《MPAcc财会专业英语》

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1、Chapter27(P567-580)AllowingforinflationandtaxationTopiclist(P567)•1Allowingforinflation•2AllowingfortaxationIntroduction(P567)InflationTaxationmoneyratesofreturnandrealratesofreturnStudyguide(P568)Section13-InterestanddiscountingSection15–Projectappraisalallowingforinflationandta

2、xation•Examguide(P568)1Allowingforinflation(P568)•Inflationisfeatureofalleconomies,anditmustbeaccommodatedinfinancialplanning.•(1+moneyrateofreturn)=(1+realrateofreturn)*(1+rateofinflation)•Realcashflows•Moneycashflows•1.1Example:Inflation(1)(P568)•1.2Doweusetherealrateorthemoney

3、rate?(P569)•(a)ifthecashflowsareexpressedintermsoftheactualnumberofpoundsthatwillbereceivedorpaidonthevariousfuturedates,weusethemoneyratefordiscounting.•(b)ifthecashflowsareexpressedintermsofthevalueofthepoundattime0,weuserealrate.1.3Theadvantagesandmisusesofrealvaluesandarealra

4、teofreturn(P570)•(a)realvaluesarethesameascurrentdayvalues,sonofurtheradjustments•(b)realreturn••1.3.1Costsandbenefitswhichinflateatdifferentrates(P570)1.4Example:Inflation(2)(P570)•1.4.1Variationsintheexpectedrateofinflation(P571)1.5Example:Inflation(3)(P571)•1.6Expectationsofin

5、flationandtheeffectsofinflation(P572)•(a)increasingamounts•(b)highersellingprices;notbeeasytopredict•(c)gearing;costofcapital1.7Mid-yearandendofyearmoneyvalues(P572)•2Allowingfortaxation(P572)•Taxationisamajorpracticalconsiderationforbusinesses,itisvitaltotakeitintoaccountinmakin

6、gdecisions.•Ininvestmentappraisal,taxisoftenassumedtobepayableoneyearinarrears.•Capitalallowancesdetailsshouldbecheckedinanyquestionyouattempt.•2.1Capitalallowances(P573)2.2Example:Taxation(P573)•2.2.1Analternativeandquickermethodofcalculatingtaxpaymentsorsavings(P575)2.3Taxation

7、andDFC(P575)•2.4Quarterlyaccountingforcorporationtax(P576)•Halfthetaxispayableintheyearinwhichtheprofitsareearnedandhalfinthefollowingyear.2.5Example:Paymentofcorporationtax(P576)•Thebenefitofthecapitalorwritingdownallowanceisalsofelthalfintheyeartowhichitrelatesandhalfinthefollo

8、wingyear.2.6Example:Taxation(P577)•2.6.1