Inflation accoun tin
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EVERY RHA National Chairman has, consciously or n a theme which he develops during his term in office. 3 Even before he moves into the driving seat next May, John Silbermann shows clearly what his theme will b It is inflation accounting. 23 This is an important aspect of business and John Silbermann will do well to develop it. His aspirations received a boost last week when the Government 24 through the Under-Secretary for Trade Clinton Davis, reaffirmed its support "for the early introduction of a system of inflation accounting" 26 There is apparently a Whitehall view that a compulsory accounting standard could be introduced 29 by January 1, 1979 — just half way through John Silbermann's term as chairman of R HA.
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Whether or not the 1979 date can be achieved, transport operators should not wait for it. Those who not take account of inflation in their accounting, especially re-charging, are taking one step nearer bankruptcy every time they render an account.
The check method is simple. The depreciation allowance on a five-year-old vehicle should have beer enough to replace it today.