non-monetary items.

Dr Fermín del Valle, Chairman of the Special Commission created by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE) in 2009, for making FACPCE´s 2010 research paper to the IASB regarding the replacement of IAS 29 available to me in 2012.

Prof. Stephen Zeff from Rice University for his detailed assistance with inflation accounting to me in 2008.

The Canadian Institute of Chartered Accountants for providing copies of IAS 6 and IAS 15.

April Pitman, Technical Manager at the IASB for liaising with FACPCE regarding my access to their 2010 research paper.

Graham Terry, Vice President at The South African Institute of Chartered Accountants for his assistance in getting my article Financial Statements, Inflation & The Audit Report published in Accounting SA, SAICA´s accounting journal, in 2007.

Riana Julies, editor at Accounting SA, SAICA´s accounting journal for publishing my article Financial Statements, Inflation & the Audit Report in 2007 after I initially stated that I doubted very much that it would be published.

Prof. Ignacio Rodríguez from the Escuela de Administración, Pontificia Universidad Católica de Chile for clarifying the use of the Unidad de Fomento in Chile to me in 2011.

Prof. Ignacio Velez-Pareja from the Universidad Tecnologica de Bolivar, Department of Finance and International Business in Colombia for his extensive discussions with me in 2009 regarding the effect of inflation.

Robert Burgess, Resident IMF Representative in South Africa in 2007 and Norbert Funke from the IMF for their assistance in dealing with my questions regarding stabilization programs in high inflation situations during Zimbabwe’s hyperinflation.

Miguel Octavio, the owner of the Venezuelan blog The Devil’s Excrement and the commentators on his blog for sharing their experience of hyperinflation under President Hugo Chávez in Venezuela.

Banco Central de Chile for supplying me with detail of the extent of daily inflation-adjustment of the money supply in Chile.

Banco Central do Brasil for supplying me with detail regarding daily indexing of non-monetary items during 30 years of hyperinflation in Brazil.

Statistics South Africa for clarifications to me regarding the CPI in South Africa.

Motley Fool, the owner of the Fool’s Paradise blog for bringing the Unidad de Fomento to my attention in 2011. Forum members for sharing with me the daily developments during the last two years of Zimbabwe’s period of hyperinflation under President Robert Mugabe and Gideon Gono, governor of the Reserve Bank of Zimbabwe.

Terry Clague, Publisher for Business, Management & Accounting books at Routledge Publishers for his assistance in my attempt to get published and his comment: ‘The quality of the book is not in question.’

Jonathan Norman, Publisher at Gower Publishing for his role in my attempt to get published and his comment: ‘You make a convincing case for the book.’

Juta Academic Publishers in Cape Town for offering me a publishing contract in 2005. Unfortunately we could not agree on terms at the time.

Harriet, my daughter, for her enduring support for the project.

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Nicolaas Smith Copyright (c) 2005-2012 Nicolaas J Smith. All rights reserved. No reproduction without permission.

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