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THIS ARTICLE is the second of two complementary papers by the authors concerning inflation accounting and nonfinancial corporate profits. The companion piece, which appeared in BPEA, 3:1975, discussed definitions of real corporate profits and suggested as a meaningful and attractive candidate the accrual of purchasing power by equity holders. A second definition, based on the concept of maintaining capital intact, was presented as an alternative. The paper asserted that each balance-sheet entry warrants restatement relative to current practice in order to compute real profits and provide an accurate detailed picture of the position of the firm in periods of inflation and of adjustment in relative prices. The accounting treatment of inventories and depreciable assets was examined in detail, and micro and macro estimates were made of the impact of adopting account-

Inflation Accounting and Nonfinancial Corporate Profits: Financial Assets and Liabilities