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Inflation

Inflation

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Published by: rsakthimba on Oct 04, 2012
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10/04/2012

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Inflation Accounting
 
Inflation: Definitions
Decrease in purchasing power of money due to anincrease in the general price level
“A process of steadily rising prices resulting in
diminishing purchasing power of a given nominal sum
of money”
 
The Penguin Dictionary of Economics
“Rise in prices brought about by the expansion of the
supply of bank money, credit, etc.”
 
Oxford Advanced Learners Dictionary of Current 
English
 
IAS 29: Financial Reporting inHyperinflationary Economies
Effective date: Annual periods beginning on or after
January 2005
The financial statements in a currency of ahyperinflationary economy are stated in the end-of-
period measuring unit current
Comparative figure for prior periods are restated intothe same current measuring unit

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