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Conceptual Framework

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Conceptual Framework
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   CONCEPTUAL FRAMEWORK People will always need the environment for resources and this holds true even for businesses . Business resources like raw materials come from the environment and when processed to finished products, may produce waste, and this waste, together with the finished product will eventually return to the environment. Businesses, however, tend to produce a lot of these wastes. Therefore, since businesses benefit from a healthy environment and, at the same time, have huge impact on the destruction of such, hence should recognize taking care of environment as a moral and social responsibility. Local, national and international law-making bodies have made regulations to address such. However, for different companies, adhering to these regulations produces different degrees of cost and benefit. In this case, the researchers would assess and study the extent of compliance of the establishments by reviewing observance of the related regulations regarding hard-to-recycle materials through International Organization for Standardization (ISO) 14000 and ISO 14001. ISO 14001 maps out a framework that a company can follow to set up an effective environment management system (EMS) while ISO 14000 is a family of standards related to environmental management that exists to help organizations (a) minimize how their operations (processes, etc.) negatively affect the environment (i.e., cause adverse changes to air, water, or land); (b) comply with applicable laws, regulations, and other environmentally oriented requirements, and (c) continually improve in the above. EMS refer to the management of an  organization's environmental programs in a comprehensive, systematic, planned and documented manner which is typically reported using ISO 14001 to help understand the EMS process. The researchers will be conducting impact assessment to evaluate the intended and unintended, positive and negative impacts of policies on economic, social, and environmental aspects, to inform policy development. In measuring the economic impact of the compliance, this study would base itself on the established generally accepted accounting principles (GAAP), the International Financial Reporting Standards (IFRS), the Triple Bottom Line (TBL) approach and the environment full-cost accounting. TBL incorporates the notion of  sustainability into business decisions. Essentially, it is an accounting framework with three dimensions: social, environmental (or ecological) and financial. In this study, we would be using the TBL in relation the environmental accounting. Environmental full-cost accounting (EFCA) which is a method of  cost accounting that traces direct costs and allocates indirect costs   by collecting and presenting information about the possible environmental, social and economic cost and benefits or advantages With these assessment of environmental audits that are based on the standards (i.e., ISO 14000, ISO 14001), the statutory laws, and internal policies compliance (employment of TBL Approach and EMS), the researchers may measure and evaluate economic impact using the GAAP, IFRS and EFCA.   
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