Environmental Responsibility

Paper Summary:

The writer first gives a background of the environmental movement and the awakening of world awareness surrounding the preservation of environmental resources. The paper then explains the ways in which corporations have chosen to relate to the issue, either claiming responsibility or denying a role in the race to preserve natural resources. The paper investigates the feasibility of incorporating the concept of sustainable development into commercial bank business lending decisions.

From the Paper:

"Bennett and James (1998) suggested that the appropriate approach is the development of a "green bottomline" that would be structured within the framework of managerial accounting. Managerial accounting, however, does not carry the force of financial accounting. Feltmate (1997) suggested that the link between accountability and corporate responsibility for protection of the physical environment be structured within the concept of accounting for sustainable development (ASD). ASD is manifested in many forms in the contemporary period, as the accounting profession in the industrialized nations has not developed a consensus on which of the several approaches to ASD should be adopted as the standard. What most proponents of the ASD concept do agree upon, however, is that non-market values must be incorporated into financial accounting in order to establish an effective link between accountability and corporate responsibility for the protection of the physical environment."

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