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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

3033 Words

Introduction

Through times, the issue of global warming which is define as the continuing rise in the average

temperature of Earth’s atmosphere and oceans is being closely monitored. There are several mega

effects that arise due to the effect of global warming. This includes the ever increasing temperatures

that start forest fires such as Indonesia, the reporting issue of stranded polar bears, the melting of 

glaciers at Himalayas, the extreme heat of sunscalds that causes death, the floods that caused by El

 Nino and etc.

This is all resulted from the act of us, human. We reap the sow that we seeded. One of the highlights

that cause such devastating effect came from the unbridled industrial growth and developmentthroughout out mother Earth’s. The society becomes more aware of the consequences with the

increasing environmental issues and thus they begin to demand a modicum of environmental friendly

 behaviour as part of the agreement in every business management.

Even though they did aware of the issues that arise and huge amount of cash have been spent on the

environmental awareness conventions yet there are still lack of constructive action to be taken in. At

the same time, factories keep on polluting our environment with toxins, natural habitat such as forest

are destroyed by human for their leisure projects including golf coast and villas, and etc. If things go

on, soon our ecosystem will be ruin.

As such, authorities in figures started to give out pressure to the parties involved. This lead to

environmental management accounting in waste and recycling management to rose from the bushes.

Aside from the authorities, there are also increases in community scrutiny on environmental issues in

waste management. From all these, the development of environmental policy is needed in order to

 protect the environment from further abuse.

Through the publicity and awareness campaign that launched, the theme “Green” was born. Green

and organic products begin to pop up in the market. Recent studies indicate that more and more

consumers willing to participate in the “Green” theme such as recycles and some even pay double for 

green products as an effort to maintain the ecosystem for the future generations. More and more green

 products are developed by the companies that get a hold of the data. Hence, increasing their sales and

rise in their gains are to be expected. In reaching their goals, they may neglect the environmental

issues. (Borin, Cerf and Krishnan, 2011)

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

Arise from the issues, implementing of the environmental policy will helps in reducing the impact of 

global warming. With the implementation of the policy, companies need to adhere to the demand of 

legislation and maintain their commitment towards the ecosystem. Thus, a healthier and safer place

can be created within the community. Aside from that, the company can also enhance their images in

the community and bring more brand names as well as improve the company’s financial bottom line.

This resulted in some of the companies to behave and act in a more socially responsible way towards

running their business. (Ashcroft and Smith, 2008)

In order to explore and enhance the policy, many studies that focus on how they deal with the

environment, the impacts on the companies are being performed throughout the companies regardless

of their type and size, public or private, profit or non-profit and etc. This result is highly anticipated

 by the suppliers, customers, regulators and the public at large. With the implementation of theenvironmental policy, the environment can get its reassurance that companies are operating

responsibly. (Ashcroft and Smith, 2008)

Throughout the last decades, the societies have become more concern over the issues of pollution,

depletion in resources, hazardous wastage and other environmental problems. Thus, this lead to a

more stringent environmental regulation on the product end-of-life as well as on the production

 processes. In other words, new rules and regulations have been enacted to monitor the companies for 

their environmental responsibilities. All in all, the increasing needs of the companies to adhere to

environmental issues leads to an increasing numbers in the companies to include environmental issues

into their modus of operation especially on the health and safety issue due to the change in legislation.

(Psomas, Fotopoulos and Kafetzopoulos, 2011)

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

Main Body

Role of Financial Accounting

Traditional accounting systems and reporting had no disclose the impact of environmental issues on a

company’s financial results and position or requiring separate reporting on items for example

expenditures for pollution prevention, clean up, and fines. The actual and contingent liabilities for 

environmental clean ups from past operations and pollutant emissions and resource utilization also did

not disclose in annual reports. Until 1996 there was nothing in Generally Accepted Accounting

Principles (GAAP) that explicitly required to reporting of either environmental capital costs or 

environmental operating costs. (Ashcroft and Smith, 2008)

If information on environmental considerations is failure to report may prohibit users from classifying

factors providing material long-term benefits to an organization or presenting long-term materialrisks, and might focus on short-term financial performance capacity’s decision perspective rather than

a complete longer-term perception of the user. The development to present a more complete move

towards in quality control management to reporting on environmental costs and benefits can benefit

stakeholders and managers when apply the significant information. (Rainborn, Butler and Massoud,

2011)

As stakeholders’ influences become important for issue such as public image and relations,

corporations must providing information to deal with their connection with stakeholders to obtaining

their approval and support. Making that information available is one way to achieve that objective,

either by producing a separate report concerning their social responsibility activities or by providing

that information in their annual reports. (Oeyono, Samy and Bampton, 2011)

Environmental reporting is built-in into annual financial reports also as environmental reports. The

expected environmental information might be helpful to shareholders and others in considering the

environmental risk disclosure of a company. A company which environmental information is reported

such as environmental operating costs and environmental capital costs may reflects the company’s

 pollution. It would be concern to investors as well as to government regulatory agencies concerned

with financial reporting if reporting does not reflect pollution activities. Nevertheless, for disclosure

to be of value, it must reflect actual events described by the disclosure, in this case, environmental

costs. (Ashcroft and Smith, 2008)

The amount of environmental capital costs and environmental operating costs reported by firms is

important for several reasons. The motivating are Firms face great challenges and uncertainties in

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

reporting environmental costs, Known and potential environmental costs are very significant and

Suppliers, customers, investors, and other stakeholders currently desire detailed information about

firms’ environmental costs. (Ashcroft and Smith, 2008)

Taxes influence the dividend decisions, financing, investment of companies. They influence

individual decisions about the way to spend revenue as well. Persuade investments in environment

 protection mechanisms can be a force by tax systems when it comes to environmental linked

decisions by individuals or company, or they are able to use to depress environmental destruction, by

commanding a high tax load on activities. The tax system is able to make incentives to adjust the

outflows in inflows connected to environmental investment projects, so increasing their return after 

tax rate, and the tax system are capable be apply to punish company or individuals that slot in

activities. So that the income tax is able to be apply to encourage individuals to obtain assets for environmental protection, by compromise these acquirements status, by tax credits as a policy tool.

(Martins, 2011)

The activity’s scope further than those groups straight connected to the company and the instant

natural environment to take in long-range environmental implications and a bigger set of stakeholder 

groups. The primary decision criteria constitutes by the environmental impact. The time, and social

scope develop and the task point of view can obtain on the characters of a long-range task, does not

like traditional capital budgeting task or long-range setting up movements. Environmentally

enlightened management supports by an accounting information system centre on the long-term

relations between the natural environment, the organization, and the wider community and identify

these predicated contacts on common support, not self interested rivalry. For recognizing and relating

stakeholders in organizational decisions, can be processes and facility location, infrastructure design

and product, a process must be developed that facilitate effective schemes. (Dillard, Brown and

Marshall, 2005)

Any resolution with long-term suggestion requires the upcoming environmental impact’s projections.

Recognizing, measuring, and monitoring local, district, and worldwide environmental conditions and

determining the possible impact of substitute courses of action are involve in the long-term

 projections. Associated issue comprise cost of monitoring and measuring the importance of 

environmental conditions, carbon offsets, impacts, and life cycle analysis. Management have to be

supported in and sensitized to, such result, and there ought to be information systems in situate to

assist and sustain these decisions. (Dillard, Brown and Marshall, 2005)

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

Environmental audits observe the whole environmental management system. The core objectives are

to verify official compliance and to recover inefficiencies which might diminish both environmental

costs and impacts. A suitable information support does not only reduce the basic efforts to bring out

the audit, it improves the audit’s result also. Audits are performed to observe whether the management

system meets the relevant standards’ requirements. Even though they are official and not result-

oriented standards, suitable data may sustain the job of the registrar. (Letmathe and Doost, 2000)

Role of Managementl Accounting

Environmental cost usually is treated as overhead costs and allocated randomly in the traditional

management accounting. For instant, emission, waste water charges, and waste disposal may be

accumulated and allocated randomly among the different type of the cost centre. These practises are

unable to provide any incentive for the cost centres to diminish the environmental impacts and thecost. (Letmathe and Doost, 2000)

management accounting play an essential role to improved the competitive advantages among the

industries and assists to create a well organise decision making and integrated perspective of strategic

 planning, operations performance and financial decision to the manager. Information beneath the

managements accounting also provide appropriate information for manager to decide the profitability

and sustain in economy. Failure of development of management accounting systems achieved the

demand require by the management, the systems may affect the operation of the organisations facing

the impacts of environmental. (Islam and Kantor, 2005)

There are three types of advantages which are directly connected with the enhancement of 

environmental management under the rules and regulation of the environmental policy. Initially,

organisation could be potential gain profitability through the improvement of organisation

 performance via a well organised of the provision of the environmental resources and increasing the

ability of implementing new technologies such as cleaner production. Organisations also can

increasing the reputational by operate according the environmental guidelines, for example, produce

the product in the economy which are environmentally- sensitive products or service which can gain

from the greener reputation as well as increased the relationship with the consumer, government and

stakeholder. Lastly, it also will assists the organisation reduce the compliance costs of regulations.

Organisation performing willingly in the conservation of the environment will assists organisations

convinces the environmental public regulator which no need to reinforce public regulation or apply

new ones; in this sense, through voluntary action, companies are able to attain more flexible public

environmental regulations, a delay in their execution or even their imprison. (Cabugueira, 2004)

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

A wider extent of information for making a well designed and great internal decision require the

element of the accurate identifying, gathering, analysis and exercise the data contain in the

environmental management accounting. That information include the physical information on

exercise and flows of energy, water and material include wastes, monetary data on environmental-

related costs, earning and saving, indirect environmental data in overheads and information which

transform outside the assumed, legitimate boundary of the business. The traditional management

accounting systems are imperfect in the way the identified the essential of environmental benefits and

costs compared with the environmental management accounting. Environmental management

accounting are more favourable to sustain for the quality environmental management since

environmental management accounting are more wider scale of environmental information towards

target of long term successful in robust the organisations performance in economy. (Qian, Burritt andMonroe, 2011)

The environmental and non-environmental aggregation costs in overhead accounts environmental

costs in the traditional cost accounting being treat as hidden cost by the management. There is a

significant prove that managements tends to underestimate costs of the output by hidden the

environmental costs. EMA allow the management to recognising, assessing and allocating the

environmental costs in order to provide opportunities for costs saving and measure the cost saving of 

the investment project plan. Environmental costs include costs such as internal and external costs

which have the relation with the environmental damage and protection. Environmental protection

costs consist of costs for planning, prevention, disposal, shifting actions control and damage repair 

that potential being facing in governments, companies or people. Therefore , government require to

 play a important role to apply political implements for example eco-taxes and emission control

regulations in order to insist on the ‘polluter pay’ principle and hence to combine external costs into

company calculations. (Qian, Burritt and Monroe, 2011)

The purpose of environmental management system is to monitor and prevent the environment impacts

affect the operation of the organisations and sustain the environmental enhancement as well as

organisation performance. Under the ISO 14001 standards and EMS guidelines, Environmental

management systems being as one of the part of management system which consists of the

organisational arrangement, decision making planning, liability, training, processing, development

and resources for develop, implementing, achieving, reviewing and maintaining the environment rules

and regulations. Consequently, the crucial perception of any management system or environmental

management system is founded on the plan-do-check-act cycle through which constant environmental

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

enhancements possibly will be attained. Beside the aspiring of attain the level of environmental

 performance, environmental management also able to lead the organisation to achieved the

organisational own goal of profitability. ( Albelda, 2011)

Environmental Management Systems (EMS) is the most powerful instrument for organisation to

enhance the environmental performance and improved the organisation performance. EMS are able to

assist the organisations by reducing the possibility of environmental liabilities, increasing the

 potential of competent exercise the natural resources, diminishing waste, increasing the good

reputational, create the alert of environmental concern among the staff, received a better 

understanding of environmental impacts on the organisations operations and increasing the

 profitability. (Psomas, Fotopoulos and Kafetzopoulos, 2011)

ABC play an essential role to provide a well designed decision comprises the selection of products,

activities and product mix, and pricing as well as outsourcing. ABC also provides quality or support

for TQM proposal in order to ensure the Just In Time synergies. Ultimately, ABC also exercises as the

 better communications relationship between the customer management and supplier evaluation.

(Sartorius, Eitzen and Kamala, 2007).

Benefits and Problems of Environmental Policy

According to the author’s survey, a lot of companies thought that if environmental policies were not

implemented and adopted, their corporate image would be damaged, and they are start recognized that

developing effective environmental policies are importance. A lot of companies were starting to

embrace corporate social responsibility extra widely by trying to embed ethics structurally and good

environmental practice into their organizations. Although many of them had yet to attain a successful

environmental procedures and practices were execute organization-wide, but they had progress a long

way in terms of closing the gap between stated environmental policy and environmental practice.

(Faulkner, Carlisle and Viney, 2005)

Organizations have managed performance and profitability by expanding needs for environmental

information. They need to persuade the markets that their environmental performance and practices

are either risky to their financial profitability or to the environment. Furthermore, to meet

accountability prospect and compete efficiently, information must be communicated to regulators,

customers, and other concerned parties. Reporting information in a helpful format and in an

appropriate manner suggests to the recipients that the organization has developed good management

 practices about environmental issues. (Ashcroft and Smith, 2008)

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

Environmental policy may assist a corporation develop the environmental performance, develop

image with the regulators, community and investors, avoid pollution, reduce costs, preserve resources

and create a centre of attention from new customers and markets through the environmental

management. It encourages companies as well to recognize accountability for the protection of the

environment, certifying the ecological management’s incessant improvement. Companies can develop

the capability of controlling and managing their environmental performance by implementing the

 policy, identify better employees’ responsibilities and incorporate the management of environmental

issues and quality. Thus, the embracing of an EMS presents credibility, goodwill, increased

 productivity, reduced liability risk, competitive advantage, profitability, cost savings and eventually.

Environmental policy stresses the require for incessant development in motivating to save the

environment, not only for ourselves but for future generations as well. (Psomas, Fotopoulos andKafetzopoulos, 2011)

Environmental policy has small impact on the public observation and competitiveness. The probable

impacts on competitiveness are certainly small, and that this gap in observation just be a sign of the

success of lobby groups in making a public fear to influence policy. The impacts on competitiveness

are potentially larger than the data propose, but that manufacturer have been doing well in certifying

that where relatively strong environmental regulations are bring in these are come with other forms of 

subvention or safeguard which diminish most of the effects. (Ulph, 2002)

Organizations are facing difficulties in meeting the environmental policy requirements. They keep on

 practicing opposition and challenges when executing and maintaining the requirement, whether they

are in occupational wellbeing and safety, quality, environmental or others part. Even though policy

was developed to help organizations, there are a few issue that might avoid a company from

effectively implementing, for example, an EMS may causes staff resist the improve in their 

responsibilities; unwillingness from management to give the resources and time to execute the EMS;

and the trust that it does not require to be continually reviewed and improved once the EMS took 

 place. (Psomas, Fotopoulos and Kafetzopoulos, 2011)

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

Conclusion

Management accounting and financial accounting share ordinary sets of data and practice in the

financial accounting area. There is an obvious connection between financial accounting and

management accounting practices, although management accounting professionals are not required to

 pursue financial accounting model. Lots of those are accountable for turn out reports and other 

supporting documents to validate or dispute an issue that requires accounting analysis were educated

and were influenced by the accounting profession. (Islam and Kantor, 2005)

Accounting standard-setting bodies and governmental agencies should know the importance of 

additional disclosure requirements. Both conservatives consent that disclosure is an attractive policy

tool, which normally increases market competence by removing informational asymmetries. The

company’s market position improvement, the exchange from conventional to sustainable exercise, theenhanced connection with society causes improved environmental performance and the development

of waste processing were the hidden construct of the Environmental policy's benefits. A strong

environmental policy should develop to reduce impact, to improve organization’s performance in the

future to protect the environment. (Qian, Burritt and Monroe, 2011)

Reference

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

Albelda. E, 2011, The role of management accounting practices as facilitators of the environmental

management, Sustainability Accounting, Management and Policy Journal Vol. 2 No. 1, 2011pp. 76-

100 Available from: www.emeraldinsight.com/2040-8021.htm [Accessed ]

Ashcroft,P., and Smith,L.M., 2008, Impact of Environmental Regulation on Financial Reporting of 

Pollution Activity: A Comparative Study of U.S. and Canadian Firms, Research in Accounting  Regulation, Vol. 20, 2008, pp. 127-153 Available from: www.sciencedirect.com [Accessed ]

Borin N, Cerf D.C and Krishnan R, 2011, Consumer effects of environmental impact in product

labeling, Journal of Consumer Marketing 28/1 (2011) 76–86 Available from:

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Cabugueira MFM, 2004, Portuguese experience of voluntary approaches in environmental policy,

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Oeyono J, Samy M and Bampton R, 2011, An examination of corporate social responsibility and

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Psomas. EL, Fotopoulos C.V. and Kafetzopoulos D.P, 2011, Motives, difficulties and benefits in

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

implementing the ISO 14001 Environmental Management System, Management of Environmental 

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

Appendix

Consumer effects of environmental impact in product labeling

Type: Research paper 

Author(s): Norm Borin, Douglas C. Cerf, R. Krishnan

Source: Journal of Consumer Marketing Volume: 28 Issue: 1 2011| View HTML | View PDF (151kb) | Abstract | Related items | Reprints &

 permissions

The role of management accounting practices as facilitators of the environmental management:

Evidence from EMAS organisations

Type: Research paper 

Author(s): Esther Albelda

Source: Sustainability Accounting, Management and Policy Journal Volume: 2 Issue: 1 2011

| View HTML | View PDF (139kb) | Abstract | Related items | Reprints &

 permissions

Environmental management accounting in local government: A case of waste management

Type: Research paper 

Author(s): Wei Qian, Roger Burritt, Gary Monroe

Source: Accounting, Auditing & Accountability Journal Volume: 24 Issue: 1 2011

| View HTML | View PDF (187kb) | Abstract | Related items | Reprints &

 permissions

Environmental cost accounting and auditing

Type: Technical paper 

Author(s): Peter Letmathe, Roger K. Doost

Source: Managerial Auditing Journal Volume: 15 Issue: 8 2000

| View HTML | View PDF (370kb) | Abstract | Related items | Reprints &

 permissions

The development of quality management accounting practices in China

Type: Research paper 

Author(s): Majidul Islam, Jeffrey Kantor 

Source: Managerial Auditing Journal Volume: 20 Issue: 7 2005

| View HTML | View PDF (139kb) | Abstract | Related items | Reprints &

 permissio

Motives, difficulties and benefits in implementing the ISO 14001 Environmental Management

System

Type: Research paper 

Author(s): Evangelos L. Psomas, Christos V. Fotopoulos, Dimitrios P. Kafetzopoulos

Source: Management of Environmental Quality: An International Journal Volume: 22 Issue: 4 2011

| View HTML | View PDF (121kb) | Abstract | Related items | Reprints &

 permissions

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“Management accounting and financial accounting both play a role in the development of a robust environmental policy that will contribute to longer-

term organizational success.”

An examination of corporate social responsibility and financial performance: A study of the top 50

Indonesian listed corporations

Type: Research paper 

Author(s): Juanita Oeyono, Martin Samy, Roberta Bampton

Source: Journal of Global Responsibility Volume: 2 Issue: 1 2011

| View HTML | View PDF (92kb) | Abstract | Related items | Reprints &

 permissions

Portuguese experience of voluntary approaches in environmental policy

Type: Case study

Author(s): Manuel F.M. Cabugueira

Source: Management of Environmental Quality: An International Journal Volume: 15 Issue: 2 2004

| View HTML | View PDF (100kb) | Abstract | Related items | Reprints &

 permissions

The design and implementation of Activity Based Costing (ABC): a South African survey

Type: General review

Author(s): K. Sartorius, C. Eitzen, P. KamalaSource: Meditari Accountancy Research Volume: 15 Issue: 2 2007

| View HTML | View PDF (146kb) | Abstract | Related items | Reprints &

 permissions

An assessment of recent trends on income taxation and environmental policy in Portugal

Type: Research paper 

Author(s): Antonio Martins

Source: Management of Environmental Quality: An International Journal Volume: 22 Issue: 4 2011

| View HTML | View PDF (83kb) | Abstract | Related items | Reprints &

 permissions

Changing corporate attitudes towards environmental policy

Type: Research paper 

Author(s): David Faulkner, Ysanne M. Carlisle, Howard P. Viney

Source: Management of Environmental Quality: An International Journal Volume: 16 Issue: 5 2005

| View HTML | View PDF (216kb) | Abstract | Related items | Reprints &

 permissions

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