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Finance & Accounting
Pages 10 (2510 words)
Green Accounting Introduction Accounting for Sustainability Development Sustainability Accounting is a tool which can be employed to assist companies in becoming more sustainable. It identifies the importance of financial information in the transformation and shows how traditional methods of accounting can be extended to take account of sustainability impacts at the organisational level (Sigma Projects, 2003)…
It is based on the existing financial accounting standards. In United Kingdom it is a combination of a company law and company accounting standards framed by the regulatory bodies which is utilised by the accounting professionals of UK (Sigma Projects, 2003). Different countries follow different kinds of GAAP (Generally Accepted Accounting Principles) accounting principles based on their regulatory and legal frameworks. Sustainability and sustainable accounting have different meanings and applications. The concept was first coined by Brundtland Commission and published in the report Our Common Future in the year 1987 (Christofi and Sisaye, 2006). It involves the effective and optimum utilisation of resources and reducing carbon emissions, wastage, environmental impacts. Sustainability accounting on the other hand helps in the financial reporting and communication about the sustainability initiatives and actions to the shareholder’s and stakeholders of the company. ...
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