...CHAPTER ONE INTRODUCTION 1.1 Background to the Study The need for Environmental Accounting has become the concern and focus of nations and responsible corporate managements. It became one of the foremost issues on the agenda of nations and businesses earlier in the 1990s and the reasons for this were varied emanating from both within and outside of the firm and particularly at the global level (Okoye and Ngwakwe:2004:220-235). A lot of government enactments, laws and regulations on environmental protection have been made in several nations of the world. In the light of the awakening to environment protection, various laws and regulations such as the Environmental Impact Assessment Act, 1992 have been enacted. These require corporate managements to consider the environmental implications of all internal decisions of their managements. Also, all organizations monitored by environmental policy agencies in Kenya are expected to demonstrate much consideration in decision making. Environmentalists agree that it could be more cost effective and beneficial for companies to acquire pollution prevention or clean technology than those of pollution clean-up. It is also observed that in environmental regulations, there is a shift from the ‘command and control’ approach to market-driven forms in which pollution prevention alternatives are replacing pollution cleaning approach. It follows therefore, that determining the appropriate pollution prevention approach may lead to additional decisions...
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...1. Introduction Social and environmental accounting has been increasingly important in the organisation because the society has become more industrial-dominant since 1990s (Deegan and Unerman, 2006, pp. 317). Disclosure of social and environmental accounting has regarded as a core reporting method among organisations and it has been eventually separated from the statement of the financial position (Deegan and Unerman, 2011, pp. 385). In the late 1990s, triple bottom line reporting, which considers that economic, social and environmental areas are equally important (Elkington, 1997), but unfortunately, with the higher demand of more integrated reporting, it has been replaced (Deegan and Unerman, 2011, pp. 386). This responsibility also embraces the social and environmental reporting practices on the basis of the personal judgement (Deegan and Unerman, 2006, pp. 318). Social and environment reporting can be defined as the process of the communication with particular stakeholder groups within society regarding the social and environmental impacts of the organisation (Gray, Owen and Maunders, 1987, pp. ix). It has been argued that the accounting standards which deal with this social and environmental sector appear to be somewhat meagre although there are some frameworks in terms of sustainability reporting (Gray et al, 1997). Hence, there may be some claims that an accounting standard regarding social and environmental issues needs to be established while others might think that...
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...jklzxcvbnmqwertyuiopasdfghjklzxcvb AF301 ACCOUNTING THEORY nmqwertyuiopasdfghjklzxcvbnmqwer & APPLICATIONS tyuiopasdfghjklzxcvbnmqwertyuiopas dfghjklzxcvbnmqwertyuiopasdfghjklzx Group Seminar Report cvbnmqwertyuiopasdfghjklzxcvbnmq TOPIC:2 – CORPORATE SOCIAL wertyuiopasdfghjklzxcvbnmqwertyuio & ENVIRONMENTAL REPORTING pasdfghjklzxcvbnmqwertyuiopasdfghj klzxcvbnmqwertyuiopasdfghjklzxcvbn mqwertyuiopasdfghjklzxcvbnmqwerty uiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdfghjklzxc vbnmqwertyuiopasdfghjklzxcvbnmrty uiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdzxcvbnm STUDENT NAME MELISA SINGH ASHVINI SAHAYAM SHABINA FARNAAZ SHANEEL PRASAD KRITHNEEL SINGH TOTORIAL DAY / TIME TUTORS NAME GROUP MEMBERS STUDENT ID NUMBER S11066108 S11065177 S11065043 S11065627 S11065615 THURSDAY 8 – 10AM MISS FAZEENA HUSSAIN TABLE OF CONTENTS DECLARATION OF ORIGINALITY ........................................................................................... 3 ACKNOWLEDGEMENT .............................................................................................................. 4 IMPORTANCE OF ACCOUNTING FOR SOCIAL AND ENVIRONMENTAL ISSUES ......... 5 INTRODUCTION .......................................................................................................................... 6 THEORETICAL UNDERPINNING .............................................................................................. 8 LITERATURE REVIEW ....
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...Sustainability Reporting Sustainability means different things to different people; therefore, a universal definition of sustainability is elusive. The most often quoted definition is from the Brundtland Commission (1987), which states that sustainable development is “Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” Sustainability is, therefore, more of a journey than a destination wherein ideals, values and measurement metrics are in a constant state of evolution. The quest for sustainable development started with environmental concerns, and climate change has now become one of the biggest developmental challenges. As the Brundtland Commission had discovered...
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...Colton Monts Professor Lennis Polnac English Composition I 20 February 2014 Environmental Destruction The environment has always been a major concern with the mass-utilization of its recourses by the human race. It is safe to say that the environment is not what it used to be. With human advancement comes more responsibility, thus requiring more care for the earth.(Variety 3) The safety the environment is essential for living and maintaining healthy inhabitants. There are many obstacles facing the environment; in order to understand how to promote sustainability, it is my aim to identify its most critical challenges. Overpopulation It is human nature to expand and reproduce; however, when humans invade an open space, they tend to lose the free services that nature provides. This population growth is viewed as the fundamental cause of environmental decay. While it is an important source of development, it can also be devastating to the environment. (Variety 3). In many places throughout the world population is exceeding its means in which the environment cannot sustain a healthy habitat for all. The ratio of humans to resources is becoming unbalanced, thus causing the scarcity of nature before it can replenish itself. Take China for example, overpopulation has become a serious concern since the end of World War ll. An article by Riviera relays her experience in Beijing in 2013 during its worst pollutant pandemic since 1954. She describes, “The acrid smell of...
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...Natural environmental concerns have been felt since the late nineteenth century, when it was the attitude of admiration transition from passive to active natural beauty drive to protect them and prevent the abuse of natural resources . The central axis of our environmental policy is to ensure a clean environment for the health of its inhabitants , breaking the vicious circle of poverty and environmental degradation , ensuring innovative regenerative growth for the benefit of present and future generations , harmonization of legislation with the specific environmental European Union to accelerate integration into European structures. Without environmental protection , can not ensure sustainable development. Sustainable development includes environmental protection and sustainable development environmental conditions.Requirements and existing requirements at EU level requires a new approach to global environmental problems , in terms of effects and pressure on the environment and all socio -economic consequences . United Nations Conference on Environment and Development (UNCED ) held in Rio de Janeiro in June 1992 , showed that they can not think of environment and economic and social development as isolated areas and that the only path to long-term economic progress it is binding environmental protection . The key issue of sustainable development is the reconciliation between two human aspirations : need for further economic and social development , and environmental protection...
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...Green Banking Initiative: Opportunities for Bangladesh Dr. S M Ahsan Habib Professor and Director (Training & Research), BIBM The paper was presented at a seminar on Green Banking at BIBM on October 14, 2010 Green Banking Initiative: Opportunities for Bangladesh I. Introduction Banks that were once seen only as profit motive institutions have been adjusting to a more demanding market and to a more conscious society over last two decades. An increasing number of banks around the world are going green by providing innovative green products that cover financial services to support the activities that are not hazardous to environment and help conserve environment. A green bank is also called an ethical bank, a socially responsible bank, or a sustainable bank. The exact meaning of all these titles may not be same however they cover a lot of common activities and perceptions. At least, all these banks- in various ways and at different times- have engaged themselves in making a better future (Merzio 2007). The approach to green banking (GB) varies from bank to bank, however, broad objectives of green banks are to use their resources with responsibility avoiding waste and giving priority to environment and society. The public concern of the state of environment has been growing significantly in the last few years, mostly due to apparently unusual weather patterns, rising greenhouse gases, declining...
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...A report of environmental cost on high-speed railway Introduction Environment is important to the survival of human; people’s living activities can not be separated from the environment. The purpose of Environmental Engineering is to reduce human damage to the environment, and improve the quality of the environment. Governance environment requires not only technology and management, but also the analysis of the environmental costs. We should also take environmental costs into account appropriately when conducting environmental governance. We should seek the balance of the environmental benefits and economic benefits. Nowadays, the environment of the railway project has drawn increasing attention of many countries. The high-speed rail construction in recent years, make the topic of environmental costs gradually be put on the agenda. The origin of the world's high-speed railway is in 1964, Japan has built the world's first high-speed railway, operating speed at that time is about 210 km / h, and now its speed is 270 km/h. Japan has researched the environmental impact of the high-speed railway, and has got great achievements. United States, Japan, Canada have done many research on environmental impact, and founded a mature system to evaluate the environmental effects of high-speed railway. Evaluating environmental impact is inevitable in the feasibility study stage. High-speed rail construction has produced a series of effects on human living environment. We need to reduce these...
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...this document: http://dx.doi.org/10.1016/S1064-4857(03)09001-6 Downloaded on: 10-07-2012 References: This document contains references to 35 other documents To copy this document: permissions@emeraldinsight.com This document has been downloaded 877 times since 2008. * Users who downloaded this Chapter also downloaded: * Michael W Hansen, (2003),"ENVIRONMENTAL ASPECTS OF DANISH FOREIGN DIRECT INVESTMENT IN DEVELOPING COUNTRI COUNTRY FACTORS IN SHAPING THE GLOBAL ENVIRONMENTAL PRACTICES OF DANISH MULTINATIONALS", Sarianna M. L Multinationals, Environment and Global Competition (Research in Global Strategic Management, Volume 9), Emerald Group Publishing Limited, pp. 65 - 94 http://dx.doi.org/10.1016/S1064-4857(03)09004-1 Ans Kolk, Rob van Tulder, (2003),"INTERNATIONALIZATION AND ENVIRONMENTAL REPORTING: THE GREEN FACE OF THE WO MULTINATIONALS", Sarianna M. Lundan, in (ed.) Multinationals, Environment and Global Competition (Research in Global Strategic Management, Volume 9), Emerald Group Publishing Limited, pp. 95 - 117 http://dx.doi.org/10.1016/S1064-4857(03)09005-3 Petra Christmann, Glen Taylor, (2003),"ENVIRONMENTAL SELF-REGULATION IN THE GLOBAL ECONOMY: THE ROLE OF FIRM C Sarianna M. Lundan, in (ed.) Multinationals, Environment and Global Competition (Research in Global Strategic Management, Volume 9), Emerald Group Publishing Limited, pp. 119 - 145...
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... Executive Summary This report identifies the environmental activity costs of using Dyetype and Adhesive materials to produce a product. The tables below separate which one of these two chemicals is causing the most damage to the environment. Tables have proven that there is an excessive use of the Dyetype material. Both chemicals have been calculated using the life-cycle assessment to show unit cost per kilogram price for each product. The findings from the report immediately draw attention to the Dyetype chemical having the most environmental impact out of the two chemicals. The company also discovers that there are additional toxins being released which require $2,700,000 to cover the total costs. The Balance Scorecard is considered for the effects of toxin releases. If there is an fifth perspective to the balance scorecard Eco efficiency must be contributed adding environmental perspective to the Mudjimba Chemical Ltd plant. Table of Contents Executive Summary i 1. Introduction 1 1.1 Purpose 1 1.2 Scope 1 1.3 Limitations 1 2. Environmental Cost Categories 2 3. Environmental Activity Costs 3 3.1 Inventory Analyse 3 3.2 Impact Analyse 4 3.3 Improvement Analyse 4 4. The Environmental Damage 5 5. Toxin Release Costs 6 6. The Additional Environmental Perspective 7 7. List of References 11 1. Introduction 1.1 Purpose The purpose of this report is to calculate the environmental cost for two products being produced by a manufacturing...
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...Introduction Nowadays the society and stakeholders specially are demanding more results from the companies, not only related with financial aspects, but social and environmental aspects, as well. These requirements make a change about the way strategic management is being done, in order to include the triple bottom line. The triple bottom line is an accounting framework that incorporates three dimensions of performance: social, environmental and financial. These dimensions are called the three P´s: People, Planet and Profits. What is the challenge? In the past, each company had to show good financial results in order to be considered successful, no matter if that company used to not take care about the environment or, if it was affecting the society. According with the new world requirements, every single company has to have good results in the triple bottom line: financial, social and environmental. It is no longer permitted for a company having only good financial results; it has to show good results related with the social and environmental aspects, as well. Each company in the world must reveal what their commitments, effort and results related with the financial aspect (affect mainly to the shareholders), social and environmental (affect mainly to the stakeholders) are. The financial aspect is the economic value created by the organization after deducting the cost of all inputs, including the cost of the capital tied up. It therefore differs from...
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...Why Go Green in the Hospitality Field Shelby Little RES/351 October 12, 2015 John Gilpin Why Go Green in the Hospitality Field I was recently put in charge of guaranteeing that the hotel I work for is classified as a green hotel. Several changes were put in place that helped to bring this into play. This paper is designed to explain what “Going Green” is and why it is so important. Environmentalism has become a great concern to businesses; this is being influenced by the recent jump in energy prices. Several different environmental and scientific agencies have supplied data to prove this point. The Hotel industry is no different. It has been shown that the industry would benefit immensely from the recent campaign for all businesses to "Go Green." Unfortunately, management in the Hospitality has resisted the changes. However, recently the Hospitality industry is catching up to other industries and is converting their operations to greener strategies. Hotels demand meticulous standards and are trying to keep up with guests’ concerns and demand on a cleanliness level. Because of these standards, cleaning and waste products, and how they are disposed of have become a main issue. Energy efficiency in the hotel industry can tend to be difficult due to safety concerns that the management must be attentive to. These issues include being able to keep the common areas and lobbies well-lit at all times. In various states, it may also include cooling and heating issues. The...
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...the company’s US based factories. PC company policy allows contamination cleanup when required by environmental legislation. The company also needs to install smoke filtering systems before the law is instituted early next year. PC is concerned with the financial accounting treatment for two environmental issues: (a) environmental cleanup, and (b) smoke filter installation for year 20x2. Both issues, if not resolved, could lead to legal action against PC if not followed by a prescribed date. The Company needs to determine if the contaminated soil and smoke filter requirement should be disclosed on the financial statements as an asset retirement obligation, loss contingency, or an environmental obligation. APPLICABLE AUTHORITATIVE LITERATURE FASB Accounting Standards Codification (ASC) 410 Asset Retirement and Environmental Obligations FASB Accounting Standards Codification (ASC) 450 Contingencies DISCUSSION OF ALTERNATIVES The following section will address the alternative treatments accounting for both the remedial action and smoke filtration system under US GAAP. Recording both issues as a loss contingency will be discussed first, followed by soil contamination as environmental remediation, then applying the asset retirement obligation treatment for pollution from normal operations. Alternative 1: Contaminated Soil and Smoke Filter Disclose both environmental issues as a loss contingency using a footnote. Soil contamination and smoke filters both meet...
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...Introduction s environmental issues gain greater attention, pressure is being placed on all industries, including financial services to implement “green” initiatives. While green banking is not yet a key reason for most customers to select one financial institution over another, customer demands and greater environmental awareness are driving a number of financial institutions to go green. Environment is a key focus amongst ethical banks (in this field specially called sustainability or green banks) as well as amongst many conventional banks that wish to appear more ethically oriented or that see switching to more environmental practices to be to their advantage. In general bankers “consider themselves to be in a relatively environmentally friendly industry (in terms of emissions and pollution). However, given their potential exposure to risk, they have been surprisingly slow to examine the environmental performance of their clients. A stated reason for this is that such an examination would ‘require interference’ with a client’s activities. While the desire to not meddle in the business of the client is valid, one could also note that banks are required to interfere in the business of their clients regularly to ensure that the clients’ business plan is viable before issuing them a loan. The kind of analysis that all banks partake in is termed a single bottom line analysis (this analysis only considers financial performance). It is arguable whether or not performing a triple bottom...
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...SUSTAINABILITY AT TELSTRA Bigger Picture 2014 Sustainability Report Sustainability at Telstra Contents CONTENTS About us Chairman and CEO message Sustainability scorecard Sustainability highlights Our approach Strategy infographic 03 04 05 06 07 08 Stakeholder engagement Key issues 09 10 11 Click on page links Transparency and accountability Bigger Picture 2014 Sustainability Report 2 Sustainability at Telstra About us ABOUT US Our business Telstra is Australia’s leading telecommunications and information services company, offering a full range of communications services and competing in all telecommunications markets. We employ close to 32,000 people directly, facilitate access to more than 1,900 points of presence across the globe and have one of Australia’s largest shareholder bases, with 1.4 million shareholders. We have a diverse range of customers, including consumers, small business, large enterprises and government organisations, and we strive to put them at the centre of everything we do. In Australia, our services are offered through 362 Telstrabranded retail stores, 90 Telstra Business Centres, 127 Telstra business and enterprise partners and are distributed by over 15,000 retail points of presence managed by our partners. In Australia we provide 16 million mobile services, 7.5 million fixed voice services and 3.7 million fixed data services. Telstra’s international businesses...
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