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March 18, 2026The Accounting Review

Discounted Cash Flows, Price-Level Adjustments and Expectations: A Reply.

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Authors

HBHarold Bierman

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Overview

This reply discusses price-level adjustments and their implications on accounting expectations and asset valuation.

Key Points

  • The reply aims to clarify the author's views on discounted cash flows and the role of price-level adjustments in accounting.
  • Discussion of price-level adjustments compared to traditional cost information
  • Analysis of accounting objectives regarding real asset maintenance
  • Comparison of different income figures ($317 vs. $87)
  • Defends price-level adjustments as valid translations of cost information
  • Critiques the notion that accounting's primary goal is to maintain real assets
  • Highlights significant discrepancies between nominal and price-level adjusted incomes

Cite This Study

Harold Bierman (1972) studied this question.

synapsesocial.com/papers/69ba42dc4e9516ffd37a37c6https://doi.org/10.2308/tar-17334079
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Discounted Cash Flows, Price Level Adjustments and Expectations: A Comment.1972
  2. 2Discounted Cash Flows, Price- Level Adjustments and Expectations: A Comment.1972
  3. 3Discounted Cash Flows, Price Level Adjustments and Expectations.1971
  4. 4The Effects of Restating Financial Statements for Price-Level Changes: A Reply.1975
  5. 5The Effects of Restating Financial Statements For Price-Level Changes: A Reply.1975