Paper Topic:
Social and Environmental Accounting
Running head : Social and environmental accounting Name University Course Tutor Date An overview of social and environmental accounting Traditionally , the main goals and objectives of most organizations were to maximize shareholders or stakeholders wealth by employing cost reduction strategies . However , with the rise in globalization competition and social and environmental awareness as well as regulation , organizations have turned to social and environmental accounting as a means of ensuring accountability and sustainable future Different principles have been formulated which forms the basis for demonstrating accountability of firms
using accounting mechanisms to measure and reports such mechanisms . These mechanisms are known as the social and environmental accounting systems . Environmental accounting refers to the collection , assessment and analysis of environmental and the financial performance information which is obtained from the information systems of business management , financial accounting systems and environmental management functions (Crowther , 2000
Environment accounting involves taking remedial management actions to lessen environmental impacts as well as costs plus . It also ensures external reporting in regard to environmental and also financial benefits is done on confirmed organizational reports . This aims at improving the environmental performance as well as minimizing risks associated with the environment . Social accounting on the other hand emphasizes on the idea of corporate accountability . Social accounting is an approach used to report an entities activities which stresses on the importance of identification of behaviors which are socially relevant development of reporting techniques that are appropriate and determination of stakeholders whom an organization is accountable to for in terms of...
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