Environmentalism has arrived, and it's here to stay. And apparently the time to account for it has also come. The question is how.Many corporations have seen real, market-driven reasons to report on their environmental impact and sustainability. Consumers are paying attention. Investors are worried about what they're investing in and how environmental liabilities could impact their investments. In many countries, environmental regulation agencies are requiring some degree of reporting.

So far, however, reporting has been haphazard and unguided. Preparers of financial reports aren't sure what to report or how to present it; auditors find themselves working without standards to support their assessments; and boards of directors are unsure how accounting should figure into their financial statements.

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