Valuation and reporting of native fauna in monetary terms: compatibility between a market-Based system and natural resources?

Purnell, Allan, Raar, Jean and Hone, Phillip 2003, Valuation and reporting of native fauna in monetary terms: compatibility between a market-Based system and natural resources?. In Batten, Jonathan and Fetherston, Thomas A (ed), Social responsibility: corporate governance issues, JAI, Amsterdam, Netherlands, pp.173-198.

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Title Valuation and reporting of native fauna in monetary terms: compatibility between a market-Based system and natural resources?
Author(s) Purnell, Allan
Raar, Jean
Hone, Phillip
Title of book Social responsibility: corporate governance issues
Editor(s) Batten, Jonathan
Fetherston, Thomas A
Publication date 2003
Series Research in international business and finance ; v. 17
Chapter number 8
Total chapters 21
Start page 173
End page 198
Total pages 26
Publisher JAI
Place of Publication Amsterdam, Netherlands
Summary A change in community values and priorities has introduced ethical,
environmental and social issues into the way in which business conducts
its activities. There are an increasing number of managed investment funds focusing on socially responsible investment (SRI) by concentrating on firms that operate according to predetermined criteria for environmental, social and ethical issues. For investors in these funds environmental stewardship issues are integrated with concern over financial resources and performance. In this paper the accounting and reporting by business activities concerned with conservation of wildlife are examined. The world of accounting has functioned for many years with relatively few accounting standards devoted to specialised industry needs. In 1998 the Australian Accounting Standards Board and in 2001 the International Accounting Standards Board issued standards devoted to agriculture. Both standards deal with the reporting of managed biological assets and require application of essentially the same approaches despite the Australian standard requiring net market value while the International standard requires fair value. In this paper we analyse how one conservation firm Earth Sanctuaries Ltd. (ESL) has applied AASB 1037 and then we explore the implications for conservation firms operating in geographical locations outside Australia. It is suggested that AASB 1037 and indeed lAS 41 may not provide value appropriate information for investor decisions relating to accounting profits for such firms. Our examination shows that it is appropriate to reconsider accounting guidelines provided by these standards in order to link the information relating to economic and environmental performance. Transparency may be improved by a move closer to Elkington 's (1997) triple bottom line reporting. We therefore contend that the issues arising from the use ofAASB 1037 and lAS 41 need to be widely considered by all standard setters, particularly given the increasing attention to SRI.
ISBN 0762310251
Language eng
Field of Research 150199 Accounting, Auditing and Accountability not elsewhere classified
HERDC Research category B1 Book chapter
Copyright notice ©2003, Elsevier Science Ltd.
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