OBU RAP Topic 4


 A review of the business management and accounting issues of environmental costs of an organization

Environmental-issues-word-cloud

“Better knowledge of regulatory requirements relevant to environment of specific country that directly or indirectly impact on overall operation of the selected organisation and proper discussion in RAP through providing practical aspects under well qualified mentor is key to success for passing RAP under this topic”

Environmental costs are costs connected with the actual or potential deterioration of natural assets due to various economic activities. Such costs can be viewed from two different perspectives,

(a) Costs caused, that is, costs associated with economic units actually or potentially causing environmental deterioration by their own activities.

(b) Costs borne, that is, costs incurred by economic units independently of whether they have actually caused the environmental impacts.

These issues affect business and accounting management because laws require businesses to change equipment and procedures to meet imposed standards, which costs businesses money.

Under this topic, student need to apply his theoretical knowledge that he gained from his varies ACCA papers along with right approach from inception under well qualified mentor that guide him/her in proper manner. Moreover, student must have good knowledge of overall operations of his/her selected organisation so that he/she can properly link impacts of “environmental cost” both in quantitative and qualitative terms.

An important aspect that student should consider that organizations are ethically and by law (in some well developed countries) are liable to operate their business in such manners that their operations not majorly impact overall environment. In well-developed counties there are specific requirements (or even laws) for companies to operate business in such manner that it impact less on overall environment while on the other side there is no specific requirements relevant to environment in under developed countries. So in nut shell, students need to asses environmental costs that whether this cost is essential to meet some regulatory requirements or it is just own management decision. In case of regulatory requirements, both quantitative and qualitative aspects need to consider by the student in RAP while on the other hand , if there is no regulatory requirement related to environment then student can merely focus on quantitative aspects of environment cost.

Key features / requirements:

  • Assessment of business management issues with respect to environment cost.
  • Assessment of accounting issues with respect to environment cost.
  • Assessment of environment cost in isolation with respect to industry practices.
  • Proper linkage of environment cost of the organiation with other operational costs to assess it applicability for key stakeholders of the organisation.
  • Provide some quantitative and qualitative analysis (wherever applicable) to substantiate above mentioned aspects in proper manner.
  • Maintain proper balance in explanation / analysis of different aspects that required under this topic.

*Feedback from project mentor is essential to get good grades in RAP.

Key Success Factors:

  • Good knowledge of basic concepts of environment cost.
  • Excellent knowledge of regulations related to environment to the country where selected organisation belongs (if applicable).
  • Excellent knowledge of all those operations of the selected organisation that directly or indirectly link with environment.
  • Proper linkage of environmental cost with business management and accounting issues.
  • Proper discussion with practical examples with proper linkage of environmental cost with business management and accounting issues of selected organisation.
  • Proper application of all selected aims and objectives (that decided in inception of RAP) in appropriate sections of RAP.
  • Proper answering of all research questions (that decided in inception of RAP) in appropriate sections of RAP.
  • Usage of proper research methodology to achieve good result against all selected aims and objectives (that decided in inception of RAP).
  • Maintain proper sequence of all discussion in logical manner by keeping all requirements of the topic.
  • Logically conclude all performed work at the end of Research Report by keeping in consideration of all requirements of the topic.

*Feedback from project mentor is essential to get good grades in RAP.

Major benefits for choosing this topic:

  • Student will practically apply his/her bookish knowledge into real life.
  • Student will understand various business management and accounting issues of environment cost.
  • Various techniques learned under this topic will substantially help student in his/her professional life.

Major possible limitations faced by student under this topic:

  • Students may not entertain well by the management of selected organisation in provision of required information due to various issues (e.g. confidentiality aspects, non availability of authorized person to disseminate information to student for research work, etc.)
  • Student may not find good stuff from internet  or other sources (due to weak research approach) to bring ideas for improvement in the project.
  • Performance management in respect of review of the business management and accounting issues of selected organisation may not critically assess by the student due to lack of professional experience.
  • Student may be confused due to variation in actual information (verbal or documented) provided from primary sources with the result that he/she actually derive from his/her research work as per requirement of the topic.

 *Feedback from project mentor is essential to get good grades in RAP.

Suitable organisation under this topic:

The most suitable organisation under this topic is that for which student have access to management of the company and moreover management of the company is willingly provide all required information to student as required under the topic. Selection of most appropriate organisation is very essential as student must have better understanding of overall operations of the organisation and moreover he/she also have enough knowledge of the sector in which his/her selected organisation actually operates. Based on better knowledge of the organisation and respective sector , student will be able to interlink various aspect of overall operations of the selected organisation with all requirements of the topic that ultimately help him/her in getting good grades.

In short student need to assess following aspects in selection of organisation for RAP.

  • Student’s own interest related to overall business of the organisation;
  • Accessibility of information from primary sources (extremely important in topic 4);
  • Accessibility of information from secondary sources;
  • Knowledge of overall operations of the organisation (extremely important in topic 4);
  • Knowledge of overall associated sector of the organisation;
  • Availability of time from concerned officials of selected organisation (extremely important in topic 4);
  • Basic idea of requirements of selected topic and their applications on proposed organisation in inception of RAP.

*Feedback from project mentor is essential to get good grades in RAP.

Suggested approach for this topic:

Under this topic, student must plan properly from inception so that he/she can complete all tasks effectively in proper manners. First of all, student must  gain excellent understanding of major requirements of this topic and he/she need to critically assess all aspects of requirement by defining detailed strategy.  Student need to assess that what process that he/she actually follow to meet all requirements that only possible through detailed planning in inception of RAP.

Student need to  prepare overall content of RAP under topic 4 that describes logical sequence of all tasks that need to adhere by the student. This content will also help student to keep on right track from inception and at the same time student can also assess time factor against planned vs. actual tasks through considering his allocated time for complete preparation of RAP.

After finalization of overall content of RAP under topic 4, student need to start working logically from gathering of information as per requirement of topic. Student need to assess all gathered information very critically through consultation from mentor. Mentor feedback on key areas of RAP is very essential so student should share his/her thoughts with project mentor regularly to get efficient guidance in time accordingly.

In short, there is no 100% suggested approach for topic 4 as keeping broader level approach (described above) , detailed approach under topic 4 varies due to student’s perception that he conceived from requirements of the topic along with available information of selected organisation. Whatever, the approach you will follow , keep getting guidance from project mentor at every step so that you can meet all requirements of topic and get good grades.

*Feedback from project mentor is essential to get good grades in RAP.

Availability of Information:

Student have to complete his/her RAP based on provision of information directly from management of the organisation (i.e. primary sources of information) along with vast information available through different mediums (internet, newspaper, books, etc.) under secondary sources of information.  Availability of information from primary sources under topic number 4 is very essential as this topic cannot complete at all without getting specific information of the selected organisation. Student need to ensure that he has access of vast information from management of the selected organisation and there is no confidentiality concerns by them as well.

In short, student need to assess very critically before opting this topic for RAP as all requirements of this topic only meet if student have enough information about selected organisation. If there is any doubt on provision of required information during perpetration of RAP then student should not select this topic for RAP as it impact on overall evaluation of information and overall grades of RAP.

*Feedback from project mentor is essential to get good grades in RAP.

Important Links:

Business Analysis Section of RAP

Reference Generator Link

Others


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