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Development of Triple Bottom Line Reporting

Financial accounting is the process of tracking and measuring a company performance by looking at financial figures. Triple bottom-line accounting includes the social and environmental effects of a company's actions and performance.

  1. Facts

    • Business performance hinges on the ability to remain relevant in the business world. While companies need strong financial history to succeed, triple bottom-line accounting helps companies preserve their sustainability in the overall business environment.

    Function

    • Sustainability in business is the process of avoiding detrimental effect of natural disasters and negative reactions from the social environment, also known as the general public. Companies will measure their own effect on people and the planet to determine whether their operations take a large toll on these resources or groups.

    Considerations

    • Triple bottom-line accounting or reporting focuses on development rather than growth. While traditional business practices lead companies to grow profits, triple bottom-line accounting takes a more socially responsible approach to protecting the company and its external business stakeholders.

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