Environmental full-cost accounting | Wikipedia audio article
Channel: wikipedia tts
Date: 15/05/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Environmental_full-cost_accounting


00:01:58 1 Concepts
00:02:38 1.1 1. Costs rather than outlays
00:03:16 1.2 2. Hidden costs
00:04:09 1.3 3. Overhead and indirect costs
00:04:54 1.4 4. Past and future outlays
00:05:35 2 Examples
00:05:44 2.1 Waste management
00:07:38 2.1.1 Benefits
00:10:59 3 Motives for adoption
00:12:44 4 See also



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SUMMARY
=======
Environmental full-cost accounting (EFCA) is a  method of cost accounting that traces direct costs and allocates indirect costs by collecting and presenting information about the possible environmental, social and economical costs and benefits or advantages – in short, about the "triple bottom line" – for each proposed alternative. It is also known as true-cost accounting (TCA), but, as definitions for "true" and "full" are inherently subjective, experts consider both terms problematical.Since costs and advantages are usually considered in terms of environmental, economic and social impacts, full or true cost efforts are collectively called the "triple bottom line".  A large number of standards now exist in this area including Ecological Footprint, eco-labels, and the United Nations International Council for Local Environmental Initiatives approach to triple bottom line using the ecoBudget metric.  The International Organization for Standardization (ISO) has several accredited standards useful in FCA or TCA including for greenhouse gases, the ISO 26000 series for corporate social responsibility coming in 2010, and the ISO 19011 standard for audits including all these.
Because of this evolution of terminology in the public sector use especially, the term full-cost accounting is now more commonly used in management accounting, e.g. infrastructure management and finance.  Use of the terms FCA or TCA usually indicate relatively conservative extensions of current management practices, and incremental improvements to GAAP to deal with waste output or resource input.
These have the advantage of avoiding the more contentious questions of social cost.