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AG203

AG203. VALUE THEORIES. “Sustainability” perspective. A Social, Environmental and Economic perspective ……..a triple bottom-line. Income. Concerned with sustaining social consumption and environmental consumption.

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AG203

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  1. AG203 VALUE THEORIES

  2. “Sustainability” perspective A Social, Environmental and Economic perspective ……..a triple bottom-line

  3. Income • Concerned with sustaining social consumption and environmental consumption. • Consumption (and related production) of the community does not impair natural capital e.g. clean air and water • Pattern or structure of relationships within society and between society and the environment strive to prevent (limit) intergenerational wealth transfer.

  4. Capital Social Capital • the product of social relations • allows us to privilege non-market based communications regarding social choice…and preserve what is valued (irrespective of price) Natural Capital • the ‘ecology’ of our habitat • the value of nature is “social constructed”

  5. The greening of accountancy: the profession after Pearce Gray (1990) ACCA Certified Research Report 17 Capital needs to be split between • artificial and natural capital (critical and other) …….in order to recognize intergenerational equity Stewardship responsibility • extended to assets under ownership AND control

  6. Changes in Standards on Liability International Accounting Standard 37, Provisions, Contingent Liabilities & Contingent Assets (Issued July 1998) • extends liability basis beyond legal obligation to include a constructive obligation • current debates on measurement

  7. Corporate Governance (Narrative) Reporting Turnbull Report Internal Control: Guidance for Directors on the Combined Code.27 Sept. 1999. ICAEW (appendix) Risk Assessment • Are significant internal and external operational, financial, compliance and other risks identified and assessed on an ongoing basis? • Significant risks may, for example, include those related to e.g. safety and environmental Control Environment and Control Activities • Does the company communicate to its employees what is expected of them and the scope of their freedom to act? • This may apply to areas such as e.g. safety and environmental protection

  8. (Accounting) Reporting for Sustainability Social, Economic and Environmental accounting …for a triple bottom-line E.g. GRI - Global Reporting Initiative • GRI was launched in 1997 to establish standardized corporate sustainability (triple bottom-line) reporting worldwide ….through multi-stakeholder consultation

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