New Standard for environmental management accounting

New Standard for environmental management accounting

We have drawn your attention to textile waste along the supply chain in the last Newsletter by TextileFuture (March 26, 2012) and would like to inform you that ISO the International Organisation for Standardization has just released a new general standard also taking cost factors into account

The new standard is ISO 14051:2011 “Environmental management – Material flow cost accounting – General Framework (developed by ISO technical committee ISO/TC 207, Environmental management) is commercially available. It establishes a management information system approach called Material Flow Cost Accounting (MFCA) to serve to trace and quantify material input und output flows and stocks within an organisation. MFCA can be applied by all industries using materials and energy, including extracting manufacturing, service and other industries and by any type of organisation and scale, with or without environmental management system in place. It suits both emerging and industrialised economies. Also, it can be extended to multiple organisations within a supply chain and to help them develop an integrated approach to make a more efficient use of materials and 3energy. It additionally assists to better understand the environmental and financial consequences of their material and energy application practices and to identify improvement opportunities.

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