Salient. Official Newspaper of Victoria University of Wellington Students Association. Vol 40 No. 26. October 3 1977
[Introduction]
Imagine if a boss went to a worker and said to him or her, "I've decided to give you regular wage increases to keep you abreast of inflation."
Obviously this is a ridiculous situation. Companies wish to keep themselves ahead of inflation but do not extend this privilege [ unclear: to] their worker. Companies are proposing [ unclear: o] do just this—alter their system of accounting so that they keep ahead of inflation.
[ unclear: ack]
to them". But it's not alright because[ unclear: ie]
major changes to business practice that will come about by inflation accounting will:- reduce the share of national income going to wage and salary earners.
- reduce the share of total taxation paid by companies.
- [ unclear: Pause] drastic increases in the prices paid by consumers.
- [ unclear: ulate] business from inflation and [ unclear: to] workers subject to its ravages.
- [ unclear: iner] mean a savage increase in tax paid by workers, or a deterioration in health, education, housing and welfare benefits.
[ unclear: do] you can see that it is vitally important [ unclear: tha ve] understand these proposed changes [ unclear: be cunningly] introduced under the guise of a technical revision of accounting method. Workers and trade union officials usually consider accounting method to be of little [ unclear: dire] importance to them, but it is absolutely [ unclear: v] that the latest proposals be studied, [ unclear: unde ood] and resisted.
[ unclear: So st] of all we need to understand [ unclear: prese] accounting standards.