...Sustainability and the role of the management accountant Research executive summary series Volume 7 | Issue 14 Associate Professor Eva Collins, Professor Stewart Lawrence Professor Juliet Roper, Associate Professor Jarrod Haar Waikato Management School, University of Waikato Key findings: • Our research has shown that companies need to have management accountants in strategy-setting roles in order to achieve the best sustainability outcomes. • There is a worldwide move toward ‘integrative’ reporting incorporating non-financial as well as financial data. Management accountants are ideally placed to provide the alignment mechanisms and collaborate with senior management in producing fully integrated reports, reflecting sustainable strategies adopted by organisations which fulfil the needs of stakeholder groups. • Our results found that many management accountants are fulfilling their traditional role of financial specialist but not yet acting as collaborators in driving toward sustainability as a goal. • The survey showed that CIMA members had a higher rate of accountants participating in sustainability strategies than non-member companies but it was still a minority (12%) compared to the role of the managing director, environmental, human resources and marketing managers. • Like any other aspect of business, collection and analysis of good, issue-specific data is crucial to sustainability decisions. Sustainability requires accountants to monitor and manage non-traditional...
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...CASE STUDY ON SUSTAINABILITY REPORTING When compiling data for its sustainability reports, Johnson and Johnson does not request direct input from its managerial accounting staff. What should be the role of management accountants in collecting and reporting sustainability data? Could Johnson & Johnson’s sustainability reporting be improved with input from managerial accountants? Why or why not? The role of the managerial accounting staff in sustainability should extend beyond the obvious one of collecting, analyzing and reporting sustainability-related information. Many accountants fill a variety of other positions within organizations, including senior management, in which they exert a more direct influence on strategy and decision making. The managerial accounting staff has a role to play in understanding, demonstrating and achieving the efficiencies that organizations can gain from sustainable business practices. The pursuit of sustainability depends on the generation, analysis, reporting and assurance of robust and accurate information (both financial and non-financial). But it is important that the managerial accountants gain an understanding of the concepts of sustainability and the challenges it poses in achieving long term growth in shareholder value or value for money. The accountanting staff, directly or in a supportive capacity, can help organizations embed sustainability issues into strategic planning and its execution. The accounting staff can also...
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...Accounting, Auditing & Accountability Journal Emerald Article: Sustainability accounting and reporting: fad or trend? Roger L. Burritt, Stefan Schaltegger Article information: To cite this document: Roger L. Burritt, Stefan Schaltegger, (2010),"Sustainability accounting and reporting: fad or trend?", Accounting, Auditing & Accountability Journal, Vol. 23 Iss: 7 pp. 829 - 846 Permanent link to this document: http://dx.doi.org/10.1108/09513571011080144 Downloaded on: 04-11-2012 References: This document contains references to 57 other documents Citations: This document has been cited by 12 other documents To copy this document: permissions@emeraldinsight.com This document has been downloaded 5947 times since 2010. * Access to this document was granted through an Emerald subscription provided by UNIVERSITI MALAYSIA TERENGGANU For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.com With over forty years' experience, Emerald Group Publishing is a leading independent publisher of global research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services...
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...Among all stakeholders, recognition is focusing increasingly on the need for sustainable corporate practices, given pressing economic, social, and environmental problems on a global scale. By conducting business in ways that promote ecological health and human welfare, corporations increase value over the long term for consumers, shareholders and others for both current and future generations. Business students need to be familiar with, and committed to, principles and practices of corporate sustainability. This short essay outlines several sources in the literature on corporate sustainability provided by the following organizations: International Organization for Standardization (ISO); Price Waterhouse Coopers (PWC); Federal Reserve Bank of St. Louis; International Federation of Accountants (IFAC); Ernst & Young; and Association of Certified Public Accountants (AICPA). An annotated bibliography follows the discussion, highlighting articles of interest in corporate sustainability literature. Finally, figures provided in an appendix illustrate key concepts from the discussion. ISO 26000:2010 International Organization for Standardization * Headquartered in Geneva, Switzerland. A global consortium of experts in multiple aspects of quality-related standardization representing industry, nonprofits, government, healthcare, and academia. * Formulated by technical committees, standards are released after extensive review and a minimum 75% favorable vote by...
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...'Club of Economics in Miskolc' TMP Vol. 8., Nr. 2., pp. 23-30. 2012. Green Accounting for Corporate Sustainability BETTINA HÓDI HERNÁDI ASSISTANT LECTURER e-mail: vgtbetti@uni-miskolc.hu SUMMARY Today, corporate sustainability is one of the greatest challenges facing companies. Therefore, this study aims to show how accounting, as the language of business and the source of information, can meet the criteria of sustainability. This article starts out by analysing the different approaches to corporate sustainability, then it proposes the reinterpretation of the most important accounting principle, the ‘going concern’ principle. In the following section it outlines the characteristics of accounting from the point of view of sustainability. Finally, it proposes ways of transforming green accounting, both in name and content, into sustainability accounting. Keywords: corporate sustainability; the ‘going concern’ principle; green accounting (environmental accounting); sustainability accounting Journal of Economic Literature (JEL) code: M41 INTRODUCTION According to the Brundtland Commission (1987, p. 43), “Sustainable development is development that meets the needs of present generations without compromising the similar needs of future generations. The concept interprets sustainable economic, ecological and social development as a unity.” Today’s companies must also comply with the challenges stemming from this approach, and therefore they must also implement economic,...
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...| UNIVERSITY OF SOUTH AUSTRALIA Assignment Cover Sheet – Internal | An Assignment cover sheet needs to be included with each assignment. Please complete all details clearly. If you are submitting the assignment on paper, please staple this sheet to the front of each assignment. If you are submitting the assignment online, please ensure this cover sheet is included at the start of your document. (This is preferable to a separate attachment.) Please check your Course Information Booklet or contact your School Office for assignment submission locations. Name: Xueying Sha | Student ID | 1 | 1 | 0 | 0 | 5 | 9 | 7 | 2 | 1 | Email: shaxy008@mymail.unisa.edu.au | Course code and title: CONTEMPORARY ISSUES IN ACCOUNTING M | School: | Program Code: | Course Coordinator: Dr. ELVIA SHAUKI | Tutor: Elvia Shauki/Haniff Zainuldin | Day, Time, Location of Tutorial/Practical: | Assignment number: | Due date: May 6, 2013 | Assignment topic: The incorporation of social and environmental factors within external reporting | Further Information: (e.g. state if extension was granted and attach evidence of approval, Revised Submission Date) | I declare that the work contained in this assignment is my own, except where acknowledgement of sources is made. I authorise the University to test any work submitted by me, using text comparison software, for instances of plagiarism. I understand this will involve the University or its contractor copying my work...
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...Accounting, Auditing & Accountability Journal Corporate social reporting and reputation risk management Jan Bebbington Carlos Larrinaga Jose M. Moneva Article information: Downloaded by University of Strathclyde At 07:57 17 October 2014 (PT) To cite this document: Jan Bebbington Carlos Larrinaga Jose M. Moneva, (2008),"Corporate social reporting and reputation risk management", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 3 pp. 337 - 361 Permanent link to this document: http://dx.doi.org/10.1108/09513570810863932 Downloaded on: 17 October 2014, At: 07:57 (PT) References: this document contains references to 70 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 10839 times since 2008* Users who downloaded this article also downloaded: Jeffrey Unerman, (2008),"Strategic reputation risk management and corporate social responsibility reporting", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 3 pp. 362-364 Carol A. Adams, (2008),"A commentary on: corporate social responsibility reporting and reputation risk management", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 3 pp. 365-370 Pekka Aula, (2010),"Social media, reputation risk and ambient publicity management", Strategy & Leadership, Vol. 38 Iss 6 pp. 43-49 Access to this document was granted through an Emerald subscription provided by 117974 [] For Authors If you would like to...
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...Efficiency and Effectiveness of Waqf Institutions in Malaysia: Toward Financial Sustainability Maliah Sulaiman Email: maliah@iium.edu.my Department of Accounting, Kulliyyah of Economics and Management Sciences International Islamic University Malaysia Jalan Gombak, 53100 Kuala Lumpur, Malaysia and Muntaka Alhaji Zakari* Email: alhajizak@gmail.com Department of Accounting, Kulliyyah of Economics and Management Sciences International Islamic University Malaysia Jalan Gombak, 53100 Kuala Lumpur, Malaysia *Corresponding author Abstract Efficiency and Effectiveness of Waqf Institutions in Malaysia: Toward Financial Sustainability Financial health is crucial to the continuous existence and operation of any organisation. It is even more essential in the case of waqf. Accordingly, determining the financial strength and vulnerability of waqf institutions is particularly very significant and congruent to waqf’s perpetual existence. Using content and ratio analysis, the 2008 annual reports of state waqf institutions were examined to determine their transparency and performance accountability. Four essential financial health ratios were computed: the equity balance...
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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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...Uncertain Supply Chain Management 2 (2014) 61–72 Contents lists available at GrowingScience Uncertain Supply Chain Management homepage: www.GrowingScience.com/uscm Sustainable accounting reporting practices of Indian cement industry: An exploratory study Shagufta Khana , Vineet Chouhanb*, Bibhas Chandrac and Shubham Goswamib a Research Scholar, School of Management, Sir Padampat Singhania University, Udaipur-India Assistant Professor, School of Management, Sir Padampat Singhania University, Bhatewar, Udaipur-India, 313601 c Associate Professor, School of Management, Sir Padampat Singhania University, Bhatewar, Udaipur-India, 313601 b CHRONICLE Article history: Received September 10, 2013 Received in revised format 10 December 2013 Accepted February 25 2014 Available online February 27 2014 Keywords: Cement Industry Sustainability Financial Information Environment Accounting Reporting Sustainable Reporting Practices ABSTRACT Cement is the single most important and profitable product in the building material sector. With the economic boom, in India, Indian cement industry is a market of opportunities waiting to be tapped. However, at the same time cement industry is also experiencing a surge in demand. Production of Cement will always release carbon dioxide and change in the climate of the earth that is why despite its profitability, the cement industry faces many challenges regarding environmental concerns and sustainability issues. In order to minimize the impact of all...
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...CHAPTER 1: COST MANAGEMENT AND STRATEGY EXERCISES 1-24 Strategy; Real Estate Services (15 min) This exercise can be used to provide a good perspective for the students to see the role of cost management in solving business issues, and in placing the management accountant in more of a leadership role in the firm. It also provides an early motivation for the cost behavior issues to be discussed later in chapter 3 and chapter 8. The management accountant has a hunch that the company is about to take on a potentially damaging strategic initiative. This is a great opportunity to begin to play more of a strategic role in the company. The first step should be to obtain the relevant information about projected revenues and costs and do a careful analysis of the likely profitability of developing the new, smaller customers. Here’s how the case might be used in a class discussion. First, ask the class to identify the types of costs likely to be incurred by this company in providing its service. The answers are likely to include labor costs and materials for cleaning and maintenance, in addition to costs for maintaining the firm’s office. As these examples are given, put them on the chalkboard and collect 6 or 8 of them. Then, ask how each of these costs might differ between large and small customers. For example, the cost of cleaning labor and materials will likely be somewhat proportional to the square feet of space each customer occupies, so that cost projections...
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...MSc in Accounting P58330 Financial Reporting Corporate Social Responsibility and Accounting Standards Christos Spanoudakis Student ID:13086848 Date of Submission: 3rd April 2014 Introduction Nowadays, more and more large companies publish except from their financial statements also social and environmental reports. It is broadly known that companies’ activities have as a consequence an impact in society and environment. For this reason companies should be responsible not only for financial performance but also should take into consideration the responsibility for their social and environmental performance. Governments, non-governmental organizations, press and media are the parties that keep the companies responsible for the impact of their activities on the environment and society (Porter and Kramer, 2007). That happens because some of these parties have direct influence in the company’s image. For example if media transmit news that erode company’s image, this will definitely influence negatively stakeholders’ opinion and trust for the organization (Neu et. al., 1998). The concept of Corporate Social Responsibility (CSR) works like a self-regulating tool, which aids the company to observe and guarantee that its operations are aligned with the law, ethical standards and international rules. Some companies, which apply CSR, achieve with their actions to benefit society beyond the primary objectives of the company and that which is mandatory by the legislation (McWilliams...
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...Sustainable Development: Climate Change, and Corporate Social Responsibility: An Emerging Role for ISO Standards Dan Gagnier ISO/TC 207 Chair Stockholm 2002 Presentation Outline • Introduction – A couple of Words about the Earth Conference – ISO/TC 207 ----a Pioneer TC • Climate Change – The extent of the problem – The policy and business response – Where do ISO Standards fit? • CSR • Conclusions General Implications Embedded in Action Plan • Reduction of species loss will have greater impact on a company that has a greater percentage of its reserves in environmentally fragile areas. • Reducing poverty ie. a company with a large presence in the developing world has to consider how its work on sustainability issues can contribute directly to poverty alleviation in its operating areas. • Global companies should take as much action as they can within their sphere of operations to address global climate change, as well as seeking out more pragmatic, long-term alternatives to Kyoto. • Productive new/focused partnerships a key theme of the summit, driven by a recognition that no one can solve macro sustainability problems alone. Sorting out partnerships and getting them right will become more urgent. Major Trends & Ten Year Agenda • Trend for an increasing cultural presence of major NGOs; civil society voices will be louder than ever. This is supported by data showing that public trust continues to move to NGOs as the most trustworthy institutions • Accountability...
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...University of Aberdeen Examination for the Degree of MA AC1009: Accounting and Accountability Wednesday 26 January 2011, 15.00 – 17.00, Games Hall, Butchart Centre Session 2010-2011 Rubric: Answer all questions from SECTION A, and two from the SECTION B. SECTION A (Answer all questions from this section) Question 1 (20 sub questions 2 marks each, total 40 marks) Select the correct answer (only one choice is correct) 1.1 The main purpose of a _______________ is to generate surpluses and use the wealth for social and community objectives. a. partnership b. sole proprietorship c. not-for-profit organisation d. private limited liability company 1.2 According to the Companies Act 2006, the _____________ are required to prepare a _____________ report. a. shareholders, business prospect b. auditors, business review c. stakeholders, business prospect d. directors, business review 1.3 In a partnership, the partners make decisions collectively and are accountable to one another. This is a form of ________________ accountability. a. hierarchical b. market c. legal d. participatory 1.4 The directors are responsible for filing the company’s accounts and reports with the International Accounting Standards Board (IASB). a. True b. False 1.5 ___________________ is a network-based organisation which develops the framework for voluntary sustainability reporting. a. Global Reporting Initiative b. Global Sustainability Reporting c. Global Environmental Reporting d. Global Voluntary...
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...Functions and powers of the FRC (s. 225 of ASIC Act )---Provide broad oversight of the process for setting accounting standards//Appoint members of the AASB//Approve and monitor the AASB’s priorities, business plan, budget and staffing//Give the AASB directions, advice or feedback on matters of general policy//No power to direct AASB regarding development of particular standards//No power to veto a standard//Powers expanded in 2003 to include overseeing the activities of AUASB (ASIC) is responsible for administering The Corporations Act. The Corporations Act (enforced by ASIC):--Outlines the responsibilities of company directors in relation to various activities, including the nature of their conduct, and preparation, lodgment and distribution of financial statement///Requires preparation of ‘true and fair’ financial statements by public companies, large proprietary companies, organizations with securities listed on the ASX, and some small proprietary companies. Functions of AASB--developing a conceptual framework making accounting standards that have force of law under s. 334 of the Corporations Act//formulate accounting standards for other purposes such as for entities not governed by The Corporations Law//participate in and contribute to the development of a single set of accounting standards for worldwide use ROLE OF ASX:-- 1. Reviewing applications by companies to be listed on ASX. This includes reviewing the company’s history and finances. Each company must agree to obey...
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