We all know that the right terminology determination is crucial for producing valid and reliable research. Scientific terminology is important because it provides a precise and standardized way for scientists and researchers to communicate complex ideas and information. Scientific terminology helps to build a common language that transcends national and cultural boundaries. When we define scientific terms clearly and precisely, we're ensuring that everyone involved in the research is operating with the same understanding.
Thank you very much for your question. The intertwined relationship between science and accounting regarding the subject matter is Sustainability. There is now a plethora of research in the scientific field regarding sustainability which is now formally recognised in accounting under IFRS S1 and IFRS S2. This should however be formally incorporated into the mainstream accounting standards particularly IFRS 36 - Impairment of Assets as some assets or cash generating units might be impaired in view of the adoption of the two sustainability standards. This will also have an impact on IAS 37 - Provisions, Contingent Assets and Liabilities as the new sustainability requirements bring in future uncertainties. IAS - Agriculture might take a new view as agricultural practices have a huge impact on the environment. The insurance industry might be tested as IFRS 17 might be affected by IFRS S1 and S2.
Brian Phiri Kampanje,
Thank you for this answer. High - quality answer. It will help to my investigation.
Regards!
Prof. Brian, is that means Accounting for Sustainability Development can be the good terminology defining for this new accounting branch?
Thank You!
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