53rd NATIONAL COST CONVENTION- 2012
15th-17th March,2012, Vigyan Bhawan, Maulana Azad Road,New Delhi-110001
THEME : SUSTAINABILITY FRAMEWORK – INTEGERATED REPORTING, IMPERATIVES FOR CMAs
For the last couple of years many Corporate have been reporting on Sustainability and Sustainability Performance which includes social, environmental and economic results, which determines the overall stakeholder value.
Sustainability of organizational success is an integral part of the business strategy and management accountants play a key role in the process. It has become an essential element of corporate activities that sub serves the interest of all stakeholders and makes sound business sense, as accountability, transparency, governance, reporting and risk management all form part of drivers for sustainability. Sustainability has three dimensions ie economic viability, social responsibility and environmental responsibility.
Integrated Reporting brings together material information about an organization’s strategy, governance, performance and prospects in a way that reflects the commercial, social and environmental context within which it operates. It provides a clear and concise representation of how an organization demonstrates stewardship and how it creates and sustains value. Integrated reporting allows the organizations to succeed and prosper in the long run. Organizational social and environmental performance is becoming integral to their whole business and sustainability of their company.
CMAs are well positioned to help organizations interpret sustainability issues in a relevant way for their organizations, and to integrate those issues into the way they do business. Although developing a sustainable organization is a multi-disciplinary responsibility, the finance and accounting function needs to be clear on its role in providing and supporting sustainability leadership. CMAs can also contribute in managing “behavior and outcomes” by incorporating sustainability considerations into strategies and plans, business cases, capital expenditure decisions, into performance management and costing systems. Integrated sustainability management involves managing opportunity and risk, measuring and managing performance, providing insight and analysis to support decision making. This provides opportunity to augment value business partnering. Recent circulars and notifications by Ministry of Corporate Affairs, Government of India coupled with International focus on Cost Management and integrated reporting highlights the growing importance of role of CMA’s in Sustainability framework.
Looking forward for your co-operation and active participation.
CMA, Rakesh Singh
CMA, Robin Singh
Member, National Student Convention Committee
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