Sustainability

Question 1

What was the World Commission on Environment and Development (WCED)?

Answer 1

-aimed to bring together the international community to pursue a common goal to support sustainability

Question 2

What is sustainable development?

Answer 2

-meets the needs of the present without compromising on the future generations

Question 3

What 3 objectives did the Brundtland report cover?
(the triple bottom line)

Answer 3

1. economic growth
2. environmental protection
3. social equality

Question 4

What does economic growth relate to?

Answer 4

-individual growth in countries should lead to overall increase in wealth
-profit generated by organisations will increase the wealth of its owners

Question 5

What are some examples of environmentally friendly policies?

Answer 5

-changing from plastic shopping bags
-recycling paper and metal
-promoting car sharing schemes
-only trading with certified green policies
-turning off lights in offices

Question 6

What does social equality and sustainability focus on?

Answer 6

-on the social well being of people
-making charitable donations
-supporting local initiatives
-sponsoring local events

Question 7

What is corporate social responsibility report?

Answer 7

-how it takes responsibility for supporting sustainable development through its policies and procedures
-identifies to what extent is has achieved CSR objectives

Question 8

What are some CSR objectives?

Answer 8

-reducing CO2 emissions from premises
-trading with places with good working conditions
-regular donations
-recycling targets
-car sharing
-local suppliers

Question 9

What are public interest duties?

Answer 9

-considering the economic, social and environmental aspects of work

Question 10

Examples of public interest duties

Answer 10

-ensuring long term responsible management of resources used
-acting in a sustainable manner
-assessing and minimising risks to organisation

Question 11

What are the 7 responsibilities of an accountant to uphold sustainability?

Answer 11

-public interest duty
-promoting an ethics based culture
-promoting sustainability
-reputational risk
-consider the triple bottom line
-promoting sustainable practices
-raising awareness of social responsibility

Question 12

What are some ways to promote sustainable practices?

Answer 12

-products and services
-customers
-the workplace
-supply chain
-business functions

Question 13

What is meant by reputational risk?

Answer 13

-risk of loss resulting from damage to an organisations reputation

Question 14

Why do accountants need to act in a sustainable manner?

Answer 14

-responsibility to act in the interest of the public
-supporting sustainable development