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What Is Triple Bottom Line Accounting?

What Is Triple Bottom Line Accounting? thumbnail
Many companies are choosing to implement triple bottom line accounting practices.

Triple bottom line accounting is a popular method of accounting for government businesses and nonprofit organizations. It is a type of accounting that holds companies accountable for more than just financial information.

  1. Development

    • Triple bottom line accounting was founded and first used by John Elkington in 1994. In 1998 he wrote a book on the subject titled, "Cannibals with Forks: the Triple Bottom Line of 21st Century Business."

    Accountability

    • This relatively new type of accounting makes businesses accountable for their actions on the economy, society and the environment. It delves into finding the impact of the effects the business has on these things. Many companies find these effects as important as the financial aspects of running the business.

    True Sustainability Index

    • The nonprofit organization Center for Sustainable Innovation has recently implemented the first method of calculating these effects, which is called the true sustainability index, or TSI. TSI measures the effects on society, the environment and the economy. The company can then identify ways to reduce any negative effects they may be causing.

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  • Photo Credit woman with computer in the office image by Oleg Berlov from Fotolia.com

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