es the relationship between organizations and customer, the community, as a result attracting income.
According to the report from World Commission of Environmental Development (WCED, 1987, p43) 'Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs'. Sustainable development is to achieve compromise between two goals, first of all, the word 'sustainable' suggests preserving the natural ecosystem and its resources, secondly, the word 'development' suggests increasing economic growth and prosperity. They are contradicting because it seems to assume that economic growth would cause damage to the environment. Therefore, in other words, sustainable development is a vision of reducing the conflict between these two goals.
People begin to recognize that they must make use of the environment, and with their interests of improving the standard of living, they have to preserve the environment. For example, in countries level, existing rich countries would not want their present level of prosperity or future level of prosperity to be reduced, as for poor countries, they would like to improve and achieve the benefits of development.
For businesses, a sustainable organization is an organization that generates profit for its shareholders and at the same time, it protects the environment and improving standard of living for those it interacts with. The organization operates in a way that it meets both the interests of business and the interests of the environment and the society. A sustainable business helps the organization become possible to be more successful in the future than it is today, and it remains to be successful for a really long time. Therefore, it is vital for organizations to develop and implement environmental strategy in order to sustain long term success.
Changes of financial and management accounting on the environment management of an organization.
In order to manage the environmental pressures, the environmental-related costs and benefits effectively, organization would need different expertise which includes accounting and finance, marketing and
public relations, and general management, etc. Accountants play an important role in the management as well to environment management, it is because they are able to access financial information of an organization. Their role is to make use of such financial information and their professionalism to assist the organization to make appropriate business decision, budgeting and strategic planning.
Financial Accounting and Management Accounting are the two general categories of accounting adopted by organizations. Financial Accounting refers to accounting activities and the preparation of financial statements directed to external stakeholders, as for Management Accounting focuses on providing information to organization management for internal decision making.
The aim of Financial Accounting is to provide and satisfy the financial information needs of external stakeholders, such as shareholders, tax authorities and creditors. They require receiving an accurate and standardized information about an organization's financial performance. Financial reporting is regulated by national laws and international accounting standards. Financial Accounting focuses on various types of financial information. An orga
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