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Sustainability Accounting: What Is It? How Do We Teach It?

Sustainability Accounting: What Is It? How Do We Teach It?. Susan K. Wolcott CA School of Business and WolcottLynch Associates swolcott@WolcottLynch.com. Lost in Terminology?. Evolving Definitions and Terms. UN 1987: Sustainable Development

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Sustainability Accounting: What Is It? How Do We Teach It?

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  1. Sustainability Accounting:What Is It?How Do We Teach It? Susan K. Wolcott CA School of Business and WolcottLynch Associates swolcott@WolcottLynch.com Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  2. Lost in Terminology? Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  3. Evolving Definitions and Terms • UN 1987: Sustainable Development • Development that meets the needs of the present without compromising the ability of future generations to meet their own needs • Triple Bottom Line (People, Planet, & Profit) • Environmental • Social • Economic Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  4. Where Does Sustainability Fit Into the Curriculum? Some Possibilities in Business Curriculum: • Intro to Business • Topics in Multiple Courses • Single Course • Capstone Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  5. Where in the Accounting Curriculum? Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  6. Accounting Learning Objectives • Assist Managers: • Formulate sustainability company policies • Manage sustainability throughout the supply chain • Engage with stakeholders • Advise on voluntary codes • Contribute to the quality of ratings and benchmarks • Contribute to public policy debates • Taxes and subsidies • Tradable permit schemes • Report on regulatory requirements • Develop and implement information and reporting processes for sustainability • Provide assurance on sustainability reporting Adapted from ICAEW, 2004 Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  7. Within the Context ofCost Accounting Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  8. Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  9. Examples: Cost Accounting Methods • Internal Versus External Costs • Material Flow Accounting • Inputs = Outputs (Materials, Energy, and Costs) • Account for Waste Separately (e.g., Process Costing) • Sustainability Life-Cycle Costing • Environmental Cost Allocation (e.g., ABC) • “Soft Factors” in Capital Budgeting • Sustainability Balanced Scorecard Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  10. Favorite Resources • ICAEW, Sustainability: The Role of Accountants, 2004 • The 21st Century Corporation: The CERES Roadmap for Sustainability, 2010 • The Sustainable MBA, 2010 • KPMG International Survey of Corporate Responsibility Reporting 2008 • Doody, Environmental Sustainability: Tools and Techniques, Management Accounting Guideline; AICPA, CIMA, and CMA Canada; 2010 • Global Reporting Initiative (GRI) Indicator Protocols, 2006 • ISO 26000, Draft 2009 • EPA, An Introduction to Environmental Accounting As a Business Management Tool, 1995 • Guide for Material Flow Cost Accounting, 2007, Environmental Industries Office, Japan Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

  11. Next: Kate Lancaster Susan K. Wolcott, wolcott@WolcottLynch.com, AAA Panel, August 3, 2010

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