• Robert W. Scapens
Part of the Studies in Finance and Accounting book series


Inflation assumed great political significance during the last decade. It is regarded by most people as being associated with undesirable effects and it has implications for all persons and institutions who conduct their economic activities by means of monetary units. The accounting professions in the United Kingdom and in a number of other countries have given detailed consideration to the accounting implications of inflation. Furthermore, in 1974 the U.K. government set up the Inflation Accounting Committee, with Francis Sandilands as chairman, to consider whether — and if so how — company accounts should allow for changes (including relative changes) in costs and prices. In the United States the Financial Accounting Standards Board has undertaken a similar enquiry. However, inflation is not a new phenomenon; it has been experienced by most countries at some stage in their history. Unfortunately the nature of inflation is frequently misunderstood.


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Copyright information

© Robert W. Scapens 1981

Authors and Affiliations

  • Robert W. Scapens
    • 1
  1. 1.University of ManchesterUK

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