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Consequence of Ignoring Natural Environment in Corporate Activities
Added on -2019-09-22
This article discusses the importance of environment accounting and the consequences of ignoring the natural environment in corporate activities. It presents a case study of a company that disposed of hazardous chemicals into a nearby river and the potential legal and social consequences of such actions. The article suggests that adopting environment accounting practices can enhance a corporation's accountability and transparency, prevent legal action by regulatory authorities, and create a green and sustainable image of the firm.
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Introduction Every business operate under the specified business environment and this businessenvironment wildly and continually affect the operation of business. Hence a smartbusiness adopt a framework which has duly concern about the various controllable ornon-controllable environment factors. Out of all business environment factors, atpresent a natural environment influence the corporate activities in large scale.Ignorance of natural environment, will create serious issue for business, as it createsboth financial and non-financial burden over the business. Here in present case we are discussing about the environment accounting andconsequence of ignorance of natural environment under corporate and non-corporateactivities. Current case Our company dealing with the hazardous chemical, and the industry is highlycompetitive due to high disposables cost of unused Chemical or Chemical that can nolonger be sold. Our warehouse was located near to river, where the numbers of localpeople Enjoys swimming during the summer’s days. One of our particular dangerous chemical had not been sold for a long time, howeverit was written down in books of account as zero, and our firm had adopted a practiceto dispose of such hazardous chemical into the near river over a period of time insmall proportion. Consequence In the case of The Franklin Dam case, Tasmania, the judicial Authority had takenfollowing action on finding a guilty to damage natural environment.The Practice adopted by our firm is not ethical as well as it is ageing the society, ifsuch practice is track or challenge, with legal authorities than our company issupposed to face a legal action, legal authority may require our company tocompensate all those local peoples who were suffered from illness, or any type ofhealth issue. Additionally, legal regulatory required our company to discontinue itsoperation, and or can order to shift the warehouse at another location after payingsuitable penalties. (Di Leva, C. (2015).Such incidence will create a negative impacts over the goodwill and intellectual assetsof our company. Question will rise at future date for association of any stakeholders.Local peoples and society protest for continues of operation of our firm. Ourcompany face a difficulties in hearing a reliable and trusted employees, as our firmhad already lost its reputation and many more legal and social issues will arise.
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