The Accountants Grapple with Inflation.

The article discusses the effect of inflation on U.S. companies and accounting as of March 1, 1974. The author focuses on companies' earnings and depreciation charges, the Securities and Exchange Commission's (SEC) proposition for price-level adjustments in balance sheets, and gross national product (GNP) deflator. Also mentioned are the Financial Accounting Standards Board (FASB,) current value accounting, and replacements costs.