The study focuses on identifying the convergence initiatives thereby adopting the FASB and IASB standards. Focus is further laid on considering an ideal environmental management system thereby incorporating the various accounting methods. This has helped to understand the concept of environmental accounting. Further, emphasis is laid on the HRA methods thereby identifying and measuring data relating to HR and communicating tactics adopted by two companies. This has followed analysis of the conceptualization and importance of the environmental accounting tactics followed by the companies thereby understanding its major limitations for the same.
Conceptualization and its importance and analysis
Taking the example of two companies, namely the National Bank of Oman and Doha bank, it is evident that a due focus is laid on the incorporation of the IASB and FASB standards. This has enabled them to develop and approve the IFRs thereby seeking to widen their terms and extensions. They have further laid a through focus on the growing tendency of convergence and divergence thereby using certain theories that intend to meet the environmental accounting process (Peters and Romi, 2014). National bank of Oman has further laid focus on the growth of a suitable environmental accounting process thereby identifying on the major issues and measures that intend to lay focus on the growing communication and impact upon the environment. Being the country’s first local bank, they have been able to improve their rich history with Oman’s local businesses thereby diversifying their economy further.
Doha bank has further taken into account focus on their social accounting processes thereby carrying out with a suitable auditing and corporation of social reporting. This has in turn helped them to improve their process of communication thereby laying down a social and environmental effect on the organizations. This has further taken into account a thorough focus on the assets and liabilities thereby laying down a thorough emphasis on the important CSR elements. This has greatly helped them to lay focus on the importance of convergence of accounting standard thereby establishing a single set of accounting standard (Calderon, 2018). The continued globalization has further helped them to increase their national accounting standard thereby emphasizing on the financial standards following a convergent progress.
With the successes achieved in the environmental management system, focus is laid on emphasizing on the environmental costs and integration of a private environmental cost. The companies have further taken into account a thorough focus on the capital budgeting system thereby focusing on the cost allocation and product designing. This has further been of great benefit to them to widen their environmental benefits and costs. This has further laid focus on the environmental accounting processes thereby emphasizing on the development of their financial operations further. The organizations gave further laid focus on incorporating the deliberative and substantive environmental accounting processes thereby carrying out with their decision-makings duly. This has further enabled them to carry out with a thorough environmental evaluation analysis and public deliberation (Zhu and Ukkusuri, 2015).
Figure 1: Effects of SP design on the valuation of rolling stocks
(Source: Watson, 2015)
The process of making a SP valuation follows a suitable intake of the various deliberative elements thereby emphasizing on the use of an average score of accountants by using the deliberative instrument. The substantive approach however intends to lay focus on the formation of information and stable preferences thereby allowing the companies to learn and improve their information. This is a much better process for both the organizations since it helps them to improve their rigor of science thereby allowing them to carry out with effective decisions (Rieckhof et al. 2015). This is also considered a much better and more meaningful process thereby raising the response rates and the willingness to carry out the operations.
With focus on the developments in the HRA processes, focus is laid on improving the identification and measuring of data thereby in taking the human resources and communication. This further helps to widen the use of the human resources thereby focusing on the physical, assets that lie within the companies (Watson, 2015). This has in turn helped them to justify the human resource accounting process further thereby braising the company’s internal operations and the quality of service they offer to their customers.
Further, focus is laid on the growth of the human resource accounting process thereby raising the investments and identification with special focus on the human resources that lie within the national bank of Oman and the Doha bank. Both the organizations being part of the financial institutions have further been able to adapt to a cost approach method using the cost model. This has greatly enabled them to make measurements abed on the organization’s investments over the employees followed by an increasing acquisition, formal training and development.
The process of environmental accounting further comes with certain limitations in terms of the valuation techniques they follow which are often imperfect and shadow the prices. They further raise the uncertainty of the social values and changes thereby emphasizing on the non-economical values. The use of the cost approach as mentioned above also comes with certain limitations (Smith, 2017). They greatly has the power to replace the employees working within the organizations thereby changing the entire concept of recruitment and selection difficult this further requires a huge inclusion of the compensation and training costs thereby obtaining data that would also require a definite valuations. This method has also led to an upward estimation due to the inefficiencies that lie within the firm thereby requiring a much greater cost to replace the employees.
The study infers by focusing on the evaluation of the concept of environmental accounting as followed by the chosen companies of Oman. This further focuses on the various convergence initiatives that are undertaken by them thereby using the FASB and IASB standards. This further seeks to follow an ideal management system thereby using certain accounting methods. The HRA methods are thoroughly incorporated thereby using the conceptualization method.
Calderon, T.G. ed., 2018. Advances in accounting education: Teaching and curriculum innovations. Emerald Publishing Limited.
Peters, G.F. and Romi, A.M., 2014. Does the voluntary adoption of corporate governance mechanisms improve environmental risk disclosures? Evidence from greenhouse gas emission accounting. Journal of Business Ethics, 125(4), pp.637-666.
Rieckhof, R., Bergmann, A. and Guenther, E., 2015. Interrelating material flow cost accounting with management control systems to introduce resource efficiency into strategy. Journal of Cleaner Production, 108, pp.1262-1278.
Smith, M., 2017. Research methods in accounting. Sage.
Watson, L., 2015. Corporate social responsibility research in accounting. Journal of Accounting Literature, 34, pp.1-16.
Zhu, F. and Ukkusuri, S.V., 2015. A linear programming formulation for autonomous intersection control within a dynamic traffic assignment and connected vehicle environment. Transportation Research Part C: Emerging Technologies, 55, pp.363-378.
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