Environmental accounting has been accepted as an umbrella term with the
various meaning and user, as presented in chat. I Basically, the
environmental accounting is the treatment of various environmental issues of
the corporate with in the financial statements. Environmental accounting
includes estimation of environmental expenditures, its actual determination,
and recognition of environmental liabilities as well as, disclosure of all
environmental liabilities in a specific section of the annual reports of a
company. The modern business approaches like as activity based
management costing, TQM, business process-reengineering. Life cycle
designing, Life cycle assessment, life cycle costing, etc. provide the platform
for integrating environmental
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- Physical data related to the reduction of toxicity and waste.
- Present and future capital expenditures for pollution prevention and
control.
- Present and future costs for products as well as processes re-design.
- Estimation of future environmental costs and benefits.
Although environmental accounting and reporting are voluntary exercise
but professionals engaged in environmental accounting bodies, financial
analysts and other stakeholders are increasingly demanding the disclosure
and reporting of environmental related financial data, to enable them to
distinguish between good and bad performers. The organizations that opt
to disclose environmental issue in their statements get various benefits, as
given below:
(i) Improved image of the product or company which leads to
improvement in sales and ultimately profitability
(ii) Better borrowing access from the shareholders / bankers /
creditors.
(iii) Improvement in the health / safety of the workers which will help
to increase in productivity.
(iv) Lower labour turnover ratio, thereby reducing recruiting cost.
(v) Enhanced image with in the eyes of stakeholders because the
organization will get the special
The reason because environmental issues were not take in consideration before, in the economic field, was due to the absence of their costs from the calculation of GNI. However, it has to be consider that future growth and in general, quality of life are strongly related to environment. Therefore, environment’s long term implications has to be taken in consideration in the economy.
The problem with pollution prevention is that it requires people to understand more than the intimate details of the production process; they must also understand the technical possibilities. Many corporations have environmental managers, which are generally responsible for helping corporations comply with the law. According to the case study, the work of environmental managers often expose them to many pollution prevention solutions, but they often have trouble getting access to production areas. Production often sees Environmental Managers as "the compliance police".
Where North Macomb Medical Associates is located, it is not very diverse. There is currently only one medical office located within the vicinity of Richmond so many of the residents seek treatment from them. Richmond is a small community that resembles a city in the middle of the country. When looking at marketing, it is important to make sure that it is appropriate for the demographics of the area. It is also important to research the area prior to opening up a medical office. If the demographics of the area show that the area is primarily Spanish speaking, it would be pertinent to make sure that there are several bilingual speaking physicians and staff.
Companies have presented investigations about their motivation towards voluntarily social and environmental as insolvent. This paper argues in agreement with Adam’s view that the goal of CSR reporting is to promote credibility and corporate image of stakeholders operating in a particular industry. Whereas companies must focus their efforts on enhancing their profitability, they should also ensure that the welfare of other stakeholders is protected.
Have you ever stopped to take a look at your surrounding environment and see lots of grass and open space? Or maybe you live in an industrial city and see smog and lots of factories and buildings being built. Do you ever stop and consider the pollution in your environment and how you could be contributing to it. Today people seem to be much more concerned about their natural environment and have taken various steps to try and reduce their carbon footprints. Examples of this are that many of us choose to buy a more fuel efficient vehicle to drive back and forth to work every day or that more people today take the time to separate recyclables from actual trash. Even the government who usually only seems to want our money has
It will be advantageous for the company if they can project themselves as responsible corporate citizen and an environment friendly company. Social enrichment schemes, recycling schemes and educational funds can be initiated to cater to this cause and long term goal.
My current environment is a non-profit organization where project completion to within budget and schedule is the main goal. The program budget and schedule are derived from the excepted proposal. The program managers are the one who will determine the scope of a project using data from past similar projects, if there is one, to make educated guess of how long a project takes to complete. The estimate time the project takes to complete and the dollar amount require to do this is put in the proposal. The proposal is used as a bid for the project. If project is awarded, the program manager will design a detail cost schedule to be monitored and controlled. The estimate cost and the actual cost is closely monitor on weekly basis. If there
Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002)
In conclusion, I have to say that there is a solid invisible relationship between impacts of businesses on environments, profitability of sustainable business, and responsibility of business. When one of these ones changes, it will effect to others. When a business adapts efficient and sustainable system, it will reduce negative externalities and increase positive externalities to environment. Once the business adapted efficient business model, it will reduce cost and maximize its profits. Obviously, the sustainable and efficient business model will make the business social more responsible to environments.
Environmental scanning is the process of gathering information about events and their relationships within an organization's internal and external environments. The basic purpose of environmental scanning is to help management determine the future direction of the organization (Barnat, 2004). For a business to succeed, it is important to study the business environment of the firm that consists external and internal influences that affect the firm’s decisions and performance (Grant, 2010). Environmental scanning includes the assessment of Macro and Micro environmental analysis.
Explain the difference between financial and management accounting, the fundamentals of management accounting. Explain how costs are classified using examples.
Environmental management is a process in which a certain company, individual, or partnership do to help protect the cleanliness of the environment. Basically it involves the management of the environment, but the deeper meaning is the step by step process that one does to impact the environment in a good way. It is also implementing behaviors that will benefit the environment.
One of their main goals should be that they want to be good corporate citizens. In order for a company to be a good corporate citizen they should be doing a range of different activities within their organisation taking into consideration the 3 pillars of sustainability which are Profit which is part of the economic and financial aspect, People looks at the social part, and Planet which is to do with the environment. As mentioned in (Shah and Ramamoorthly, 2014), that from a company’s perspective of corporate citizenship, it is to make sure that the impact is positive and they try to reduce the negative effect on society and the environment, making sure that they still receive a good enough return from the investors. For a company within the accounting and finance sector, one of the main elements of being a good corporate citizen is to ensure that they comply with the reporting and disclosure requirements. This is very important because when they have to prepare their accounts and financial statements it is vital that they follow the strict guidelines that have been stated by the IFRS. If these guidelines are not followed, then the company will have to face several
Accounting is so important in our modern society. It serves a variety range of place in our society. It serves a variety range of place in our soceity, from school to hospital, from business firm to government agencies. It's also the main force in regulation of taxation and industrial activity. It serves a great aspects on the development of mass-production systems, any way, it's a very important term in our modern soceity.
It is important to understand the importance of corporate social responsibilities. If Corporate Social Responsibility is properly maintained and emphasized by companies, it can benefit the society, economy and corporate sustainability. It can also be cost efficient to companies. also the environment . But above all effect (CSR) varies companies to companies. Where some corporates seem to make all sorts of benefits from their coporate social responsibilities but few of them are also having loss by trying to maintain CSR without properly evaluating their resources. (Porter and Kramer 2006) has said The inferences where corporates need to evaluate their CSR actions to figure out if they add