ACCG106 Lecture Notes - Lecture 8: Stakeholder Theory, Financial Statement, Professional Code Of Quebec

• School: Macquarie University
• Department: ACCG - Accounting and Financial Management
• Course: ACCG106
• Professor: All

Document Summary

Sustainable development development that meets the needs of the present w/o compromising the ability of future generations to meet their own needs. Business sustainability: needs of the (cid:449)orld"s poor. Growing societal awareness of the environment has put pressure on businesses to consider non- financial impact of their businesses. Businesses need now need to account for all resources used and all outputs produced. Competition for resources: population projection > 9billion people by 2050, rising living standards lead to expanded markets for g&s > unprecedented demand on natural resources, many resources one considered renewable have become finite. Climate change: businesses need to plan for a hostile attitude towards carbon emission, costs of adaptation to climate change have gone up. Integration of national economies into the global market has increased risk: businesses can operate in/source from countries with disparate environmental and social standards.