The environmental accounting can further classified into environmental financial accounting (EFA) and environmental management accounting (EMA). In 1998, the International Federation of Accountants (IFAC) originally defined environmental management accounting as: “The management of environmental and economic performance, through the development and implementation of appropriate environment-related accounting systems and practices. While this may include reporting and auditing in some companies, environmental management accounting typically involves lifecycle costing, full
Technology patent Motion Picture films company systems Tools Knowledge Mortgage servicing rights Import quotas Relational Cpital Supplier relationship Customer relationship Consumer trust Reputation Customer Loyalty Trademarks Franchise Marketing rights Brand name Advertising Measuring intangible assets On the financial side , Intangible assets are not well clearly stated in accounting sheets ( Saunders , Brynjolfsson , 2010) and in most of the cases it is treated as expenses not as an investment in the balance sheet ( Lev ,B 2001). 30% of all the business investments are rooted back the IT sector ˡ . In one of the known studies , it was found that spending one dollar of computer hardware is correlated to ten dollars of market value . These results concluded that there are nine dollars of unmeasured IT intangible assets for every dollar measured of hardware ( Brynjolfsson, Hitt, and Yang , 2002). A further study clearly reveals that
Physical life can be well defined by the illustration if a pump worn out beyond repair due to corrosion. In other case, a limit must be set on how long the company prepared to pay in order to keep the asset in service. Thus, the company should not incur losses when it keeps continuing operating the asset. Therefore, economic life can be defined as the money saved after the assets is abandoned. Based on the illustration given above, it can be said that physical life is always greater than or equal to economic life.
If one mediates the world around, he/she should have observed that all creatures on earth need water to survive. Furthermore, the shortage of water in the body of any living creature happen to cause health problems and even death. The idea of preserving water is a debatable subject. However, humans should stop wasting water and should not take it for granted in order to survive with a healthy body, and reduce health risks. The most important reason why people should conserve clean water is to survive.
It is highly effective way to fight against many different issues as environmental, economical and so. Now great attention is given to the practical aspects of energy efficiency and researches are being conducted to developed more energy efficient appliances and systems. This is evolution to the use of energy and most of the expectations are being kept with it to be helpful in dealing with great many issues whilst saving, costs, resources, efforts and so. It must also be understood that future time will be more challenging and economical, environmental difficulties will be stronger and greater in number, so in order to respond them effectively the method and concepts of energy efficiency be
Using nuclear to produce energy is preferable compared to other system burning of fossil fuels, which causes so much of pollution with carbon dioxide. In addition to the process of nuclear system, the disposal of nuclear waste, which results during the generation of nuclear power is much easier to deal with. The reason is because it is just dumped in to a geological site where it decays over a period of time and has not negative impact on the environmental. This is also the main advantage of nuclear energy compared to the other chemical used generating system, which cause much more poisonous gases. Most of the generating energy system came up with problem that lack of source to generate enough, however, the source of nuclear power is uranium, which is available in abundance in the crust of the Earth with major deposits being uncovered in Canada and Australia.
Due to natural gas being the most plentiful nonrenewable resource on Earth there is no worry about it running out in the near future because it is available worldwide. Because of this, natural gas can be seen as reliable in terms of energy. Also, natural gas, when it is not burned, is environmentally friendly. Natural gases are cleaner than fossil fuels like coal that pollute the air. Not only is natural gas cleaner, it can also be easily stored.
There is a pressing need to ensure that environmental concerns are woven into corporate actions and the best corporate governance practices. It is now being realized by the economists, environmentalists, business managers and accountants that (i) if the benefits from rising incomes are offset by the costs imposed on health and quality of life by pollution, this cannot be called development and that (ii) environmental damage can undermine future productivity. The corporate also managers need to remember the effects of their investment decisions on the
Therefore by performing an environmental audit, it will help companies to know which problems the company could be facing. This will allow companies to create a competitive advantage if they understand where they stand with the environment (Hamand, n.d). Another benefit of the environmental auditing is that, it assist companies in provision of management decision support data, liability assurance, the creation of an additional measurement tool, better compliance management, an aid in educating the employees and tool for public relations and marketing (Hamand, n.d). EPA (2015) had indicate that environmental audit helps companies to have better compliance with regards to environmental legislation and it also assist companies not to have surprises as they will know compliance status as soon as possible ad not to discover it when too late. EAPA (2015) further indicated that environmental audit also assist companies to have fewer penalties and suits and assist them to have a better public image with local.