1. AG203 VALUE THEORIES

2. “Sustainability” perspective A Social, Environmental and Economic perspective ……..a triple bottom-line

3. Income Concerned with sustaining social consumption and environmental consumption. Consumption (and related production) of the community does not impair natural capital e.g. clean air and water Pattern or structure of relationships within society and between society and the environment strive to prevent (limit) intergenerational wealth transfer.

4. Capital Social Capital the product of social relations allows us to privilege non-market based communications regarding social choice…and preserve what is valued (irrespective of price) Natural Capital the ‘ecology’ of our habitat the value of nature is “social constructed”

5. The greening of accountancy: the profession after Pearce Gray (1990) ACCA Certified Research Report 17 Capital needs to be split between artificial and natural capital (critical and other) …….in order to recognize intergenerational equity Stewardship responsibility extended to assets under ownership AND control

6. Changes in Standards on Liability International Accounting Standard 37, Provisions, Contingent Liabilities & Contingent Assets (Issued July 1998) extends liability basis beyond legal obligation to include a constructive obligation current debates on measurement

7. Corporate Governance (Narrative) Reporting Turnbull Report Internal Control: Guidance for Directors on the Combined Code. 27 Sept. 1999. ICAEW (appendix) Risk Assessment Are significant internal and external operational, financial, compliance and other risks identified and assessed on an ongoing basis? Significant risks may, for example, include those related to e.g. safety and environmental Control Environment and Control Activities Does the company communicate to its employees what is expected of them and the scope of their freedom to act? This may apply to areas such as e.g. safety and environmental protection

8. (Accounting) Reporting for Sustainability Social, Economic and Environmental accounting …for a triple bottom-line E.g. GRI - Global Reporting Initiative GRI was launched in 1997 to establish standardized corporate sustainability (triple bottom-line) reporting worldwide ….through multi-stakeholder consultation