Sustainability accounting links sustainability initiatives to company strategy. The evaluation of risks and opportunities, providing measurement and accounting and performance management skills are all part of sustainability accounting. Sustainability should be embedded into the day-to-day operations of an organization.
If there’s one realism that has emerged since it first appeared on the leadership front more than 30 years ago, it’s that sustainability is neither a passing fad nor a fleeting priority. Time has proven that a focus on sustainability initiatives, linked to business strategy, as a top organization priority, can deliver measureable bottom-line and reputational returns far beyond initial expectations.
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Whether boosting the bottom line, preserving the planet or a combination of the two, sustainability has officially crossed the threshold of America’s businesses, with many of the greatest skeptics even now realizing that it’s here to stay. In fact, according to the Governance & Accountability Institute’s report: 2012 Corporate Environmental, Social and Governance / Sustainability / Responsibility Reporting – Does It Matter? Analysis of S&P 500 Companies’ ESG Reporting Trends and Capital Markets Response, “53 percent of S&P 500 Index companies are currently disclosing ESG information, compared to about 19-20 percent of the S&P 500 reporting in 2010.”
Sustainability’s momentum is being fueled by a large, influential and growing majority of supporters: business leaders. They recognize that sustainability-minded organizations are more committed to management checks and balances, informed decision-making and community goodwill. What follows is an organization’s reputation for greater stability, less risk and a more secure market value. Sustainability-minded organizations are among the top choices when retailers and other businesses create vendor relationships, select investment candidates and make purchase decisions.
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Last week, my blog post discussed that Integrated Reporting <IR> represents an important shift in corporate reporting in which CPAs can play a key role providing consulting services, implementation or report preparation. In today’s blog, I’m drilling down into some of the key concepts of the recently released Consultation Draft of the International <IR> Framework that are important for CPAs to understand.
Five features of the Draft Framework are:
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Corporate reporting in the U.S. and around the world has often developed as disparate strands of reporting. Stakeholders have grown to seek more and more information in a number of different reporting vehicles, but do they really seek the details or are they trying to drive better corporate practice?
Integrated Reporting <IR> represents an evolution of corporate reporting that focuses attention on how an organization creates value in the short, medium and long term. An integrated report, a key output of Integrated Reporting, is a concise report primarily intended for investors of financial capital, although other stakeholders who have an interest in the organization’s ability to create value will also benefit from such communications.
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I live blogged from the AICPA's Sustainability Workshop that took place May 2 to 3 in New York City. The workshop is part of the Executive Boardroom Series from the AICPA and the Enterprise Risk Management Initiative at the Poole College of Management at North Carolina State University. Below is a replay of the entire two-day event.
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