RegulationCorporate Governance‘Jury out’ over online sustainability tool

'Jury out' over online sustainability tool

IFAC launches online environmental accounting tool as Mandelson and Miliband meet businesses heavyweights for Low Carbon Summit

The International Federation of Accountants has launched an online
sustainability framework tool to help combat the complications of accounting for
carbon.

The Sustainability Framework, to be made available worldwide later this
month, has been developed to provide a comprehensive guide for accountants
trying to incorporate environmental initiatives into a business strategy.

The Framework aims to offer accountants and those in the finance function
green solutions that also provide long term shareholder value.

However, one critic from a Big Four firm has said: ‘It offers more questions
than answers.’

‘Is this evidence of accountancy bodies trying to work together? The jury is
out, let’s see what happens’ he added.

Critics have said that although it is a good start and sends out a very
important message, it still has some way to go.

There are four overall ‘perspectives’ outlined in the framework to help
companies considering implementing an environmental policy: business strategy,
internal management, financial investors and other stakeholders.

The IFAC tool launch coincides with the start of the Low Carbon Summit,
hosted by business secretary Peter Mandelson and climate change MP Ed Miliband.

The LSC is a forum for businesses to work with government on finding ways to
develop an initiative that will kick start the economy as well as tackling
climate change.

The Summit has over 50 delegates from the biggest companies in Europe, such
as BP, IBM, M&S, 3i, Toyota and Vodafone. However only one of the big four
firms has attended, Ernst & Young.

Further reading:

A briefing of the IFAC sustainability tool and more details on the Low Carbon
Summit, is available in the next issue of
Financial Director – April 2009

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