SBM3304 Accounting Theory: Long Term Environmental Sustainability

This essay delves into the significance of long-term environmental sustainability within the framework of accounting theory, emphasizing its crucial role in fostering both social and economic sustainability. It highlights the necessity of understanding how natural systems function to maintain ecological balance and acknowledges the human civilization's reliance on resources for sustaining modern life. The discussion extends to the importance of minimizing environmental impact to ensure a sustainable future, covering economic sustainability through intelligent resource use and value creation, and social sustainability by addressing poverty and resource exploitation with equitable economic growth. Furthermore, the essay underscores environmental sustainability's role in maintaining natural capital and advocates for long-term planning, recycling, and reduced power consumption. The conclusion emphasizes the need for human societies to operate within the biophysical environment's limitations, integrating social, environmental, and economic considerations to minimize environmental impact and protect natural systems.

Accounting
Theory
Importance of Long Term, Environment
Sustainability for Both Social and Economic

Sustainability
– Study of how natural system function remains diverse and produce the needs
for an ecology to remain in balance
– Acknowledgement of the human civilisation for the need of resources to sustain
modern way of life
– Sustainability is important for keeping our streets and civic buildings lit, to
power our appliances, our heating and other public and household power
requirements
– Minimising the impact of the environment which is necessary to ensure
sustainable social and economic future

Economic Sustainability
– Sustainability of the ‘economic sustainability’ is comprised of the sustainability of the
economy system itself
– Exercise of sustainability and sustainable design from an intelligent and creative use of
the economic resources
– Creating appropriate value of the intervention which is much higher than the price
– Economic development is able to prove that people disagrees to the political ideology
and affects the business
– Economic development is about providing the people what they desire without
compromising with the quality of life especially in the developing world and reducing
the overall financial burden

Social sustainability
– Considered with the alleviation of the sustained poverty levels and prevention
of natural resource exploitation
– In practical application social sustainability calls for the economic growth which
is constrained with the various requirement as per the social equity
– The linking of the environment are associated to optimization of the
environment, optimization of the resources and prioritizing the resource
allocation
– Urban sustainability is implied with the “quality of life of its citizens, or the
capacity of nature to support its activities”.

Environment Sustainability
– Environment sustainability is required to maintain the natural capital as the
provider of the economic inputs, absorber (known as sinks) and economic output
– The protection of the environmental sustainability needs to be considered with a
long-term planning aimed at protecting the environment
– Environment sustainability followed with “recycling, reducing our power
consumption” by taking initiatives such as switching devices off rather than putting
it in standby
– The business maintains the environment sustainability by keeping the carbon
emissions to a lower level

Conclusion
– The sustainability needs to be considered with allowing human society to “live
within the limitations of the biophysical environment”
– Linking of the social sustainability, environment sustainability and environment
sustainability
– The objectives should be focused with the objective of creating minimum
impact on the environment.
– Protection of the natural systems is seen to represent an “overarching panacea
for achieving economic vitality and social justice

References
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