1、外文文献翻译原文INFLATIONACCOUNTINGANDNONFINANCIALCORPORATEPROFITSFINANCIALASSETSANDLIABILITIESJOHNBSHOVENSTANFORDUNIVERSITYJEREMYIBULOWMASSACHUSETTSINSTITUTEOFTECHNOLOGYTHISARTICLEISTHESECONDOFTWOCOMPLEMENTARYPAPERSBYTHEAUTHORSCONCERNINGINFLATIONACCOUNTINGANDNONFINANCIALCORPORATEPROFITSTHECOMPANIONPIECE,WH
2、ICHAPPEAREDINBPEA,31975,DISCUSSEDDEFINITIONSOFREALCORPORATEPROFITSANDSUGGESTEDASAMEANINGFULANDATTRACTIVECANDIDATETHEACCRUALOFPURCHASINGPOWERBYEQUITYHOLDERSASECONDDEFINITION,BASEDONTHECONCEPTOFMAINTAININGCAPITALINTACT,WASPRESENTEDASANALTERNATIVETHEPAPERASSERTEDTHATEACHBALANCESHEETENTRYWARRANTSRESTATE
3、MENTRELATIVETOCURRENTPRACTICEINORDERTOCOMPUTEREALPROFITSANDPROVIDEANACCURATEDETAILEDPICTUREOFTHEPOSITIONOFTHEFIRMINPERIODSOFINFLATIONANDOFADJUSTMENTINRELATIVEPRICESTHEACCOUNTINGTREATMENTOFINVENTORIESANDDEPRECIABLEASSETSWASEXAMINEDINDETAIL,ANDMICROANDMACROESTIMATESWEREMADEOFTHEIMPACTOFADOPTINGACCOUNT
4、INGPRACTICESCONSISTENTWITHTHETWODEFINITIONSOFREALINCOMEFORBALANCESHEETENTRIESINVOLVINGPHYSICALASSETSTHISPAPER,ONTHEOTHERHAND,WILLEXAMINETHEACCOUNTINGPRACTICESFORNOMINALLYDENOMINATEDFINANCIALASSETSANDLIABILITIESITALSOWILLAGGREGATEANDSUMMARIZETHERESULTSOFTHETWOPAPERSWETAKECORPORATEINCOMEPROFITSASAMEAS
5、UREOFTHEINCREASEINTHE“ECONOMICPOWER”OFTHEEQUITYHOLDERSOFTHEFIRMTOBEFULLYCONSISTENTWITHAHAIGSIMONSACCRUALDEFINITIONOFINCOME,ASWEARGUEDINOURPREVIOUSSTUDY,DEPRECIABLEASSETSANDINVENTORIESSHOULDBECARRIEDONBALANCESHEETSATTHEIRCURRENTMARKETVALUEFURTHER,ANYREALAPPRECIATIONORDEPRECIATIONOFTHESEASSETSRELATIVE
6、TOTHEGENERALPRICELEVELSHOULDBECOMPUTEDASINCOMETHISPOLICYHADTOBECOMPROMISEDSOMEWHATDUETOTHEPAUCITYOFDATAANDTHEINADEQUACIESOFTHEAVAILABLEPRICEINDEXESFORSPECIFICCAPITALGOODSINPRACTICE,WERECOMMENDGENERALVALUEDEPRECIATIONANDCONSTANTDOLLARFIFOFIRSTIN,FIRSTOUTINVENTORYACCOUNTING,ANDESTIMATEDTHEIMPACTOFIMPL
7、EMENTINGTHEMWEDEMONSTRATEDTHATTHEUNIVERSALADOPTIONOFTHESETECHNIQUESWOULDREDUCEAGGREGATEPROFITS,ANDTHEREFOREPROFITTAXES,OFNONFINANCIALCORPORATIONSINTHEPRESENCEOFINFLATIONHOWEVER,THETWOPOLICIESWOULDAFFECTINDIVIDUALCOMPANIESREPRESENTEDINTHEDOWJONESINDUSTRIALAVERAGESVERYDIFFERENTLYTHEEARLIERPAPERALSOASS
8、ERTEDTHATTHEDEFINITIONOFINCOMEBASEDONCAPITALMAINTENANCECONCEPTUALLYSUGGESTEDVERYDIFFERENTACCOUNTINGPROCEDURESTHANDIDTHEDEFINITIONBASEDONPURCHASINGPOWERACCRUALIFONEACCEPTSTHEIDEAOFCAPITALMAINTENANCE,THERELATIVEAPPRECIATIONOFDEPRECIABLEASSETSANDINVENTORIESDOESNOTCONSTITUTEINCOMEITFOLLOWSTHATLIFOLASTIN
9、,FIRSTOUTWOULDBETHEAPPROPRIATEINVENTORYACCOUNTINGTECHNIQUETOIMPLEMENTTHECAPITALMAINTENANCEINCOMECONCEPTTHEACCOUNTINGTREATMENTOFFINANCIALLIABILITIESWEOPENTHISANALYSISOFFINANCIALASSETSANDLIABILITIESBYCONCENTRATINGONTHEACCOUNTINGFORLIABILITIESTHEHAIGSIMONS,ORPURCHASINGPOWERACCRUAL,CONCEPTOFCORPORATEINC
10、OMEREQUIRESRECORDINGALLASSETSANDLIABILITIES,PHYSICALORFINANCIAL,ATTHEIRMARKETVALUESINORDERTODETERMINECHANGESINNETWORTHFURTHER,COMPUTINGTHEREALRATHERTHANTHENOMINALCHANGEINNETWORTHANDTHEREALVALUEOFEACHENTRYDEMANDSSTATINGTHEBALANCESHEETFIGURESFORTHEBEGINNINGANDTHEENDOFTHEYEARINTHESAMEUNITSWEHAVEADOPTED
11、THEYEARENDDOLLARASTHEAPPROPRIATEUNITANDAREUSINGTHEDOMESTICSPENDINGDEFLATORCOVERINGGNPMINUSEXPORTSPLUSIMPORTSASTHEMEASUREOFTHECHANGEINTHEPURCHASINGPOWEROFTHEDOLLARTHECAPITALMAINTENANCEDEFINITIONOFINCOMEISBRIEFLYSUMMARIZEDBYPIGOUFROMTHEJOINTWORKOFTHEWHOLEMASSOFPRODUCTIVEFACTORSTHERECOMESANANNUALINFLOW
12、INGSTREAMOFOUTPUTTHISISGROSSREALINCOMEWHENWHATISREQUIREDTOMAINTAINCAPITALINTACTISSUBTRACTEDFROMTHISTHEREISLEFTNETREALINCOMETHISDEFINITIONMAKESABSOLUTELYNOREFERENCETOFINANCIALLIABILITIESONECOULDARGUETHAT,TOBECONSISTENTWITHTHEACCOUNTINGTREATMENTOFPHYSICALASSETSUNDERTHISCONCEPT,THEFIRMSSHORTPOSITIONONB
13、ONDSSHOULDBEHANDLEDWITHALIFOTYPEPROCEDURETHISFOLLOWSTHE“GOINGCONCERN”ASSUMPTIONOFACCOUNTANTSANDITSBASICEMPHASISONREALIZATIONITIMPLIESTHATACCRUEDCHANGESINTHEMARKETVALUEOFBONDLIABILITIESWOULDNOTENTERTHECOMPUTATIONOFINCOMEAPOSSIBLEJUSTIFICATIONFORTHISTREATMENTISTHATTHEFIRMISSUEDITSLIABILITIESWITHTHEIRP
14、ARTICULARCOUPONRATESANDMATURITYSTRUCTUREBECAUSEITDESIREDTHEIMPLIEDPERIODIZATIONOFNOMINALDEBTCOSTSANDHADNOINTENTIONOFREPURCHASINGPREMATURELYINTHEEVENTOFRISINGINTERESTRATESTHEARGUMENTISTHATTHEFIRMISINTHEBUSINESSOFSELLING,NOTBUYING,SUCHLONGTERMFINANCIALCONTRACTSASBONDSTHISPOSITIONCONFLICTSWITHTHEFACTTH
15、ATMANYFIRMSDOBUYOUTTHEIRDEBTATDISCOUNTAGAIN,ASWITHPHYSICALASSETS,THEFUNDAMENTALISSUEISWHETHERANACCRUEDBUTUNREALIZEDGAINSHOULDBERECORDEDASINCOMEWHILECAPITALMAINTENANCEINCOME,ONTHISINTERPRETATION,WOULDNOTREFLECTCHANGESINTHEMARKETVALUEOFLONGTERMLIABILITIES,ITWOULDINCLUDETHEDECREASEINTHEREALBURDENOFNOMI
16、NALNETLIABILITIESTHATACCOMPANIESINFLATIONTHISCORRECTION,WHICHAMOUNTSTODEDUCTINGASCOSTSONLYREAL,NOTNOMINAL,INTERESTPAYMENTSWOULDBEMADEWITHBOTHREALINCOMECONCEPTSANDISPARTOFTHEREFORMOFCORPORATEACCOUNTINGPROPOSEDBYTHEFINANCIALACCOUNTINGSTANDARDSBOARDFASBTHEONLYDIFFERENCEISTHATWITHTHEPURCHASINGPOWERACCRU
17、ALCONCEPT,AFIRMSNETLIABILITYPOSITIONWOULDBEDETERMINEDUSINGMARKETVALUES,WHILEWITHTHECAPITALMAINTENANCECONCEPTORTHEFASBPROPOSAL,BOOKVALUESWOULDBEUSEDPRESENTACCOUNTINGPRACTICESFORFINANCIALLIABILITIESINTHEINCOMESTATEMENTOFNONFINANCIALCORPORATIONSAREBASEDONSIMPLECASHFLOWTHEONLYREPORTINGWITHRESPECTTORETAI
18、NEDLIABILITIESISTHEDEDUCTIONOFNOMINALINTERESTPAIDTHUS,THETREATMENTISNOTCONSISTENTWITHEITHEROFTHETWOREALINCOMECONCEPTSWEHAVEPRESENTED,AND,INPARTICULAR,DIFFERSFROMTHEHAIGSIMONSCONCEPTINTWOMAJORRESPECTSFIRST,SUCHENTRIESARENOTCORRECTEDTOTHEIRCURRENTORMARKETVALUEBUTARELISTEDATTHEIRISSUEORMATURITYPRICESEC
19、OND,NOADJUSTMENTISMADEFORTHEDECLINEINTHEVALUEOFAFIRMSREALLIABILITIESTHATRESULTSFROMANYDECREASEINTHEPURCHASINGPOWEROFADOLLAREVENIFTHEIRNOMINALVALUEREMAINSCONSTANTTHEFOLLOWINGPARAGRAPHSREPORTESTIMATESOFTHEEFFECTSOFTHESETWOACCOUNTINGCHANGESONTHETHIRTYDOWJONESINDUSTRIALCOMPANIESANDONNONFINANCIALCORPORAT
20、IONSINTHEAGGREGATECORRECTINGBONDSTONOMINALMARKETVALUEINRECENTYEARSNOTONLYHASTHERATEOFINFLATIONINCREASEDSUBSTANTIALLY,BUTSOHASTHEEXPECTATIONOFFUTUREINFLATION,ASREFLECTEDINMOVEMENTSINLONGTERMINTERESTRATESTHESECHANGESHAVEPRECIPITATEDALARGEDROPINTHEMARKETPRICEOFMANYLONGTERMBONDSTHEOWNERSHAVEEXPERIENCEDA
21、LOSS,WHICHTHEYCANREALIZEBYSELLINGTHEIRBONDSINTHEMARKETESSENTIALLY,BONDHOLDERSCANTRADEBONDSAMONGTHEMSELVESINORDERTOREALIZETHELOSSESANDOBTAINTHERESULTINGTAXDEDUCTIONSAGAINSTTHESELOSSES,NOPROFITISREPORTEDFORTAXORFINANCIALSTATEMENTPURPOSESNONETHELESS,UNDERTHEACCRUALCONCEPT,THEBONDISSUERENJOYSASYMMETRICE
22、CONOMICPROFITWHENTHENOMINALVALUEOFITSDEBTOBLIGATIONSDECLINESDUETOANINCREASEININTERESTRATESCONSIDERABONDWHOSEVALUEWAS1,000ATISSUE,BUTHASFALLENTO800BYTHEENDOFONEYEARTHECOMPANYHASMADEA200GAININTHESENSETHATITCANBUYTHISOBLIGATIONINTHEOPENMARKETFOR800TOBECONSISTENTWITHANACCRUALDEFINITIONOFPROFIT,WEWOULDAR
23、GUE,THEINCOMEOFTHEFIRMSHOULDBEINDEPENDENTOFREALIZATIONTHISCANBEACCOMPLISHEDIFCOMPANIESCARRYTHEIRMARKETABLELONGTERMDEBTOBLIGATIONSANDLONGTERMFINANCIALASSETSATMARKETVALUEONTHEIRBALANCESHEETS,ANDREPORTTHECHANGEINMARKETVALUEASINCOMELIABILITIESTHATARENOTTRADEDONACTIVEMARKETSWOULDBECARRIEDATTHEIRCALCULATE
24、DPRESENTVALUESTHEDISCOUNTINGWOULDBEDETERMINEDUSINGTHEINTERESTRATETHEFIRMFACESONSIMILARMARKETABLEDEBTISSUESTWOASPECTSOFTHISPROPOSALSHOULDBECLARIFIEDFIRST,ITMAYSEEMPARADOXICALFORTHECASEOFAFALLINBONDVALUESDUETOAPERCEIVEDDEEPENINGOFDEFAULTRISKSUCHACHANGEMAYCORRESPONDTOADECREASEINVALUEOFTHEASSETSOFTHEFIR
25、MTHATCLEARLYMAKESTHEEQUITYHOLDERSWORSEOFF,ANDWHICH,UNDERTHEPURCHASINGPOWERACCRUALCONCEPTOFINCOME,WOULDBEREPORTEDASALOSSHOWEVER,TOTHEEXTENTTHATTHEGREATERRISKOFBANKRUPTCYDEPRECIATESTHEVALUEOFTHEBONDLIABILITIES,SOMEOFTHISLOSSISTRANSFERREDFROMTHEEQUITYHOLDERSTOTHEBONDHOLDERSASARESULT,STOCKHOLDERSREALIZE
26、APARTIALLYOFFSETTINGGAIN,WHICHWOULDBERECORDEDASACCRUALINCOMEWITHTHEPROCEDURESDESCRIBEDINTHISSECTIONSECOND,ASWITHDEPRECIATIONANDINVENTORYACCOUNTING,MARKETVALUEREPORTINGOFFINANCIALLIABILITIESINVOLVESTHETIMINGOFINCOMEANDPRESUMABLYTAXPAYMENTSIFTHEBONDISNOTREPURCHASEDPREMATURELY,ITSPRICEWILLRETURNTO100PE
27、RCENTOFISSUEPRICETHENETCHANGEINVALUEWILLBEZERO,ANDTHETAXPAYMENTSOVERTHELIFEOFTHEBONDWILLBETHESAMEWITHORWITHOUTMARKETVALUEREPORTINGFIRMSOFFERMANYBONDISSUES,SOMEWITHRATHERLONGMATURITIES,ANDTHEEMPIRICALDATATOBEPRESENTEDWILLSHOWTHATTHELONGRUNISLONGENOUGHTHATTHEADOPTIONOFMARKETVALUESTATEMENTSWOULDHAVEASI
28、ZABLEEFFECTONEARNINGSASHASALREADYBEENSTATED,FIRMSDONOTNOWREVISETHEVALUEOFTHEIROUTSTANDINGLIABILITIESTOTHEMARKETLEVELINTERMSOFPRESENTVALUE,THISOMISSIONISCOMPENSATEDFORBYTHEDEDUCTIONOFINTERESTEXPENSEACCORDINGTOTHEHISTORICALCOUPONRATEANDNOTTHEMARKETRATE,BUTTHETIMINGOFREPORTEDINCOMEDIVERGESFROMTHATOFTHE
29、ACTUALACCRUALOFECONOMICPOWERTOCLARIFYTHISPHENOMENON,CONSIDERAFIRMTHATISSUESATENYEAR,10,000BONDAT4PERCENTINTERESTIFINTERESTRATESJUMPTO10PERCENTIMMEDIATELYAFTERTHEBONDISISSUED,ITSMARKETVALUEFALLSTO6,313IFTHECOMPANYDOESNOTREPURCHASETHISOBLIGATION,CURRENTACCOUNTINGPRACTICEWOULDHAVEITREPORT400ANNUALINTER
30、ESTEXPENSEONA10,000LOAN,600LESSINTERESTTHANWHATWOULDBEREQUIREDATTHEMARKETRATEWITHA10PERCENTDISCOUNTRATE,THEPRESENTVALUEOFTHIS600ANNUAL“SAVING”FORTHENEXTTENYEARSIS3,687,EXACTLYTHEAMOUNTOFTHEDROPINMARKETVALUETHUS,THEGAINISSPREADOVERTHELIFEOFTHEOBLIGATIONWITHMARKETVALUEACCOUNTING,A3,687PROFITWOULDBEREC
31、ORDEDWHENTHESPURTINTHEINTERESTRATEOCCURREDIFTHE10PERCENTRATEPERSISTS,THEVALUEOFTHEBONDWOULDBE6,544AFTERONEYEARAND6,798AFTERTWOFOLLOWINGTHEEXTRAORDINARYONESHOTGAINOF3,687,THEFIRMWOULDREPORT400ININTERESTANDA231RISEINOBLIGATIONSTHEFIRSTYEARFORATOTALOF631,OR10PERCENTOF6,313,AND400PLUSA254INCREASEINOBLIG
32、ATIONSDURINGTHESECONDYEARTHETOTALDEBTCOSTWOULDALWAYSBECONSISTENTWITHTHEMARKETINTERESTRATEANDTHEMARKETVALUEOFTHEDEBT,ANDTHEPROFITSORLOSSESDUETOINTERESTRATECHANGESWOULDBEREPORTEDWHENTHEYWEREEXPERIENCEDPROPONENTSOFACCRUALACCOUNTINGWOULDARGUETHATTHESECALCULATIONSMOREACCURATELYREFLECTTHEINCOMEFLOWSANDECO
33、NOMICPOSITIONOFTHEBUSINESSENTERPRISETABLE1DETAILSTHEUNREPORTEDANDUNREALIZEDPROFITSTHATEACHOFTHEDOWJONESINDUSTRIALCOMPANIESEXPERIENCEDIN1974ONITSOUTSTANDINGBONDSTHEDOUBLECOLUMN1RECORDSTHEVALUEOFTHEOPENMARKETBONDSOUTSTANDINGFOREACHCOMPANYIN1973AND1974COLUMN2SHOWSTHENETBONDMARKETBORROWINGBYEACHCOMPANYD
34、URING1974THEFIGUREISPOSITIVEIFTHECOMPANYISSUEDMOREDEBTTHANITREPAID,ANDNEGATIVEINTHEOPPOSITECASETHENETGAINONOPENMARKETBONDSISSHOWNINCOLUMN3ASIMILARFIGUREFORCLOSELYHELD,FOREIGN,ANDNONLISTEDLONGTERMOBLIGATIONSISSHOWNINCOLUMN4,BUTITISAPPROXIMATESINCETHEPRESENTVALUEOFTHESEITEMSHADTOBEESTIMATEDGIVENTHEIRM
35、ATURITYANDCOUPONRATE,THECREDITRATINGOFTHECOMPANY,ANDMARKETINTERESTRATESNOADJUSTMENTWASMADEFORTHEEXCHANGERATEINCOMEORLOSSFROMHOLDINGFOREIGNCURRENCYOBLIGATIONSTHETOTALUNREPORTEDPROFITSOFTHESEFIRMSRESULTINGFROMTHEDECREASESINTHEMARKETORPRESENTVALUEOFTHEIRLONGTERMOBLIGATIONSISGIVENINCOLUMNTHETABLEINDICAT
36、ESTHATALLOFTHEDOWCOMPANIESEXPERIENCEDUNREPORTEDPROFITSONTHEIRBONDSIN1974,WITHAMERICANTELEPHONEANDTELEGRAPHANDITSCONSOLIDATEDSUBSIDIARIESACCOUNTINGFORMORETHANONEHALFOFTHETOTALGAINOF33BILLIONTHEINCOMECORRECTIONSTHATWOULDBEMADEBYINDIVIDUALCOMPANIESTOARRIVEATTHEACCRUALOFPURCHASINGPOWERDEPENDPRIMARILYONT
37、HEAMOUNTANDMATURITYSTRUCTUREOFTHEFIRMSOUTSTANDINGDEBTTHESEELEMENTSDETERMINETHESENSITIVITYOFTHEVALUEOFTOTALLIABILITIESTOINTERESTRATECHANGESTABLE1,UNREALIZEDPROFITONOUTSTANDINGLONGTERMLIABILITIES,THIRTYDOWJONESINDUSTRIALS,1974MILLIONSOFDOLLARSCOMPANYMARKETVALUECASHGAINONGAINTOTALGAINSTANDARDPOORSBONDS
38、（1）19731974FLOWINTOBONDMARKET21974STANDARDANDPOORSBONDS3ONOTHERLONGTERMLIABILITIES4ONLONGTERMLIABILITIES5ALLIEDCHEMICALALUMINUMCOMPANYOFAMERICAAMERICANBRANDSAMERICANCANAMERICANTELEPHONEANDTELEGRAPHANACONDABETHLEHEMSTEELCHRYSLEREIDUPONTDENEMOURSEASTMANKODAKESMARKEXXONGENERALELECTRICGENERALFOODSGENERA
39、LMOTORSGOODYEARTIREANDRUBBERINTERNATIONALHARVESTERINTERNATIONALNICKEL32444971183118935918812974819393400048348364615451143425929422137121425344325311316005,958611254315373049720045268707889237025524943257108232811013355250000072113500000009462761100004001447003825365424146021724329128003153732364004
40、4832713208295161781,3590681460015376721548214354483871623908312153201,81922415789118176103208553799448835489349INTERNATIONALPAPERJOHNSMANVILLEOWENSILLINOISPROCTERANDGAMBLESEARS,ROEBUCKSTANDARDOILOFCALIFORNIATEXACOUNIONCARBIDEUSSTEELUNITEDTECHNOLOGIESWESTINGHOUSEELECTRICFWWOOLWORTHALLCOMPANIES1627750
41、1234118451405015469519007687004268116913,622714596192512102546944501417517126726003102187014,236400001475531907800003910024312501,8580169131197107256437520187570009245481,2446217245282038162332979291322289001162,060641416040118731876914994798922899246643,3056BPEA,31975译文通货膨胀会计与非金融企业利润金融资产与负债本文在布鲁金斯经
42、济活动论文集，31975版出现，是融合了两篇有关通货膨胀会计和有关非金融企业利润。讨论了企业的实际利润的定义和提出一个有意义和有吸引力的保持所有者权益购买力的建议。第二个定义，是基于资本保全的理论，是作为一种替代方法。论文指出，每个资产负债表项目相对于当前的业务进行重述，以便在通货膨胀时期，计算实际的利润，并提供准确、详细的计划和调整相对价格。对存货及固定资产折旧的会计处理方法进行了检查，并从微观和宏观的角度估计采用实务会计与实际收入的资产负债表中涉及实物资产两个项目的影响并作出一致的定义。本文在另一方面，将审查会计业务中以名义计价的金融资产和负债。它也汇总和总结了两篇论文的结果。我们以企业收
43、入（利润）衡量该公司所有者权益。为了完全符合黑格西门子定义的权责发生制，正如我们在以前的研究认为，资产负债表中固定资产折旧和存货应当考虑其目前的市场价值。此外，任何实际升值或这些资产的相对价格总水平的折旧应计入收入。由于数据不足，并且具体的资产价格指数有不足之处，使这一政策受到损害。在实践中，我们建议贬值和不变币值，存货核算采用先入先出法，并估计他们实施的影响。我们可以发现，受通货膨胀，用这些方法会减少总利润，因此，非金融公司所得税也会减少。然而，这两个政策将对道琼斯工业指数小中个别公司产生不同影响。早期的文章还声称，对基于资本维护理论的收入定义提出不同概念。如果一个人接受资本保全理论，资产的
44、折旧和存货相对升值不构成收入。由此可见，存货后进先出会是适当的会计手法来支持了资本维护理论中收入的概念。金融负债的会计处理我们通过分析金融资产和负债集中对负债核算的分析黑格西门子，或购买力增长、企业收入的概念，需要记录所有资产、负债、实物资产或金融资产的市场价值，以确定净值的变化。此外，计算实际而不是名义的净值变化（和每个项目的实际价值）要求说明在资产负债表的数字在年底用同一个单位。我们已采用适当的单位作为年终美元和国内消费平减指数（包括国民生产总值减去出口加上进口）衡量美元购买力的变化。古典经济学家庇古对资本维护定义中的收入进行了简要总结从联合工作中生产要素的整体质量来看，产量总会有年度性的
45、输出，这是总的实际收入。当需要保持资本不变，只有减去后剩下的实际收入的净额。这个定义完全没有提及金融性负债。有人可能会说，要与这一概念下的实物资产的会计处理方法相一致，该公司处理短期债券的立场应该是一个后进先出法。在此之前，会计师假设“持续经营”是强调的重点。这意味着，在债券的市场价值累计变动不会计入收入。这种方法的一个可能的理由是，该公司发行的债券其特殊的票面利率和期限结构，因为名义债务的成本所需的费用是分期的，它并没有过早的暴露回购利率上升的意图。其论点是，公司销售而不是购买长期金融债券合约。许多公司在打折买断他们公司债务这这一立场。再次，根本问题是与实物资产不同，金融资产未实现的收益，是
46、否应作为收入入帐。资本维护的收入不会反映在长期负债的市场价值变动，对这种解释，这将包括随着通货膨胀影响的名义负债下，实际负担的减少。这种修正是由财务会计准则委员会（FASB）提出的企业会计的组成部分，其数额为扣除成本，因为只有实际而不是名义上的，利息支付都将与实际收入概念同时提出。唯一不同的是，随着购买力概念的提出，一个公司的负债状况将是确定其市场价值，而随着财务会计准则委员会的建议，账面价值将被用于资本维护概念。非金融公司损益表中金融负债的现行会计做法是基于简单的现金流。相对于负债的有保留报告是扣除名义利息的支付。因此，这个方法不符合我们已经提出的两个实际收入概念，特别是，不同于黑格西门子在
47、两个主要方面的概念。首先，这样的项目不纠正其目前的价值或市场价值，除非到其发行或到期时。第二，不调整是为在一个公司负债的真正价值，会使购买力下降，即使他们的名义价值保持不变。以下各段的报告是估计在道琼斯工业指数和非金融公司总体两个方面变更的影响。修正债券在市场上的名义价值近年来不仅通胀膨胀率大幅上升，而且对未来通货膨胀的预期在长期利率的变动中反映出来。这些变化促成了许多长期债券的市场价格大幅下降。投资者受到损失，他们可以在市场上销售他们的债券。从本质上讲，债券持有者可交易债券，以实现所产生的损失和获得税收减免彼此。对于这些亏损，利润没有反映在所得税或财务报告中。然而，根据权责发生制的概念，债券
48、发行人享有对应的经济利益时，其债务面值下跌的原因是利率上升。考虑到债券的发行价值是1000元，但年底已经下降了至800元。在这个意义上该公司获得了200美元，意味着在市场上该债券可以用800美元买到。为了与应计利润的定义保持一致，我们会认为，该公司的收入要实现独立。这是可以实现的，如果公司按市场价值的资产负债表上适销对路的长期债务（和长期金融资产）的义务，并报告在市场收入上的价值变化。市场交易不活跃的负债将会按现值计算的，贴现的使用将取决于利率市场化的公司债务上面临的问题。这项建议应该在两个方面加以澄清。首先，它可能看起来是一个矛盾的情况，由于预见的违约风险的深化导致债券价值下降的。这种变化显
49、然使股权持有人更糟，那些资产的价值下降，而且根据收入购买力的概念，将在报告中作为损失。然而，更大贬值债券的价值以至于有破产的风险，这种损失一部分是从股东转移到债券持有者。因此，实现股东收益部分抵消，这将被视为与本节所述的应计收入入帐。第二，与折旧和存货会计一样，金融负债的市场价值报告为涉及收益的时间（大概是纳税）。如果没有过早回购债券，其价格将恢复到发行价的百分之百。在价值净变动将为零，并在其存续期内缴纳的税款将与市场价值报告不一定相同。在公司提供许多债券问题上，一些有相当长的期限并有经验数据的可以表明，从长远来看，市场价值经过足够长的时间将有一个可观的盈利效果。正如已经指出的，公司并不修改现在其所欠债务的市场价值水平。按当前价值计算，这种是弥补了遗漏的按历史票面利率而不是市场利率的利息费用，但报告收入的时机偏离了实际应计的经济实力。为了澄清这一现象，考虑这样一个问题，一个公司，十年期的10,000美元债券利息为4个百分点，如果债券发行后利率立即上升到百分之十，其市场价值下降到6,313美元。如果公司没有回购这一义务，按现行会计，它的年度报告是每年10,000美元的债券将有400美元的利息费用，将比市场利率要求的利息减少600元。随着百分之十的折扣率，这每年600元的“储蓄”未来十年的现值是3,687美元，正是市场价值下跌的金额。因此，收益是遍布生活的义务。随着市场价
