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Triple Bottom Line - Essay Example

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The traditional business accounting frameworks define a bottom line as the figure of net profit or loss recorded at the end of a statement of an organisation’s financial activities in terms of expenditure and revenue. Over the years, advocates of social justice as well as…
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Triple Bottom Line
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Download file to see previous pages The triple bottom line abbreviated (TBL) is a framework of accounting that utilizing the three dimensions performance module: financial, environmental and social spheres. This negates from traditional frameworks of business reporting through the incorporation of environmental and social parameters. These parameters utilisation as measurement means have difficulties that hinder their appropriate assigning in various fields. John Elkington who coined the term in 1994, endeavoured to measure sustainability in the mid 20th century through encompassing of a new measure to evaluating performances in corporate America (Elkington 1994, p. 92).
This framework, known as the triple bottom line (TBL), involved going beyond traditional profits measuring strategies, as well as investment returns and shareholder value allowing for the inclusion of social dimensions and environmental (Elkington 1994, p. 93). Through putting emphasis on focus on comprehensive investment results, triple bottom line serves as an important support tool for goal sustainability maintenance. Triple bottom line Interest has seen growth especially in accounting in the lines of non-profit and profit oriented organisations as well as government sectors. Many firms including non-profits have incorporated TBL sustainability frameworks in performance evaluation. Similarly federal, local and state levels of governments have also adopted the modules in the management of currencies and such like activities. This paper seeks to analyse the concept of TBL while highlighting the practicability of the same in the business context on a global level through the utilisation of the diverse literature currently available on the issue.
The dimension of the TBL commonly labelled the three Ps: profits, planet and people have proven to be a vital part of business integration since their formulation by John Elkington. Even before this pioneer started the idea of TBL concept for the manipulation ...Download file to see next pagesRead More
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