Triple-bottom-line reporting, based on the notion of ecologically sustainable development, aims to report on financial, social and
Question:
Triple-bottom-line reporting, based on the notion of ecologically sustainable development, aims to report on financial, social and ecological positions and impacts. Is ‘ecological’ accounting and reporting more important than ‘social’
accounting? Consider the answer from the viewpoint of each of the following:
(a) the accounting profession;
(b) environmental managers; and
(c) corporate executives. Make it clear how you are defining the ‘environment’ before further considering your answers.
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Before addressing the viewpoint of each stakeholder group lets define the term environment for clarity In this context environment refers to the natural surroundings including air water land ecosystems and biodiversity as well as the interactions between human activities and the natural world Now lets consider the importance of ecological accounting and reporting compared to social accounting from the viewpoint of each stakeholder group a From the viewpoint of the accounting profession Ecological accounting may be considered more important than social accounting due to the increasing recognition of environmental sustainability as a critical business imperative As businesses face growing environmental risks and regulatory pressures there is a growing demand for accountants with expertise in environmental accounting and reporting to help organizations measure manage and disclose their environmental impacts Moreover ecological accounting aligns with emerging accounting standards and reporting frameworks such as the Global Reporting Initiative GRI and the Sustainability Accounting Standards Board SASB which emphasize the importance of environmental performance and disclosure in corporate reporting However social accounting remains important for the accounting profession as well as it addresses broader social issues such as labor practices human rights diversity and community engagement Accounting professionals may need to balance the importance of ecological and social accounting based on the specific needs and priorities of their clients and stakeholders b From the viewpoint of environmental managers Environmental managers may prioritize ecological accounting over social accounting due to their primary focus on managing and mitigating environmental risks and impacts within organizations Ecological accounting provides valuable insights into environmental performance resource use pollution and ecosystem ...View the full answer
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GERALD KAMAU
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Related Book For 
Contemporary Environmental Accounting Issues Concepts And Practice
ISBN: 9781874719342
1st Edition
Authors: Stefan Schaltegger, Roger Burritt
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