Arguably, the US and many other countries already have an electronic unit of account
and electronic unit of price quotation in the sense of this thought experiment: suppose the exchange rate between paper currency and electronic money departed from par, but the central bank and the rest of the government maintained a studied neutrality about what the unit of account
should be (including somehow making the two accounting systems equivalent as far as taxes go).
We'll still need a store of value, a transaction mechanism and a unit of account
The idea is that, by providing a better global unit of account
whose definition is widely accepted, it will enable others to devise ways to make it a medium of exchange and a store of value.
Another unit of account
will gradually take over in international financial transactions, crowding out the U.
In addition, no explanation is provided why each research project in the example constitutes a separate unit of account
or how the enterprise determined the proper unit of account
The government (or agency) need only define an indexed unit of account
, like the unidad de fomento introduced in Chile in 1967.
A functioning financial system in Russia "can only be built around a stable unit of account
-- a ruble of known and predictable value.
As a common unit of account
, a single currency (potentially the ecu) would provide companies that have operations in more than one member state with one currency for accounting purposes, thus simplifying administrative procedures and aiding efficiency and transparency.
The contract is for the supply of the unit of account
, together with the operating system.
Therefore, the selection of a unit of account
can affect the amount of tax exposure or benefit that may be recognized in the financial statements.
GoldGrams are the unit of account
and will be the electronic form of gold owned directly by users of the system and held in a precious metals repository.
FIN 48 uses R&D credit projects as an example of a unit of account
, and the IRS and state authorities often examine R&D credit costs by project.