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Now retired near Christchurch in Dorset, UK. John Passmore developed his
new domestic accounting methods during 30 years as a
software engineer, at the Supreme Headquarters Allied
Powers Europe (SHAPE), in Belgium. After school at St
Columba's New Delhi, Reading School and two years at Sandhurst, John had a short career in the British Army
in Royal Signals. He read Mechanical Sciences at St
John's College, Cambridge and obtained an MSc from the
University of Birmingham, for research on computer
simulation of road traffic networks.
John developed Domestic Well-Being (DWB) Accounting for his family accounts, whilst overseas,
supporting up to four different currencies. The motivation for the
new accounting methods came from the realization that the focus, reports
and terminology of business accounting were wholly unsuited to the home
scenario.
The key feature of the new method is visibility of domestic income and expenditure, and its
balance. This Balance is across Domestic Well-Being, split between the
Basic,
Essentials and Responsibilities; the
Discretionary,
Nice-to-Have's, Investment for the Future, and Luxuries; and the
Others
, including wins, inheritance, gains, fines, appreciation and depreciation.
He wrote the book, '
Accounting for a Better Life
' during 2006, convinced that his new
methods could help people to
Gain Control of their Finances
,
and in so doing, avoid falling into the debt
trap. For those already experiencing some debt, the new methods,
through their visibility on finances, facilitate the required planning
and control, required to best manage debt recovery.
The motivation behind DWB accounting, is the replacement of the focus in business accounting on
profits and shareholder value, by a new focus on domestic well-being.
Considering that, in the course of a lifetime, the typical turnover in a domestic household will
be larger than many, small businesses, it seems incumbent on those
responsible for the well-being of the family, to accept the additional
responsibility for its financial affairs. Through this, the
opportunity will be provided through proper financial visibility and
control, to ensure the best possible family or domestic well-being, as
fully described in the book.
The author believes the new
methods have the potential to be adopted as a formal, sub-discipline of
business accounting, eventually perhaps, with suitable certificates and
diplomas for those who learn how to use it successfully. With such
recognition, the motivation for appropriate investment from industry and
the state becomes real, so that domestic accounting, its further
calibration and an associated training infrastructure, can all be
further developed and refined.
He proposes that in time, such
methods should become an established part of the school curriculum.
Through this, youngsters will be able to achieve the best possible
foundation to accept and take on the financial responsibilities that are
associated with success, in modern life.
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