Sustainability and Triple Bottom Line Reporting Essay

Today’s world is extremely complex in the sense that it is constantly changing. Not only is the world itself changing, but societies and the environment are consistently growing and developing. This constant fluctuation between these two categories is affecting all types of organizations, especially businesses. Due to the constant changes in today’s world, shareholders and stakeholders expect information about the financial, operational and investing activities of a business. Businesses are either flourishing or failing, but all the businesses that are most successful do not only owe their success to the products or services that they provide but also dedicate a portion of that success towards their understanding of the world around†¦show more content†¦Developing sustainability along with measuring and reporting it can be quite difficult. As previously stated sustainability does not deal with the past but instead focuses on the future. An organization that d esires sustainability must take proper action and have an understanding of what is needed in order to require it. Reaching true sustainability requires input from internal and external sources, social progress that takes into account the needs of all people, protecting the natural environment, using natural resources carefully and efficiently, and increasing the level of economic growth and employment within the organization (APD). These requirements build the foundation for any organization seeking sustainability and will lead to more success in the longevity. The key concept behind measuring and reporting sustainability is triple bottom line. In the mid 1900’s, John Elkington wanted to measure sustainability with a different kind of framework, to measure the performance of businesses in the United States, called Triple Bottom Line (John Elkington). â€Å"Triple bottom line is an accounting framework that incorporates three dimensions of performance: social, environmental and financial. This differs from traditional reporting frameworks as it includes ecological (or environmental) and social measures thatShow MoreRelatedA Lecture On International Sustainable Tourism1218 Words   |  5 PagesTriple Bottom Line During a lecture in International Sustainable Tourism, we discussed the Triple Bottom Line or Triple Bottom Line Reporting, which means expanding the traditional reporting framework to take into account environmental and social performance in addition to financial performance. This framework is becoming an accepted approach for organizations to demonstrate they have strategies for Sustainable Growth. It focuses on decision-making and reporting, which explicitly considers an organization’sRead MoreInsight Into the Triple Bottom Line1106 Words   |  5 Pages1. Introduction The notion of the triple bottom line has become fashionable to be applied to management, consultation and investment over the last few years. The trend towards greater transparency and accountability in public reporting is reflected in revealing a more comprehensive performance which includes not only financial factor but also social and environmental ones. Despite the trend, there are still some people in mainstream sectors are to make profit regardless of environmental and socialRead MoreTriple Bottom Line Model Analysis1743 Words   |  7 Pages Triple Bottom Line [Name] [Institution] Triple Bottom Line Introduction A triple bottom line model never merely quantifies an accomplishment or rather the wellbeing of a company through its conventional monetary bottom line. However, triple bottom line similarly measures social, ethical as well as environment performance of the company. Triple bottom line typically is an incessant process that shall assist the company in concentrating into the performance of a moreRead MoreThe Triple Bottom Line Model1745 Words   |  7 PagesThe Triple Bottom Line Introduction A triple bottom line model never merely quantifies an accomplishment or rather the wellbeing of a company through its conventional monetary bottom line. However, triple bottom line similarly measures social, ethical as well as environment performance of the company. Triple bottom line typically is an incessant process that shall assist the company in concentrating into the performance of a more sustainable business whereas demonstrating to local communities togetherRead MoreA Triple Bottom Line Model1714 Words   |  7 Pages Introduction A triple bottom line model never merely quantifies an accomplishment or rather the wellbeing of a company through its conventional monetary bottom line. However, it similarly measures social, ethical as well as environment performance of the company. Triple bottom line typically is an incessant process that shall assist the company in concentrating into the performance of a more sustainable business whereas demonstrating to local communities together with employees of that particularRead MoreAccounting Theory Assignment 21710 Words   |  7 PagesWONG Assignment 2 – 1500-word Essay Topic: How social and environmental reporting practices undertaken by companies highlight the limitations of the conceptual framework. Introduction: Accountancy has always been concerned with mainly the accountability of directors to shareholders and companies to creditors. As companies grow larger and become more integrated with the society, this call for a focus towards sustainability and being accountable to a wider range of stakeholders (Perks, 1993). CorporateRead MoreTriple Bottom Line1286 Words   |  6 PagesTriple Bottom Line Over the Past 30 years many steps have been taken to further understand, and develop our sustainability and the impact it has on us, our communities, economy, social lives and future. As our understanding and knowledge continues to grow, we continue to see just how important and closely tied our environment is to us. There have been policies made by governments all around the world in order to achieve a sustainable living style, as well as many smaller organizations in comparisonRead MoreCompatibility of Profit, People and Planet1175 Words   |  5 PagesDefinition: What is Triple bottom line? - A stool is stable only if it has three legs The triple bottom line (abbreviated as TBL or 3BL, and also known as people, planet, profit or the three pillars†) captures an expanded spectrum of values and criteria for measuring organizational (and societal) success: economic, ecological and sociaPeople, planet and profit succinctly describes the triple bottom lines and the goal of sustainability. People refer to employees, shareholders, customersRead MoreThe Ethical Standards Of Corporate Social Responsibility1126 Words   |  5 Pages2014). Multiple corporations grapple with how to meet the ethical standards of corporate social responsibility in today’s global economy. Becoming a triple bottom line company would help a business meet its ethical obligations and demonstrate its sustainability progress to stakeholders. Employing utilitarian theory of ethics to exam triple bottom line use by corporations will illustrate its relevance for meeting a company’s ethical responsibilities. Corporate Social Responsibility Corporate socialRead MoreEnterprenuer3597 Words   |  15 PagesINTRODUCTION Triple bottom line The triple bottom line (abbreviated as TBL or 3BL, and also known as people, planet, profit or the three pillars) captures an expanded spectrum of values and criteria for measuring organizational success. For example economic, ecological and social. In the private sector, a commitment to corporate social responsibility implies a commitment to some form of TBL reporting. This is distinct from the more limited changes required to deal only with ecological