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Tham khảo tài liệu 'advanced financial accounting 7th edition_19', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 652 Part 3 Accounting and price changes The foregoing argument was not accepted by those charged with the task of reforming accounting practice except in the period when it was advocated that both current cost and historical cost accounts should be published. Conventional wisdom decreed that one set of current value accounts was enough. The question of which asset valuation method should be adopted was therefore central to the current value accounting debate. The net realisable value NRV approach possesses a number of virtues. The total of the net realisable values of a company s assets does provide some measure of the risks involved in lending to or investing in the company in that the total indicates the amount that would be available for distribution to creditors and shareholders should the business be wound up. This point is of course dependent on the problems associated with the determination of net realisable values which were discussed in Chapter 4 and in particular the assumptions that are made about the circumstances surrounding the disposal of the assets. It has also been argued notably by Professor R.J. Chambers that the profit derived from a variant of the net realisable value asset valuation basis 6 shows after adjusting for changes in the general price level the extent to which the potential purchasing power of the owners of an enterprise has increased over the period. However the potential would only be realised if all the assets were sold and it must be noted that in reality companies do not sell off all their assets at frequent intervals. Advocates of net realisable value were originally mostly to be found in academia but in the 1980s support for this view emerged from a professional accountancy body in the form of a discussion document issued by the Research Committee of the Institute of Chartered Accountants of Scotland.7 The model advocated by the committee and their arguments in favour of the net realisable value approach will be discussed in a