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eport may present different results. Hence, the benefits of an environmental project may be hidden by accounting policies (Elliot, B., Elliot, J., 2009). This is new component add more complexity to the value calculation process for environmental endeavours.

Finally, environmental project viability depends upon how the cost are identified and allocated within the firm's accounting. This dependency inherits the weaknesses of the accounting methods and standards a business employs. Errors or misinterpretations of cost identification and allocation may diminish project credibility and support. Shareholders are eager to support any new strategy that ensures an increment in their capital. Reporting tangible results for environmental initiatives is the best way to ensure their prevalence in the current economy. Clear measurement systems in resource consumption will ease the identification of cost drivers. Hence cost will be fairly allocated to business outcomes. Better cost allocation means better results. Gray information jeopardizes not only environmental project continuity, but also environment per se. Accounting standards should also include descriptions and definitions for investments and assets associated to environmental plans. The objective is to have a clear accounting standard framework. Environmental project results can be easily perceived by the community, the challenge is, then, to explain shareholders how their wealth is also positively affected by these sorts of initiatives with tangible outcomes and trustable reports.

环境信息披露——Environmental disclosure

Environmental disclosure can be described as the information which relates the environmental outcomes that corporate actions have on stakeholders in a manner that is meaningful, fair, and useful. In other words, environmental disclosure is a method of responding to the changing perceptions of a corporation's relevant publics on how organizational processes or production procedures may have impact on the natural environment (Walden, W.D., Schwartz, B.N., 1997).

Norway was the first country requiring all firms included by the Accounts Act to publish a clarification of whether they polluted the environment and to report executed and planned operations for appropriate environmental protection as from 1989 (Fallan, E., Fallan, L., 2009). According to some authors, US formally started its legislative works on environment disclosure until 1990 (Porter, M.E., 1991). However, there were no requirements for a uniform report. How much to report and what type of content to make were almost entirely up to the company. The most usual statement in annual reports from companies, having no serious environmental impact fulfilling the statutory requirements, was: The firm does not pollute the external environment. Even though the annual report was under auditing control, the environmental part of it was not. These limited regulations for environmental information should make it fairly easy and inexpensive for companies to fulfil the legal obligations. These mandatory requirements were modest. Actually, most environmental disclosure of information in annual reports should still be provided on a voluntary basis (O'Donovan, G., 2002).

Some theories, like Legitimacy one, predict that companies respond to pressure from society by providing voluntarily environmental information to legitimate their existe本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。