ABSTRACT
Australia can be said to be the "home" of two versions of a current value accounting system — one essentially a current cost/nominal dollar framework associated with the names of Mathews and Grant, Gynther and Barton 1 (this version is usually now termed "CCA"); the other a current (exit) value/constant dollar framework ("CoCoA") associated with the name of Raymond Chambers. 2 The United States might be said to be the home of a third version — a comprehensive current (entry, or primarily entry) value/constant dollar framework associated with the names of Edwards and Bell (which, for want of a better short-hand term, I will label "CVA"). 3 The United Kingdom has adopted a CCA framework (in SSAP #16), and Australia and New Zealand seem well on the way to adopting similar, albeit slightly different, versions of a CCA framework. (An exposure draft has been published in New Zealand very closely modelled after SSAP #16, while a comprehensive exposure draft, undoubtedly differing from SSAP #16 more significantly, is imminent in Australia, there having been a number of previous partial efforts in this direction.) The United States has opted for its current value accounting framework (in FASB Statement #33), a system in all essentials, save one, identical to that originally proposed by Edwards and Bell. 4
