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Critically evaluate this statement : Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer term organizational success - Essay Example

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Due to the global awareness on the preservation of ecological balance and the protection of the environment, it is sometimes queried whether an accounting of the environment can be made. One writer was bold enough to offer an affirmative answer. The contributed…
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Critically evaluate this statement : Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer term organizational success
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Critically evaluate this statement : Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer term organizational success

Download file to see previous pages... (Timmer, John. Accounting for the environment. September 27, 2006. Nobel Intent. Ars technical. [internet]). In a large measure, the environment has become so important a subject that even the art of accounting is now being made part in the quest for attaining worldwide ecological balance. As a matter of fact, disclosure of environmental issues and the duty to report the same is now a corporate task. (Hutchison, Paul D. Environmental Accounting: Issues, Reporting and Disclosure. page 37). This essay will thus be critically evaluating the statement that management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer term organizational success. In order to complete this task, relevant academic literature will be used to validate the appraisal of the subject theory. Evidence to back up the arguments made in the essay will be obtained from journal articles and other relevant literary items or sources. Overall, the paper will conclude that managerial accounting, as well as financial accounting, is inherently significant in formulating and implementing environmental policies which contribute to long-range corporate success. Financial accounting also has an important function in the development of robust environmental decisions and practices which, in turn, help business entities and organizations in achieving long term success. One of the reasons why this is being asserted is that financial accounting can be used as a monitoring tool or an instrument in gauging or measuring environmental performance. It can therefore be safely said that management accounting is indeed a vital factor in devising plans and programs that will extensively advance corporate concerns over environmental and ecological issues. With those problems properly addressed, the prospect of ...Download file to see next pagesRead More
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