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inflation accounting

   Also found in: Wikipedia, Hutchinson 0.04 sec.
Inflation accounting
Accounting practices allowing for the effects of inflation.
inflation accounting
Alteration of a firm's financial statements to account for changes in the purchasing power of money. With inflation accounting, gains and losses from holding monetary items during periods of changing prices are recognized. Likewise, long-term assets and liabilities are adjusted for changing price levels. Inflation accounting is used to supplement regular financial statements in order to illustrate how changing price levels can affect a firm. Also called general price level accounting.
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Specifying just one definition of value in advance would be equally useless, as both the SEC and FASB found out in their competing approaches to inflation accounting.
Why fair value accounting can't work by King, Alfred M. / Financial Executive
In 1978, he was appointed a member of the Financial Accounting Standards Board Task Force on the Conceptual Framework (for accounting standards) because of articles he wrote on inflation accounting.
Trooper Technologies Appoints Eminent Economist David D. Hale As ... by Business Wire
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