Development of Triple Bottom Line Reporting and how this will Impact Financial Reporting and the Conceptual Framework

The analysis will focus on some key aspects such as; the overall plan, products/services sustainability, human resource relations, customer’s relations, environmental concerns, and the company social responsibility to the company. Descriptive analysis will help appraise of the company’s sustainability strategy. The critical analysis of the company’s sustainability will help in coming up with conclusions about sustainability of the strategy, and give insights on how the company can improve its sustainability strategy. There are also various recommendations based on these conclusions (Heslin and Ochoa 2008).

Financial measures in the Triple Bottom Line accounting framework should follow the common financial accounting guidelines, Generally Accepted Accounting Principle’s, and International Financial Reporting Standard’s. The financial measures in the Triple Bottom Line accounting framework however are not under as much scrutiny as the Environmental and Social measures, though there is debate over certain ethical aspects of Financial Accounting as a well. Financial Accounting in a business is usually not changed in a dramatic way, when a company decides to adopt the TBL framework. Some changes that financial records might reflect include an increase in expenses related to environmental or social care, a decrease in expenses that reflect a detriment to the society or environment (i.e. Transportation Expense), a possible increase in revenues as a result of customer support of the adoption of TBL.

According to the textbook, the triple bottom line is known as the people, planet and profit that measures an organization’s social, environmental and financial performance. The Chief Financial Officer at UPS stated that his approach is established in two beliefs “that companies have a responsibility to contribute to society and the environment, and that every investment a company makes should return value to the business.” The company has a responsibility to help the society and concern about the environment with the objective of gaining profit. UPS has established a five-step approach toward sustainability that will balance the needs of various elements. Therefore, one is too assessing your strengths, which will offer to make a major effect

According to the text, the triple bottom line approach to corporate accounting includes three components:

The triple bottom line is an accounting framework that incorporates what is commonly referred to as the three P 's: people, planet, and profit.

Define sustainability. What is the triple bottom line and what is included in the triple bottom line concept? How is this an improvement in the strategy plans of a

The triple bottom line is a company concept that was introduced in 1994 by John Elkington it is a way to measure the financial, social and environmental performance

As BWB is truly interested in the social aspect, the financial reporting structure should also describe how the profits will be used to enhance the company and the social organizations that receive donations. Investors would have increased confidence in BWB if they were to learn that BWB retains profits to ensure the company’s viability, rather than profits to support corporate officers earning large wages and bonuses. Next we’ll explore the three dimension of the triple bottom line.

The methods used in completing this report entails studying and analyzing of the mentioned sources and encompassing reports from the company focusing on the sustainability of the company.

The triple bottom line demonstrates to organisations that they have strategies for sustainable growth in the future (Tourism Australia. 2013) . It more importantly focuses on decision-making and accurate reporting which displays a companies economic,environmental and social performance and plans for any future

Subsquently after writing the values, next on the agenda was building coalitions and obtaining support with upper management to spread the message about corporate and social responsibility concerning sustainability. We would achieve this through adding the concept of “ triple-bottom-line reporting” with a time-line of 12 months to complete after the values are established (Jick

Rio tinto is a renowned mining company which has been in existence for over 140 years. The market share of Rio Tinto is 14.2 per cent and operates in over 40 countries around the world with the main headquarters situated in the United Kingdom. Production at Rio Tinto includes minerals such as iron ore, diamonds, copper, aluminium, energy and the list goes on (Finch, C 2014). The operations that are conducted at Rio Tinto tend to have an impact on the environment; therefore, it is necessary for Rio Tinto to disclose their sustainability procedures through a multi perspective strategic performance measurement system (SPMS). The multi perspective strategic performance measurement system (SPMS), as mentioned above, consists of a balance scorecard

Cost Accounting: Its role and ethical considerations Introduction: Accounting is the process of identifying, measuring, and communicating economic information about an entity for the purpose of making decisions and informed judgements. The major areas of within the accounting are: Financial Accounting, Managerial Accounting/Cost Accounting and Auditing- Public Accounting Managerial accounting is concerned with the use of economic and financial information to plan and control the activities of an entity and to support the management in planning and decision-making process. Cost accounting is the subset of managerial accounting and it helps management in determination and accumulation of product, process or service cost.

The Triple Bottom Line is simply a way of understanding how the company is performing in three important areas including profit, environmental, and customer satisfaction, which is also known as Corporate

Firstly, the purpose of this assignment is to examine the evolution of environmental accounting and its main drivers, and demonstrate the effectiveness and implications of its application. It will start with a brief explanation of the primary financial accounting system and the purpose of accounting disclosures. It will also bring up the debate regarding focusing on maximizing shareholders’ wealth solely or incorporating the environmental and ethical impact of businesses on their valuations (Bainbridge, 2002; Coase, 1988). Recently, there has been increasing recognition and widespread empirical evidence of the relationship between