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Within the UK I believe only the Historical Cost Convention is used. I am trying to understand the Current Cost Accounting (CCA) and Current Purchasing Power (CPP) methods.
What are the implications/benefits of the alternative conventions?
u can check the benefits in the related chapter of ur book! However , as u said Historical Cost is more common as it has been used for years from companies which mean that it is easy to apply and understandable. But , It does not adjusted for the inflation , so in periods with high inflation may an other method is most appropriate.
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