Key words: Capital budgeting; Fixed assets (ACC); Accounting theory. I The recent proposal by Chambers  for taking account in project appraisals of changes in exit-values of assets has been the subject of critical comment by Ma, Pandy and Scott , a response by Chambers ,a further comment by Peasnell and a rejoinder by Ma and Scott . Ma and his colleagues argue that Chambersâ Discounted Cash Equivalents (DCEF) model gives misleading results because it is based on incorrect assumptions concerning the timing of the opening cash equivalents. Peasnell argues that the DCEF model doublecounts benefits and also fails to take proper account of differences in risk between projects. Both Ma et al. and Peasnell point out that conventional methods, used properly, are quite up to the job of making allowances for relevant differences in asset backing of projects. The central problem of concern to Chambers  remains unresolved by these commentators: How does one ensure that investment planning and subsequent accounting reports of performance are on the same footing? If, for example, subsequent accounting reports are prepared according to Continuously Contemporary Accounting (CoCoA), as Chambers suggests, whereas investment plans are formulated in terms of operating cash flows
Abacus – Wiley
Published: Jun 1, 1981
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