THE GEARING ADJUSTMENT: AN ECONOMIC PROFIT PERSPECTIVE
用经济模型分析现行成本财务报表中的杠杆调整概念，指出其依赖严格假设且无法推导出SSAP 16杠杆调整，建议报告现行成本经营利润和总货币持有收益来避免杠杆调整。
This paper uses an economic model to develop a conceptual basis for the gearing adjustment used in current cost financial statements. It is shown that it is necessary to adopt the entity view of the business enterprise and some very restrictive assumptions; in particular, it is assumed that the business maintains its current cost gearing ratio. Even with restrictive assumptions, however, the SSAP 16 gearing adjustment cannot be derived. Furthermore it is concluded that gearing adjustments could be completely avoided by reporting current cost operating profit together with total monetary holding gains.