StudentShare solutions
Triangle menu

Material Flow Accounting - Essay Example

Not dowloaded yet

Extract of sample
Material Flow Accounting

These methods have proved popular at national levels following the new Think Green Trend which now seems to have taken over even the fiscal and monetary policy of the public and private sector and has often even been termed a system for integrated environmental and economic accounting. Browne (2005).The EIA and the EMS have proved to be very popular tools of the Environmental Impact Assessment strategies and the trend has so far not been restricted to the USA but many other jurisdictions are now changing their laws (particularly the EU) in order to be better able to reduce the stress on natural sources and the environmental impacts and increase the operating efficiency of certain firms which may otherwise be an environmental hazard. (Durrenberger, G., Hartmann, C.2002).The EIS is fast becoming a tool for An Environmental Impact Assessment (EIA) and such a statement through the use of accounting techniques like the MFA and LCA(discussed down below will be used to give an assessment of the positive and/or negative environmental influences that a project may have on the environment. The statement will then identify and foresee the social and biological impacts ion the environment as a part of good practice and sometimes legal compulsion in many countries today to decide whether the project being undertaken is worth the damage it will have on the environment. ...
(Fehily, Timoney & Co. 1999).To facilitate such as analysis two techniques have developed in the yester decades to provide a more technical prediction of the environmental cost and benefit analysis. (Fehily, Timoney & Co. 1999)Firstly there is the Material flow analysis (MFA) which will amalgamate the material flows with in a development transaction and will also calculate indicators and develop strategies and measures for improving material flow systems.Thus academic opinion has endorsed it a credible method of assuring the sustainability of industrial ecology along with the techniques of LCA ( life cycle assessment).The MFA will be used while making decisions in the EMS and EIS by capturing the mass balances in an economy or an upcoming development transaction , where inputs (extractions + imports) equal outputs (consumptions + exports+ accumulation + wastes), and will utilize the laws of Thermodynamics. (Fehily, Timoney & Co. 1999).This method facilitates the decision making process in the Impact Assessment by recognizing that the total amount of matter and energy involved at each and every stage of the economic cycle is required for all economic activities. The pith and substance of the analysis thus becomes the query whether flow of materials is sustainable in terms of the environmental burden it creates. (Fehily, Timoney & Co. 1999). In an EIS statement the MFA will be used to minimize the flow of materials while maximizing the human welfare generated by the flow. This is because the MFA system is involved in the monitoring of wastes that are typically unaccounted for in traditional economic analyses. (Kahn, H., Brown, W., Martel, L. 1976).
Similarly then we have the system for the life ...Show more

Summary

We seem to be increasingly aware of the fact that the exploitation of the earth, the planet on which we are living, demands rational and honest planning(sadly) man often seems to see no other meaning in his natural environment than what serves for immediate use and consumption.
Author : zoehomenick
Material Flow Accounting essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Material Flow Accounting"
with a personal 20% discount.
Grab the best paper

Related Essays

Tools and Strategies for Sustainable Consumption and Production
Companies from emerging economies are competitive and determine to be visible in the global business community. Companies involved in product or commodity chains are trying introducing variants in their product mix attracting the target customers and acquire sustainability in their respective business.
7 pages (1750 words) Essay
Management Accounting - The 'Raw Material' cost as a 'Variable Cost'
Financial Accounting is concerned with development of financial statements of the company to be used by stakeholders like customers, management, employees, shareholders, regulatory agencies, creditors and debtors etc. The scope of financial accounting is usually external to the organization where stakeholders analyze the financial health of the company through its financial statements like balance sheet, income statement, statement of retained earnings and cash flow statement (MIT Open Courseware, 2004).
2 pages (500 words) Essay
Management Accounting
This report aims to develop a blueprint for the implementation of management accounting system for the company according to its specific needs,
6 pages (1500 words) Essay
Management accounting and financial accounting
hat it serves as a powerful tool for decision making of operational, strategic, performance, forecasting, measurement as well as other factors that together represent the composition of a business. The coaxial relationship of the opposite ends of the accounting practice is
11 pages (2750 words) Essay
Accounting #1
The report created in managerial accounting are not standardized like the financial statements, thus there are many variations in the types of report that are
7 pages (1750 words) Essay
Accounting - Cash and Accrual
mathematician Luca Pacioli who first introduced the concept of a double entry system in his book Summa de Arithmetica, Geometria, Proportione ET Proportionelite. For over 500 years accounting has served an instrumental role in the business development of firms throughout the
4 pages (1000 words) Essay
Accounting II
Examples could include KPMG and Ernst & Young which are LLPs. Corporations on the other hand are authorized and formed by state laws and have separate identity from their
8 pages (2000 words) Essay
Finance and Accounting
The decision makers of both the private companies and public bodies do not recognize the economic significance of the natural resources and the need of environmental performance. Apart from market reputation, there exist few incentives to
11 pages (2750 words) Essay
Accounting coursework
ain the difference between the direct and indirect methods, of presenting Operating cash flow section of the Cash Flow Statement, including the layout of each. Task 3 will compare and contrast how Surgutneftgas and Gazprom, as public limited companies, in the same industry for
5 pages (1250 words) Essay
Public Sector Accounting
Fund accounting used by Yorba Linda improved presentation visibility of financial information as it segregates funds into their component units which increases presentation visibility and allow user to know the position of their investments at any point in time. Fund
3 pages (750 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation