Sustainability Flashcards
What is sustainability?
Meeting the needs of present without compromising the ability of future generations to meet their needs
What represents sustainability?
Environmental
Social
Economic
What is environmental sustainability?
Ability of organisations to operate without harming the environment irreversibly
What is social sustainability?
Ability of organisations to have a positive impact on society
What is economic sustainability?
Ability of the organisaiton to provide an economic impact
What must a business do to be economically sustainable?
Only short-term financial performance, but the wider impact they have on society and on the environment
What do many organisations do in regards to sustainability?
Publish sustainability reprots which aim to show their impact on society rather than just financial returns to shareholders
What does a sustainability report include?
Impact the organisaiton has on the environment
The use of scarce resources
Use and development of intangible resources
Relationships with employees and other key stakeholders
Short-term and long-term for operating environmentally and socially friendly?
Short-term: Increased costs
Long-term: “Discussed in environmental factors (1)”
What does the management accountant have?
A view of the entire business
What are the four Rs required for business, nature and society’s sustainable prosperity include?
Reducing impact
Removing impact
Restoring what has been damaged
Reimagining success
What areas can a management accountant help promote sustainability practices (P)
Products and services
What areas can a management accountant help promote sustainability practices (C)
Customers
What areas can a management accountant help promote sustainability practices (S)
The supply chain
What areas can a management accountant help promote sustainability practices (W)
The workplace
