Making Ends Meet: The Challenges of Investing in and Accounting for Sustainability
The transition to sustainable development requires
considerable investments from stakeholders, both financial and
immaterial. However, accounting for such investments often poses a
challenge, as ventures with intangible or non-financial returns remain
oblivious to conventional accounting techniques and risk assessment.
That such investments may significantly contribute to the welfare of
those affected may act as a driving force behind attempting to bridge
this gap. This gains crucial importance as investments must be also
backed by governments and administrations; entities whose budget
depends on taxpayers- contributions and whose tasks are based on
securing the welfare of their citizens. Besides economic welfare,
citizens also require social and environmental wellbeing too.
However, administrations must also safeguard that welfare is
guaranteed not only to present, but to future generations too. With
already strained budgets and the requirement of sustainable
development, governments on all levels face the double challenge of
making both of these ends meet.
[1] Report of the World Commission on Environment and Development.
Resolution adopted by the General Assembly. 42/187. 11 December
1987. Source: http://www.un.org/documents/ga/res/42/ares42-187.htm
(4 July, 2011).
[2] ├ü. Török: Paper prepared for the OeNB Conference on "Fiscal Policy
Councils - Why do we need them and what makes them effective?"
Vienna, 31 January, 2011.
[3] Szl├ívik, J├ínos et al.: Fenntarthat├│ környezet- és er─▒forr├ís-gazd├ílkod├ís
(Sustainable Environmental and Resource Management). KJK-Kerszöv,
Budapest, 2005., pp 72-92
[4] Szl├ívik, J├ínos et al.: Fenntarthat├│ környezet- és er─▒forr├ís-gazd├ílkod├ís
(Sustainable Environmental and Resource Management). KJK-Kerszöv,
Budapest, 2005., pp 165-175
[5] J. Mouritsen - P. N. Bukh - B. Marr: Reporting on intellectual capital:
why, what and how? 2004. www.som.cranfield.ac.uk, Accessed on:
2009.11. 3.
[6] Zs. E. T├│th: Az intellektu├ílis t─▒ke mérési lehet─▒ségeinek vizsg├ílata
önértékelési modellek alapj├ín. PhD Dissertation, BME Central Library,
2008.
[7] P. Harazin, K. K├│si: Evaluating Intellectual and Environmental Capital
- The What-s and the How-s - Performance Evaluation in the
Information Era. International Journal of Management Cases, 13:(4) pp.
233-241.
[8] K. K├│si - L. Valk├│: Környezetmenedzsment. Budapest, Typotex Kiad├│,
2006. p. 169.
[9] M. Mohan: Environmental Economics and Valuation in Development
Decision Making. Environmental Working Paper No. 52, February
1992. The World Bank.
[10] D. Kulcs├ír: A fenntarthat├│ fejl─▒dés: mi a val├│s├íg? Val├│s├íg, 2009, 3. sz.
[11] G. Hardin: The Tragedy of the Commons. Science 13 December 1968:
Vol. 162 no. 3859 pp. 1243-1248
[12] The United Nations Environmental Programme-s website contains upto-
date information about the current status of the project.
http://www.unep.org/billiontreecampaign/ (15 July, 2011).
[13] J. Aizenman, G. K. Pasricha (2010): Fiscal Fragility: What the Past May
Say About the Future. National Bureau of Economic Research Working
Paper 16478. October 2010. http://www.nber.org./papers/w16478.pdf,
in: Török, ├üd├ím: Paper prepared for the OeNB Conference on "Fiscal
Policy Councils - Why do we need them and what makes them
effective?" Vienna, 31 January, 2011.
[14] Agenda 21: Earth Summit - The United Nations Programme of Action
from Rio. UN, 1993. ISBN 9789211005097
[15] G: Á. Horváth: Administrative systems and reforms across the European
Union ÔÇö towards sustainability? Periodica Polytechnica, Social and
Management Sciences. Budapest. To be Published, expected: 2011
second semester
[16] G. Á. Horváth: Reforming Administrative Systems: on the road towards
a Sustainable Europe. In: L. Balogh, D. Meyer, H-D. Wenzel: Time and
Space in Economics. Public Economic Series, Berg-Verlag, Bamberg.
To be Published, expected: 2011.
[17] J. Girardon: L-intercommunalité. Collection «Mise au point», ├ëditions
Ellipses, Paris 2008. pp. 27-29. ISBN 9782729837037
[18] J. Szl├ívik et al: A v├íllalatok t├írsadalmi felel─▒sségv├íllal├ísa (Corporate
Social Responsibility). Complex, Budapest, 2009. pp. 120-121.
[1] Report of the World Commission on Environment and Development.
Resolution adopted by the General Assembly. 42/187. 11 December
1987. Source: http://www.un.org/documents/ga/res/42/ares42-187.htm
(4 July, 2011).
[2] ├ü. Török: Paper prepared for the OeNB Conference on "Fiscal Policy
Councils - Why do we need them and what makes them effective?"
Vienna, 31 January, 2011.
[3] Szl├ívik, J├ínos et al.: Fenntarthat├│ környezet- és er─▒forr├ís-gazd├ílkod├ís
(Sustainable Environmental and Resource Management). KJK-Kerszöv,
Budapest, 2005., pp 72-92
[4] Szl├ívik, J├ínos et al.: Fenntarthat├│ környezet- és er─▒forr├ís-gazd├ílkod├ís
(Sustainable Environmental and Resource Management). KJK-Kerszöv,
Budapest, 2005., pp 165-175
[5] J. Mouritsen - P. N. Bukh - B. Marr: Reporting on intellectual capital:
why, what and how? 2004. www.som.cranfield.ac.uk, Accessed on:
2009.11. 3.
[6] Zs. E. T├│th: Az intellektu├ílis t─▒ke mérési lehet─▒ségeinek vizsg├ílata
önértékelési modellek alapj├ín. PhD Dissertation, BME Central Library,
2008.
[7] P. Harazin, K. K├│si: Evaluating Intellectual and Environmental Capital
- The What-s and the How-s - Performance Evaluation in the
Information Era. International Journal of Management Cases, 13:(4) pp.
233-241.
[8] K. K├│si - L. Valk├│: Környezetmenedzsment. Budapest, Typotex Kiad├│,
2006. p. 169.
[9] M. Mohan: Environmental Economics and Valuation in Development
Decision Making. Environmental Working Paper No. 52, February
1992. The World Bank.
[10] D. Kulcs├ír: A fenntarthat├│ fejl─▒dés: mi a val├│s├íg? Val├│s├íg, 2009, 3. sz.
[11] G. Hardin: The Tragedy of the Commons. Science 13 December 1968:
Vol. 162 no. 3859 pp. 1243-1248
[12] The United Nations Environmental Programme-s website contains upto-
date information about the current status of the project.
http://www.unep.org/billiontreecampaign/ (15 July, 2011).
[13] J. Aizenman, G. K. Pasricha (2010): Fiscal Fragility: What the Past May
Say About the Future. National Bureau of Economic Research Working
Paper 16478. October 2010. http://www.nber.org./papers/w16478.pdf,
in: Török, ├üd├ím: Paper prepared for the OeNB Conference on "Fiscal
Policy Councils - Why do we need them and what makes them
effective?" Vienna, 31 January, 2011.
[14] Agenda 21: Earth Summit - The United Nations Programme of Action
from Rio. UN, 1993. ISBN 9789211005097
[15] G: Á. Horváth: Administrative systems and reforms across the European
Union ÔÇö towards sustainability? Periodica Polytechnica, Social and
Management Sciences. Budapest. To be Published, expected: 2011
second semester
[16] G. Á. Horváth: Reforming Administrative Systems: on the road towards
a Sustainable Europe. In: L. Balogh, D. Meyer, H-D. Wenzel: Time and
Space in Economics. Public Economic Series, Berg-Verlag, Bamberg.
To be Published, expected: 2011.
[17] J. Girardon: L-intercommunalité. Collection «Mise au point», ├ëditions
Ellipses, Paris 2008. pp. 27-29. ISBN 9782729837037
[18] J. Szl├ívik et al: A v├íllalatok t├írsadalmi felel─▒sségv├íllal├ísa (Corporate
Social Responsibility). Complex, Budapest, 2009. pp. 120-121.
@article{"International Journal of Business, Human and Social Sciences:62623", author = "György Á. Horváth and Piroska Harazin", title = "Making Ends Meet: The Challenges of Investing in and Accounting for Sustainability", abstract = "The transition to sustainable development requires
considerable investments from stakeholders, both financial and
immaterial. However, accounting for such investments often poses a
challenge, as ventures with intangible or non-financial returns remain
oblivious to conventional accounting techniques and risk assessment.
That such investments may significantly contribute to the welfare of
those affected may act as a driving force behind attempting to bridge
this gap. This gains crucial importance as investments must be also
backed by governments and administrations; entities whose budget
depends on taxpayers- contributions and whose tasks are based on
securing the welfare of their citizens. Besides economic welfare,
citizens also require social and environmental wellbeing too.
However, administrations must also safeguard that welfare is
guaranteed not only to present, but to future generations too. With
already strained budgets and the requirement of sustainable
development, governments on all levels face the double challenge of
making both of these ends meet.", keywords = "Accounting, Administration and Government, RiskAssessment, Sustainable Development", volume = "5", number = "11", pages = "1682-5", }
