Cost Environmental and social accounting

Cost Environmental and social accounting

Description/Paper Instructions

Cost Environmental and social accounting is a framework that goes beyond traditional financial accounting to assess and report an organization’s impact on the environment and society. It recognizes the need for businesses to take responsibility for their actions and considers their broader social and environmental footprint.

Traditional accounting focuses primarily on financial performance, measuring profit, revenue, and costs. However, this approach fails to capture the externalities created by businesses, such as pollution, resource depletion, and social inequalities. Environmental and social accounting aims to fill this gap by integrating non-financial data into the decision-making process and reporting systems of organizations.

The concept of environmental accounting emerged in response to growing concerns about the environmental impact of economic activities. It recognizes that businesses depend on natural resources and generate waste and emissions that can harm the environment. Environmental accounting aims to measure and quantify these impacts, including the use of energy, water, and raw materials, greenhouse gas emissions, waste generation, and pollution. By doing so, it provides organizations with a clearer understanding of their environmental performance and helps identify areas for improvement and resource efficiency.

Social accounting, on the other hand, focuses on the social and ethical aspects of business operations. It acknowledges that businesses have a significant influence on society, affecting various stakeholders such as employees, customers, local communities, and suppliers. Social accounting seeks to assess and report on an organization’s performance in areas such as labor practices, human rights, community engagement, diversity and inclusion, and philanthropy. It involves measuring and evaluating indicators like employee satisfaction, health and safety records, community investments, supplier relationships, and stakeholder engagement.

Environmental and social accounting involves the collection, measurement, and analysis of relevant data to provide meaningful information for decision-making and reporting. It requires organizations to adopt appropriate methodologies and frameworks to ensure consistency and comparability of data. Some widely used frameworks include the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD).

By integrating environmental and social accounting into their practices, organizations can achieve several benefits. Firstly, it helps them identify risks and opportunities associated with sustainability issues, such as regulatory changes, resource scarcity, or shifts in consumer preferences. By understanding these risks, businesses can develop strategies to mitigate negative impacts and capitalize on emerging trends.

Secondly, environmental and social accounting improves transparency and accountability. By reporting on non-financial performance, organizations provide stakeholders, including investors, employees, customers, and communities, with a more comprehensive picture of their operations. This transparency fosters trust and credibility and can enhance a company’s reputation and stakeholder relationships.

Moreover, environmental and social accounting supports informed decision-making. By considering a broader set of indicators, organizations can make more sustainable and responsible choices. For example, they can assess the environmental and social implications of different suppliers or evaluate the long-term impacts of certain investment projects.

Lastly, environmental and social accounting can drive innovation and efficiency. By measuring and analyzing environmental and social data, organizations can identify areas for improvement, optimize resource usage, reduce waste, and develop more sustainable products and services. These efforts can lead to cost savings, increased competitiveness, and the development of new markets.

In conclusion, environmental and social accounting is a framework that expands the scope of traditional financial accounting to include environmental and social factors. It enables organizations to assess and report their impact on the environment and society, leading to improved decision-making, transparency, accountability, and innovation. By adopting environmental and social accounting practices, businesses can contribute to a more sustainable and responsible future.

Cost Environmental and social accounting

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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