Sustainability Flashcards
What is the definition for sustainability?
The ability to last
What 3 main factors did the Brundtland report highlight about sustainability?
Economic growth
Environmental protection
Social Equality
Also known as the triple bottom line
Explain economic growth?
Growth in the economy of countries which increases the wealth of that country which then benefits the whole population.
Individual organisations, profit generated will increase wealth of owners and employees.
Explain environmental protection and sustainability?
Protection of the environment is key to conserving worlds resources. Methods of doing this are: Recylcing paper, cycle to work scheme.
Explain social equality and sustainability?
Businesses should consider the local community and society as a whole bysupporting them such as chairtable donations and supporting local intitiatives.
What is a CSR Report?
Corporate Social Responsibility report outlines how the business takes responsibility for supporting sustainable developments. Also indetifies to what extent they have achieved their CSR objectives
Should a CSR report show negative findings?
Yes - if report is too positive then there is a risk thst the business might be over playing their green credentials
What is the benefit of producing a CSR report?
Public will look more favourably on the business enhancing its reputation.
What are accountants responsibilites to uphold sustainability?
Public interest duty
Promoting an ethics based culture
Promoting sustinability
Reputational risk
Promoting sustinable practises
Raising awareness of social responsibility
Explain Public interest duty?
Accountants have duties to protect the society as a whole by considering the economic, social and environmental aspects of their work in order to support sustainability.
What does public interest duties include?
Ensuring long term responsible management of resources that the business uses
Contributing to running their buisness in a sustainable manner
Explain promoting ethics based culture?
Accountants must act ethically in all aspects while discouraging any illegal or unethical practises including: money laundering, fraud and bribery.
Explain promoting sustainability?
Should promote sustainable development within the organisation and the clients they work for. Accountants should not necessarily support sustainability in the organisation just becasue it fulfills CSR objecives.
Explain Reputation risk in terms of acting sustainably?
Failure to act sustainably can result in an adverse effect on the repuitation of the business. However being a sustainable business will increase a bsuinesses reputation
Explain pomoting sustainable practises?
Accountants must promote sustainable practises through the organisation in relation to the following:
Customers - Fair pricing
products and services - Produced from sustainably resourced materials
employees - encouraging staff to take qualifications
