• Semester 1 (Day)

Synopsis

This  unit  explores a number of issues associated with  environmental
accounting  practices  adopted by organisations within  Australia  and
internationally. Since the late 1980s, organisations within Australia,
and   overseas  have  shown  an  increasing  propensity  to   disclose
information  pertaining  to  their impact on  the  environment.  These
disclosures,  which are predominantly voluntary, have  typically  been
made  within  annual  reports. However, there is an  increasing  trend
towards   publicly   providing  stand-alone   environmental   reports.
Recently,  stand-alone  environmental reports have  been  released  in
Australia  by  WMC  Resources Ltd, Pacific  Power,  Mount  Isa  Mines,
Western Power, and ICI Australia.

Internationally,  many professional accounting  bodies  are  releasing
environmental  disclosure  guidance releases,  as  are  many  industry
bodies.  Within Australia, the Institute of Chartered Accountants  has
established  an Environmental Accounting Task Force which is  expected
to  release  a series of guidance documents in 1997. The International
Standards Office has also released standards relating to environmental
disclosures,  environmental management systems, and the  accreditation
of  environmental  management  systems (ISO  14000  series).  In  this
regard, a number of companies within Australia have recently had their
environmental management systems accredited pursuant to ISO 14001 -  a
trend  which  appears to be increasing. Further, in 1996 a  number  of
environmental  reporting awards were established within Australia  (by
Annual  Report  Awards  Inc, and The Australian  Minerals  and  Energy
Environmental   Foundation).   These   awards,   proposed   government
initiatives  (such  as  the National Pollutant  Inventory,  accredited
licensing  systems,  and environmental codes for Australian  companies
operating  overseas),  and  professional and  industry  releases  will
conceivably  encourage  improvements in the quality  and  quantity  of
Australian environmental disclosures.