Impact Accounting and Environmental Issues with Regards to Mining Activities That Led to the Disaster Faced by Mining Industry
IMPACT ACCOUNTING AND ENVIRONMENTAL ISSUES WITH REGARDS TO MINING ACTIVITIES THAT LED TO THE DISASTER FACED BY MINING INDUSTRY
A thesis presented to the Faculty of
Accountancy
In partial fulfillment of the requirements in Synthesis
By
Ma. Lyn M. Gayem
Mary Rose Dagasdas
May 24, 2013
CHAPTER 1
PROBLEM
Introduction of the Study
Background
Mining pertains to the process of extracting ore or minerals from the ground. Those minerals actually are natural substances usually comprising inorganic element having an orderly internal structure and characteristics of chemical composition and physical properties. Due to negligence of mining companies it would led to destruction of environment which may result in land degradation through the loss of vegetative cover, soil erosion and contamination of water sources which may affect the health of the people that surrounds the area. It may cause of the destruction and disturbance of ecosystem and habitats. Minerals resources are non renewable once extracted, the ore is gone and it will take a very long time to replenish.
These may vary depending on elements in relation to mining activities such as sustainability, construction of asset, economic growth and development, and real cost. ((NSCB, 2010).
The first element is the sustainability which mining activities faced with the issue. These serious implications may arise if this issue is not properly addressed. They are becoming a part of the "triple bottom line" for business accounting: financial, social and environmental. Despite its increasing importance, current definitions of "sustainability" are somewhat vacuous. The most commonly accepted description was provided by the World Commission on Environment and Development (1987) in the "Brundtland Report." According to this report, the goal of sustainability is to "meet the needs of the present generation without compromising ability of future generations to meet their own. Without this understanding,
A thesis presented to the Faculty of
Accountancy
In partial fulfillment of the requirements in Synthesis
By
Ma. Lyn M. Gayem
Mary Rose Dagasdas
May 24, 2013
CHAPTER 1
PROBLEM
Introduction of the Study
Background
Mining pertains to the process of extracting ore or minerals from the ground. Those minerals actually are natural substances usually comprising inorganic element having an orderly internal structure and characteristics of chemical composition and physical properties. Due to negligence of mining companies it would led to destruction of environment which may result in land degradation through the loss of vegetative cover, soil erosion and contamination of water sources which may affect the health of the people that surrounds the area. It may cause of the destruction and disturbance of ecosystem and habitats. Minerals resources are non renewable once extracted, the ore is gone and it will take a very long time to replenish.
These may vary depending on elements in relation to mining activities such as sustainability, construction of asset, economic growth and development, and real cost. ((NSCB, 2010).
The first element is the sustainability which mining activities faced with the issue. These serious implications may arise if this issue is not properly addressed. They are becoming a part of the "triple bottom line" for business accounting: financial, social and environmental. Despite its increasing importance, current definitions of "sustainability" are somewhat vacuous. The most commonly accepted description was provided by the World Commission on Environment and Development (1987) in the "Brundtland Report." According to this report, the goal of sustainability is to "meet the needs of the present generation without compromising ability of future generations to meet their own. Without this understanding,