MEASURING CORP ENVIRONMENTAL P

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ISBN: 9780786302307 | 0786302305
Cover: Hardcover
Copyright: 9/22/1995

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Each year corporations spend millions of dollars on environmental compliance. However; if viewed strategically and managed properly, companies can see how improved environmental performance can lead to improved financial performance. This book includes the results of the largest field study ever conducted in this area and shows corporate controllers, accountants, and operating managers how to: intergrate engironmental imports into management decision making including products costing, product pricing, product development, capital investment, and performance evaluation decisions; develop and implement a corporate environmental strategy; improve envionmental costing and management using the state of the art and corporate best practices.

Foreword

iii

Perspectives

Preface

Publisher's Notes

xix

Acknowledgments

xxi

About the Author

xxiii

Executive Summary

xxv

Motivation for the Study

xxv

Scoring Corporate Environmental Performance

xxvi

Conclusions from the Field Research

xxix

Design of the Study

xxx

Organization of the Research Report

xxxii

A Changing Landscape

xxxiii

Introduction

(12)

The Failure of Social Accounting and the Genesis of Environmental Reporting

(3)

Corporate Environmental Performance and the Law

(2)

The Tone at the Top

(1)

The Goal of Sustainable Development

(1)

Design of the Study

(3)

Organization of the Research Report

(2)

The Importance of a Corporate Environmental Strategy and How to Develop It

(18)

The Role of Environmental Strategy in International Competitiveness

(2)

International Regulations and Multinational Corporations

(2)

The Role of Government Partnerships

(3)

Specific Partnership Programs

(2)

The Notion of Sustainable Development

(3)

The Development of a Corporate Environmental Strategy

(2)

Role of Corporate Mission Statement in Clarifying Corporate Commitment

(1)

Summary

(3)

Minimizing Environmental Impacts

(19)

Recycling and the Take-Back Principle

(2)

Life Cycle Assessments and Life Cycle Cost Assessments

(9)

Reducing Waste Through Product and Process Redesign

(3)

Reducing Waste Through Operations and Purchasing

(2)

Summary

(2)

Systems for Identifying, Organizing, and Managing Corporate Environmental Impacts

(25)

An Introduction to Environmental Strategy Implementation

(3)

Organizational Structure

(6)

Centralized vs. Decentralized EH&S Management

(1)

The Challenge of Organizing Across International Boundaries

(2)

Other Organizational Issues

(1)

Total Stakeholder Analysis

(4)

Tools and Frameworks for Analysis

(6)

Balanced Scorecard

(2)

Summary

(1)

Internal Reporting Information Systems

(13)

Waste Management Information Systems

(2)

The Development of One Environmental Accounting and Reporting Systems

(5)

Other Environmental Information Systems

(1)

Management Accounting Systems and Financial Reporting Systems

(2)

Is a Link Necessary or Desirable?

(1)

Summary

(1)

Internal Environmental Auditing Systems

(18)

What Is Environmental Auditing?

(1)

Types of Environmental Audits

(3)

Internal Environmental Audit Departments

(1)

The Importance of the Self-Audit

(1)

Assurance Letters

(1)

The Role of Environmental Auditing in Business Acquisitions and Divestments

(3)

Environmental Auditing Practices and Programs

(3)

Eco-Auditing

(1)

Broader Corporate Environmental Internal Audits

100

(2)

Lack of Standards in Environmental Auditing

102

(2)

Summary

104

(2)

External Reporting Systems and Environmental Audits

106

(39)

The Variety of Environmental Disclosures in Corporate Annual Reports and Corporate Environmental Reports

107

(13)

Moving Toward a Standard Environmental Report

120

(9)

Preparation of the External Environmental Report and the Role of EH&S Professionals in the Accrual Process

129

(5)

External Audits of Environmental Reports

134

(6)

The Coordination of External Audit, Internal Audit, and Self-Audit Procedures

140

(3)

Summary

143

(2)

Costing Systems

145

(19)

Costing Systems

145

(1)

The Costs to Include in Product Costs

146

(3)

Identifying and Tracking Environmental Costs

149

(4)

Additional Issues Related to Costing

153

(1)

Life Cycle Costing

154

(2)

Cost Management

156

(2)

Full-Cost Accounting

158

(4)

Environmental Externalities

162

(1)

Summary

163

(1)

Capital Budgeting Systems

164

(48)

The Capital Expenditure Approval Process

165

(4)

One Company's Corporate Environmental Planning Process

169

(3)

The Need to Expand the Analysis for Environmental Capital Investments

172

(2)

Cost Assessment Methods

174

(6)

Option Assessments, Option Screening, and Scenario Forecasting

180

(10)

Monetizing Environmental Externalities

190

(2)

Contingent Valuation

192

(1)

Risk Assessment

193

(2)

Option Pricing Theory

195

(1)

Other Issues in Capital Budgeting Under Uncertainty

195

(1)

How to Estimate Future Liability Fuzzily or Statistically

196

(1)

Summary

197

(15)

Performance Evaluation Systems

212

(20)

Evaluating Corporations, Strategic Business Units, and Facilities

213

(3)

Incentives for Individual Environmental Responsibility

216

(10)

Other Examples of the Integration of Environmental Responsibility into Performance Evaluations

226

(1)

Striving for Environmental Responsibility in a Global Enterprise

227

(2)

The Use of Company Environmental Awards for Employees

229

(1)

The Use of Internal Waste and Environmental Taxes

230

(1)

Summary

230

(2)

Implementing a Corporate Environmental Strategy

232

(19)

Scoring Corporate Environmental Performance

234

(4)

Some Surprises from the Field Research

238

(5)

Fifteen Steps to Environmental Strategy Implementation

243

(2)

Additional Guidelines for Managers and Management Accountants

245

(3)

Concluding Remarks

248

(3)

Appendix A THE REGULATIONS THAT GOVERN ENVIRONMENTAL REPORTING

251

(16)

Environmental Regulations

252

(3)

The Process of Assessing Liability Under CERCLA

255

(1)

Accounting Regulations

256

(6)

Surveys and Studies of External Financial Reporting of Environmental Liabilities

262

(2)

Summary

264

(3)

Appendix B A BRIEF REVIEW OF THE SOCIAL AUDIT, ENVIRONMENTAL ACCOUNTING, AND COST-BENEFIT ANALYSIS

267

(12)

Social Responsibility and the Social Audit--the Development of Frameworks and Models

267

(3)

Social Accounting and the Social Audit--Company Implementations

270

(1)

Environmental Economics and Cost-Benefit Analysis

271

(5)

Previous Studies by the Institute of Management Accountants

276

(2)

Further Thoughts on the Failure of Social Accounting

278

(1)

Appendix C COMPANIES CITED

279

(6)

Glossary of Acronyms

285

(4)

Bibliography

289

(16)

Index

305

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MEASURING CORP ENVIRONMENTAL P

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