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ENFLASYONA AYARLANMIŞ MALİ TABLOLARIN YATIRIMCILARA YARARLILIĞI: LİTERATÜR ARAŞTIRMASI ve TÜRKİYE AÇISINDAN BİR DEĞERLENDİRME

Year 2003, Volume: 5 Issue: 19, 75 - 82, 31.01.2003
https://doi.org/10.14783/maruoneri.682622

Abstract

Radical increases in the general price level especially due to the oil crisis in 1970s showed the deficiencies in financial statements with historical cost and these statements have been criticized for not providing true and realistic information for the users. There is a general consensus about the fact that financial statements with historical cost are not successful is reflecting the reality and that this inability may be solved by using inflation-adjusted financial statements. Nevertheless this theoretical judgment could not be approved - even only in stock markets- by empirical studies on participants of stock markets and prices of stocks. In this context, the aim of our study is to discuss and evaluate for Turkey, the findings obtained from academical accounting studies comparing the effects of the financial statements based on historical cost on the stock prices with the effects of the inflation-adjusted financial statements in the USA and UK stock markets.

References

  • [1] FASB, "Objectives of Financial Reporting by Business Enterprises", Original Pronouncements, Accounting Standards as of June 1, 1990, Volume II, 1990/91 Edition, Irwin, 1990.
  • [2] FRISHKOFF, P., Financial Reporting and Changing Prices: A Review of Empirical Research, FASB, 1982.
  • [3] BRENNER, V.C., "Financial Statement Users' Views of the Desirability of Reporting Current Cost Information", Journal of Accounting Research, Autumn 1970, ss.159- 166.
  • [4] LEE, T.A.; TWEEDIE, D.P., "The Institutional Investor and Financial Information: A Report Sponsored by the Institute of Chartered Accountants in England an Wales", Shareholder Use and Understanding of Financial Information, Garland Publishing, 1990, ss.1-209.
  • [5] ARNOLD, J.; Moizer, P., "A Survey of the Methods Used by UK Investment Analysts to Appraise Investments in Ordinary Shares", Accounting and Business Research, Summer 1984, ss.195-207.
  • [6] ARNOLD, J.; Mozier, P.; Noreen, E., "Investment Appraisal Methods of Financial Analysts: A Comparative Study of US and UK Practies", International Journal of Accounting, Vol. 19, No: 2, 1984, ss.1-18.
  • [7] BERLINER, R.W., "Do Analists Use Inflation-Adjusted Information? Results of a Survey", Financial Analist Journal, March/April 1983, ss.26-39.
  • [8] NORBY, W.C., "Applications of Inflation-Adjusted Ac-counting Data", Financial Analysts Journal, March/April 1983. ss.33-39.
  • [9] SRI International, Investor Information Needs and the Annual Report, Financial Executives Research Foundation, 1987.
  • [10] GOMBOLA, M.; KETZ, J., "A note on Cash Flow and Classification Patterns of Financial Ratios", The Accounting Review, January 1983, ss.105-114.
  • [11] ASHTON, R., "The Effect of Ssap 16 on Performance Measurement", Accounting and Business Research, Autumn 1985, ss.259-264.
  • [12] KETZ, J.E., "The Efect of General Price-Level Adjustment on the Predictive Ability of Financial Ratios", Journal of Accounting Research, Supplement 1978, ss.273-284.
  • [13] NORTON, C.L.; Smith, RE, "A Comparison of General Price Level and Historical Cost Financial Statements in the Prediction of Bankruptcy", The Accounting Review, January 1979, ss.72-87.
  • [14] MENSAH, Y., “Differential Bankruptcy Predictive Ability of Specific Price Level Adjustments: Some Empirical Evidence", The Accounting Review, April 1983, ss.228- 246.
  • [15] KEASEY, K.; Watson, R., "Current Cost Accounting and the Prediction of Small Company Performance", Journal of Business Finance and Accounting, Spring 1986, ss.51-70.
  • [16] GHEYARA, K.; BOATSMAN, J., "Market Reaction to the 1976 Replacement Cost Disclosures", Journal of Accounting and Economics, 2, 1980, ss.107-126.
  • [17] BEAVER, W.H.; CHRISTIE, A.; GRIFFIN, P.A., "The Information Content of SEC Accounting Series Release No. 190", Journal of Accounting and Economics, 2, 1980.
  • [18] RO, B.T., "The Adjustment of Security Returns to the Disclosure of Replacement Cost Accounting Information", Journal of Accounting and Economics, 2, 1980, ss.150-189.
  • [19] RO, B.T., "The Disclosure of Replacement Cost Accounting Data and Its Efect on Transaction Volumes", The Accounting Review, January 1981, ss.70-84.
  • [20] LUSTGARDEN, S., "The Impact of Replacement Cost Disclosure on Security Prices: New Evidence", Journal of Accounting and Economics, October 1982, ss.121-141.
  • [21] BEAVER, W.H.; GRIFFIN, P.A.; LANDSMAN, W.R., "The Incremental Information Content of Replacement Cost Earnings", The Modern Theory of Financial Reporting içinde (eds) Lawrence D. Brown, Businnes Publications Inc., 1987, ss.269-289.
  • [22] SCHAEFER, T.F., "The Information Content of Current Cost Income Relative to Dividends and Historical Cost Income", Journal of Accounting Research, Autumn 1984, ss.647-656.
  • [23] BEAVER, W.H.; Ryan, S.G., "How Well Do Statement No. 33 Earnings Explain Stock Returns?", Financial Analysts Journal, September-October 1985, ss.66-71.
  • [24] MURDOCH, B., "The Information Content of FAS 33 Returns on Equity", The Accounting Review, April 1986, ss.273-287.
  • [25] MCDONALD, B.; MORRIS, M.H., "The Relevance of SFASS 33 Inflation Accounting Disclosures in the Adjustment of Stock Prices to Inflation", The Accounting Review, July 1984, ss.432-446.
  • [26] FREEMAN, R.N., "Alternative Measures of Profit Margin: An Empirical Study of the Potential Information Content of Current Cost Accounting", Journal of Accounting Research, Spring 1983, ss.42-64.
  • [27] NUNTHIRAPAKORN, T.; MILLAR, J.A., "Changing Prices, Accounting Earnings and Systematic Risk", Journal of Business Finance and Accounting, 14, 1987, ss.1-25.
  • [28] ESPAHBODI, R.; TEHRANIAN, H., "Stock Market Reaction to Issuance of FAS 33 and its Preceding Exposure Drafts", Contemporary Accounting Research, 5, 1989, ss.575-591.
  • [29] SAMI, H.; CURATOLA, A.P.; TRAPNELL, J.E., "Evidence on the Predictive Ability of Inflation-Adjusted Earnings Measures", Contemporary Accounting Research, 5, 1989, ss.556-574.
  • [30] THOMSON, L.; WATSON, R., "Historic Cost Earnings, Current Cost Earnings and Dividend Decision", Journal of Business Finance & Accounting, Spring 1989, ss.1- 24.
  • [31] BUBLITZ, B., FRECKA, T.J.; MCKEOWN, J.C., "Market Association Tests and FASB Statement No. 33 Disclosures: A Reexamination", Journal of Accounting Research, Supplement 1985, ss.1-23.
  • [32] BERNARD, V.L.; RULAND, R.G., "The Incremental Information Content of Historical Cost and Current Cost Income Numbers: Time-Series Analyses for 1962-1980", The Accounting Review, October 1987, ss.707-722.
  • [33] BERNARD, V.L., "Cross-sectional Dependence And Problems in Inference in Market Based Accounting Research", Journal of Accounting Research, Spring 1987, ss.1-48.
  • [34] BILDERSEE, J.S.; RONEN, J., "Stock Return and Real Activity in an Inflationary Environment: The Information Impact of FAS No. 33", Contemporary Accounting Research, 4, 1987, ss.89-110.
  • [35] HOPWOOD, W.; Schaefer, T., "Firm-Specific Responsiveness to Input Price Changes and the Incremental Information in Current Cost Income", The Accounting Review, April 1989, ss.313-328.
  • [36] LOBO, G.J.; SONG, In-Man, "The Incremental Information in SFAS No. 33 Income Disclosures Over Historical Cost Income and Its Cash and Accrual Components", The Accounting Review, April 1989, ss.329-343.
  • [37] CORMIER, D., "Descriptive Models of Inflation Accounting Adopted by Standard Setting Bodies: Emprical Results", Journal of Accounting Literature, 8, 1989, ss.293-309.
  • [38] BARNIV, R., "The Value Relevance ofInflation-Adjusted and Historical-Cost Earnings During Hyperinflation", Journal of International Accounting, Auditing & Taxation, 8(2), 1999, ss.269-287.
  • [39] BEAVER, W.H.; LANDSMAN, W.R., Incremental Information Content of Statement 33 Disclosures: Research Report, Stamford, Conn,: FASB, November 1983.
  • [40] BOARD, J.; WALKER, M., "The Information Content of SSAP 16 Earnings Changes", Accounting and Business Research, Winter 1985, ss.69-72.
  • [41] WHITTINGTON, G., "Deprival Value and Price Change Accounting in the U.K.", Abacus, Vol 34, No. 1, 1998, ss.28-30.
  • [42] GEVERS, W.R., "The Income Measurement Properties of Two crude Inflation-Accounting Models", South African Journal of Business Management, March, Vol. 25, Issue: 1, 1994, ss.30-38.
  • [43] FIRDAY, D.F., "Accounting Valuation and the Current Cost Disclosures: The Case of Mexico", The Annual Meeting of the AAA, Dallas, 1997.
  • [44] GORDON, E.A., "An Examination of the Value Relevance of Historical-Cost, Price Level and Replacement Cost Accounting Using Firms Listed on the Mexican Stock Exchange", The Annual Meeting of the AAA, Dallas, 1997.
  • [45] http://www.spk.gov.tr/HaberDuyuru/duyular/enflasyontebliği_erteleme.htm.
Year 2003, Volume: 5 Issue: 19, 75 - 82, 31.01.2003
https://doi.org/10.14783/maruoneri.682622

Abstract

References

  • [1] FASB, "Objectives of Financial Reporting by Business Enterprises", Original Pronouncements, Accounting Standards as of June 1, 1990, Volume II, 1990/91 Edition, Irwin, 1990.
  • [2] FRISHKOFF, P., Financial Reporting and Changing Prices: A Review of Empirical Research, FASB, 1982.
  • [3] BRENNER, V.C., "Financial Statement Users' Views of the Desirability of Reporting Current Cost Information", Journal of Accounting Research, Autumn 1970, ss.159- 166.
  • [4] LEE, T.A.; TWEEDIE, D.P., "The Institutional Investor and Financial Information: A Report Sponsored by the Institute of Chartered Accountants in England an Wales", Shareholder Use and Understanding of Financial Information, Garland Publishing, 1990, ss.1-209.
  • [5] ARNOLD, J.; Moizer, P., "A Survey of the Methods Used by UK Investment Analysts to Appraise Investments in Ordinary Shares", Accounting and Business Research, Summer 1984, ss.195-207.
  • [6] ARNOLD, J.; Mozier, P.; Noreen, E., "Investment Appraisal Methods of Financial Analysts: A Comparative Study of US and UK Practies", International Journal of Accounting, Vol. 19, No: 2, 1984, ss.1-18.
  • [7] BERLINER, R.W., "Do Analists Use Inflation-Adjusted Information? Results of a Survey", Financial Analist Journal, March/April 1983, ss.26-39.
  • [8] NORBY, W.C., "Applications of Inflation-Adjusted Ac-counting Data", Financial Analysts Journal, March/April 1983. ss.33-39.
  • [9] SRI International, Investor Information Needs and the Annual Report, Financial Executives Research Foundation, 1987.
  • [10] GOMBOLA, M.; KETZ, J., "A note on Cash Flow and Classification Patterns of Financial Ratios", The Accounting Review, January 1983, ss.105-114.
  • [11] ASHTON, R., "The Effect of Ssap 16 on Performance Measurement", Accounting and Business Research, Autumn 1985, ss.259-264.
  • [12] KETZ, J.E., "The Efect of General Price-Level Adjustment on the Predictive Ability of Financial Ratios", Journal of Accounting Research, Supplement 1978, ss.273-284.
  • [13] NORTON, C.L.; Smith, RE, "A Comparison of General Price Level and Historical Cost Financial Statements in the Prediction of Bankruptcy", The Accounting Review, January 1979, ss.72-87.
  • [14] MENSAH, Y., “Differential Bankruptcy Predictive Ability of Specific Price Level Adjustments: Some Empirical Evidence", The Accounting Review, April 1983, ss.228- 246.
  • [15] KEASEY, K.; Watson, R., "Current Cost Accounting and the Prediction of Small Company Performance", Journal of Business Finance and Accounting, Spring 1986, ss.51-70.
  • [16] GHEYARA, K.; BOATSMAN, J., "Market Reaction to the 1976 Replacement Cost Disclosures", Journal of Accounting and Economics, 2, 1980, ss.107-126.
  • [17] BEAVER, W.H.; CHRISTIE, A.; GRIFFIN, P.A., "The Information Content of SEC Accounting Series Release No. 190", Journal of Accounting and Economics, 2, 1980.
  • [18] RO, B.T., "The Adjustment of Security Returns to the Disclosure of Replacement Cost Accounting Information", Journal of Accounting and Economics, 2, 1980, ss.150-189.
  • [19] RO, B.T., "The Disclosure of Replacement Cost Accounting Data and Its Efect on Transaction Volumes", The Accounting Review, January 1981, ss.70-84.
  • [20] LUSTGARDEN, S., "The Impact of Replacement Cost Disclosure on Security Prices: New Evidence", Journal of Accounting and Economics, October 1982, ss.121-141.
  • [21] BEAVER, W.H.; GRIFFIN, P.A.; LANDSMAN, W.R., "The Incremental Information Content of Replacement Cost Earnings", The Modern Theory of Financial Reporting içinde (eds) Lawrence D. Brown, Businnes Publications Inc., 1987, ss.269-289.
  • [22] SCHAEFER, T.F., "The Information Content of Current Cost Income Relative to Dividends and Historical Cost Income", Journal of Accounting Research, Autumn 1984, ss.647-656.
  • [23] BEAVER, W.H.; Ryan, S.G., "How Well Do Statement No. 33 Earnings Explain Stock Returns?", Financial Analysts Journal, September-October 1985, ss.66-71.
  • [24] MURDOCH, B., "The Information Content of FAS 33 Returns on Equity", The Accounting Review, April 1986, ss.273-287.
  • [25] MCDONALD, B.; MORRIS, M.H., "The Relevance of SFASS 33 Inflation Accounting Disclosures in the Adjustment of Stock Prices to Inflation", The Accounting Review, July 1984, ss.432-446.
  • [26] FREEMAN, R.N., "Alternative Measures of Profit Margin: An Empirical Study of the Potential Information Content of Current Cost Accounting", Journal of Accounting Research, Spring 1983, ss.42-64.
  • [27] NUNTHIRAPAKORN, T.; MILLAR, J.A., "Changing Prices, Accounting Earnings and Systematic Risk", Journal of Business Finance and Accounting, 14, 1987, ss.1-25.
  • [28] ESPAHBODI, R.; TEHRANIAN, H., "Stock Market Reaction to Issuance of FAS 33 and its Preceding Exposure Drafts", Contemporary Accounting Research, 5, 1989, ss.575-591.
  • [29] SAMI, H.; CURATOLA, A.P.; TRAPNELL, J.E., "Evidence on the Predictive Ability of Inflation-Adjusted Earnings Measures", Contemporary Accounting Research, 5, 1989, ss.556-574.
  • [30] THOMSON, L.; WATSON, R., "Historic Cost Earnings, Current Cost Earnings and Dividend Decision", Journal of Business Finance & Accounting, Spring 1989, ss.1- 24.
  • [31] BUBLITZ, B., FRECKA, T.J.; MCKEOWN, J.C., "Market Association Tests and FASB Statement No. 33 Disclosures: A Reexamination", Journal of Accounting Research, Supplement 1985, ss.1-23.
  • [32] BERNARD, V.L.; RULAND, R.G., "The Incremental Information Content of Historical Cost and Current Cost Income Numbers: Time-Series Analyses for 1962-1980", The Accounting Review, October 1987, ss.707-722.
  • [33] BERNARD, V.L., "Cross-sectional Dependence And Problems in Inference in Market Based Accounting Research", Journal of Accounting Research, Spring 1987, ss.1-48.
  • [34] BILDERSEE, J.S.; RONEN, J., "Stock Return and Real Activity in an Inflationary Environment: The Information Impact of FAS No. 33", Contemporary Accounting Research, 4, 1987, ss.89-110.
  • [35] HOPWOOD, W.; Schaefer, T., "Firm-Specific Responsiveness to Input Price Changes and the Incremental Information in Current Cost Income", The Accounting Review, April 1989, ss.313-328.
  • [36] LOBO, G.J.; SONG, In-Man, "The Incremental Information in SFAS No. 33 Income Disclosures Over Historical Cost Income and Its Cash and Accrual Components", The Accounting Review, April 1989, ss.329-343.
  • [37] CORMIER, D., "Descriptive Models of Inflation Accounting Adopted by Standard Setting Bodies: Emprical Results", Journal of Accounting Literature, 8, 1989, ss.293-309.
  • [38] BARNIV, R., "The Value Relevance ofInflation-Adjusted and Historical-Cost Earnings During Hyperinflation", Journal of International Accounting, Auditing & Taxation, 8(2), 1999, ss.269-287.
  • [39] BEAVER, W.H.; LANDSMAN, W.R., Incremental Information Content of Statement 33 Disclosures: Research Report, Stamford, Conn,: FASB, November 1983.
  • [40] BOARD, J.; WALKER, M., "The Information Content of SSAP 16 Earnings Changes", Accounting and Business Research, Winter 1985, ss.69-72.
  • [41] WHITTINGTON, G., "Deprival Value and Price Change Accounting in the U.K.", Abacus, Vol 34, No. 1, 1998, ss.28-30.
  • [42] GEVERS, W.R., "The Income Measurement Properties of Two crude Inflation-Accounting Models", South African Journal of Business Management, March, Vol. 25, Issue: 1, 1994, ss.30-38.
  • [43] FIRDAY, D.F., "Accounting Valuation and the Current Cost Disclosures: The Case of Mexico", The Annual Meeting of the AAA, Dallas, 1997.
  • [44] GORDON, E.A., "An Examination of the Value Relevance of Historical-Cost, Price Level and Replacement Cost Accounting Using Firms Listed on the Mexican Stock Exchange", The Annual Meeting of the AAA, Dallas, 1997.
  • [45] http://www.spk.gov.tr/HaberDuyuru/duyular/enflasyontebliği_erteleme.htm.
There are 45 citations in total.

Details

Primary Language Turkish
Journal Section Eski Sayılar
Authors

Gökhan Özer This is me

Publication Date January 31, 2003
Published in Issue Year 2003 Volume: 5 Issue: 19

Cite

APA Özer, G. (2003). ENFLASYONA AYARLANMIŞ MALİ TABLOLARIN YATIRIMCILARA YARARLILIĞI: LİTERATÜR ARAŞTIRMASI ve TÜRKİYE AÇISINDAN BİR DEĞERLENDİRME. Öneri Dergisi, 5(19), 75-82. https://doi.org/10.14783/maruoneri.682622

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Öneri

Marmara UniversityInstitute of Social Sciences

Göztepe Kampüsü Enstitüler Binası Kat:5 34722  Kadıköy/İstanbul

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