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Date: 2022-07-02 Page is: DBtxt001.php txt00004412

Accountancy
Accountants and Natural Capital

Private Sector Should be Protecting the Natural Environment, Say Accountants in ACCA Natural Capital Survey

Burgess COMMENTARY
The following is an attempt to start some 'follow up' on this important issue:

Follow up ... About the report 'Is Natural Capital a Material Issue?' Peter Burgess Tue, Apr 2, 2013 at 10:40 AM To: Ruth.Fasoldt@accaglobal.com, Julie.Missimore@accaglobal.com Bcc: Jonathan Cloud

Dear Ruth, Dear Julie

A friend has forwarded me the news that ACCA has released a report titled 'Is Natural Capital a Material Issue?' I am delighted that ACCA has taken the initiative to prepare something that addresses the question of 'natural capital'.

I could say it is long overdue ... but better late than never.

I am writing to ask what can I do to help. How can I engage with you so that this very important agenda moves forward?

I have been active in the accountancy profession. I trained in the UK as a Chartered Accountant. Subsequently I had an interesting few years in the United States in corporate management including CFO of a fairly complex international company. After that a few years doing consultancy in international development through the World Bank, the UN and others. My undergraduate work was in engineering and economics at Cambridge.

Almost 30 years ago I realized that money profit was only one of the important measures of economic and social progress. It has taken a long time, but I am now engaged with an initiative called TrueValueMetrics that aims to expand the money profit accounting concepts to ALL the value flows important in the economy and society.

You will now appreciate why I am so happy that ACCA has seen fit to prepare the report. As far as I am concerned Natural Capital IS a Material Issue. I also believe that the accountancy profession should be at the center of a movement to reform the key metrics used to measure the performance of economic activity in all its forms.

What might I do to help?

Peter Burgess
____________ Peter Burgess TrueValueMetrics ... Meaningful Metrics for a Smart Society twitter: @truevaluemetric @peterbnyc www.truevaluemetrics.org blog: http://truevaluemetrics.blogspot.com blog: http://communityanalyticsca.blogspot.com mobile: 212 744 6469 landline 570 431 4385 email: peterbnyc@gmail.com skype: peterburgessnyc Books: Search Peter Burgess at www.lulu.com


Peter Burgess

Private Sector Should be Protecting the Natural Environment, Say Accountants in ACCA Natural Capital Survey

Click here to open a pdf about Natural Capital from ACCA in the UK

NEW YORK, Mar. 28 /CSRwire/ - The private sector has a responsibility to protect the natural environment is a key finding of a new paper called Natural Capital – what do accountants think? which has been published by ACCA (the Association of Chartered Certified Accountants).

Accountants in the survey also identified the top five risks that natural capital poses to operations in the private sector, as being:

  • Reputational risk (68%)
  • Disruption of operations (61%)
  • Scarcity and increased cost of resources (50%)
  • Supply chain risk (47%)
  • Financing risk (46%)
Gordon Hewitt, sustainability advisor at ACCA and author of the report, said: “Natural capital, which is the stock of capital derived from natural resources such as biological diversity, ecosystems and the services they provide, is in decline globally. The loss of natural capital exposes companies to a range of new risks and opportunities that can impact profit, asset value and cashflow.

“This paper was produced as a result of a survey in which more than 200 accountancy professionals took part. It was also featured in the ACCA, KPMG and Fauna & Flora International report Is natural capital a material issue?

“The initial report, which was produced last year, investigated the concept of materiality, how it is used to identify issues for management and disclosure and the extent to which it currently reflects the significance of natural capital as a business issue.

“The accountants surveyed were aware of the links between corporate value and natural capital, and that current trends in natural capital present a variety of different risks to businesses that are likely to increase over time.

“However this awareness has not flowed into widespread corporate action as many of the accountants surveyed work for organisations that do not report on natural capital. The key barriers to greater uptake include a lack of guidance, valuation methodologies and understanding.”


About ACCA (Association of Chartered Certified Accountants)

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants with 154,000 members and 432,000 students in 170 countries worldwide. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We work through a network of over 80 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. www.accaglobal.com


For more information, please contact:

Ruth Fasoldt Business Development Manager Phone: 212-310-0105 Twitter: @ACCA_USA

Julie Missimore Policy Manager Phone: 202-803-3996 Twitter: @ACCA_USA For more from this organization:

ACCA USA ACCA USA ACCA USA is the United States headquarters of the global organization for accounting and financial professionals, comprised of 154,000 members and 432,000 students in over 170 countries.

Membership Page Recent Press Releases Private Sector Should be Protecting the Natural Environment, Say Accountants in ACCA Natural Capital Survey


CSR Press Release ... Submitted by: ACCA USA
Posted: Mar 28, 2013 – 10:57 AM EST
The text being discussed is available at
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