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TVA-p3-00-PERSPECTIVES-151005.odp Peter Burgess (c) All rights reserved
PERSPECTIVESMEASURING PROGRESS AND PERFORMANCE OF
THE SOCIO-ENVIO-ECONOMIC SYSTEM FROM
EVERY POINT OF VIEW
TRUE VALUE ACCOUNTING
CONTEXT
This slideset is a Work-in-Progress
and will be updated from time to time.
It is part of a series that aims to
describe the extremely complex
socio-enviro-economic system that
we live in, and how this system can
be made to work better.
TRUE VALUE ACCOUNTING
PERSPECTIVE ...
An object looks very different
depending on the position of the
observer. But it is the same object
nevertheless.
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
PERSPECTIVE
In the complex global socio-enviro-
economic system, multiple
PERSPECTIVES are essential ...
One perspective … that of the
business organization … is not
enough, but that is really all there is.
MULTI DIMENSION IMPACT ACCOUNTING
Multiple PERSPECTIVES are
essential ...
● an ORGANIZATION perspective (which
already exists for money transactions)
● a PEOPLE perspective;
● a PROCESS perspective;
● a PRODUCT perspective; and,
● a PLACE perspective.
MULTI DIMENSION IMPACT ACCOUNTING
TRIPLE BOTTOM LINE (TBL)
The idea of the Triple Bottom Line …
PROFIT, PEOPLE and PLANET has been
around since the 1990s*.
This is good, but while it broadens the
scope of the metrics it is limited to the
single perspective, that of the
ORGANIZATION.
MULTI DIMENSION IMPACT ACCOUNTING
* When it was first described by John Elkington
THE CHALLENGE
The challenge is to have a data system
that is meaningful from every perspective
of the socio-enviro-economic-system.
Hence, the need for a data framework that
has Multi Dimensions and enables Multi
Perspectives
MULTI DIMENSION IMPACT ACCOUNTING
THE TVM-MDIA SOLUTION ...
MDIA uses concepts from conventional
double entry accounting where there are
both Balance Sheet and Profit and Loss
Accounts.
The building block for MDIA is similar …
State1 → Flow → Process → Flow → State2
… a scheme that can be applied to every
economic activity in any setting anywhere.
MULTI DIMENSION IMPACT ACCOUNTING
This MDIA building block will:
● Aggregate to enable summary
reporting; and
● Enable drill down to activities that
are relevant at every subsidiary
level down to the individual level.
MULTI DIMENSION IMPACT ACCOUNTING
SOCIO-ENVIRO-ECONOMIC
● SOCIO is the PEOPLE dimension.
Everything should result in people
progressing.
● ENVIRO is about NATURE and the
ultimate source of everything that
people can ever have.
● ECONOMIC is the Man Built Structures
and Systems (Man Built Capital) that
have been built to enable progress.
MULTI DIMENSION IMPACT ACCOUNTING
HISTORY …
HOW THE THREE SEGMENTS HAVE
CHANGED OVER TIME
MULTI DIMENSION IMPACT ACCOUNTING
YELLOW:
The PEOPLE piece … Human Capital (HC)
DIRTY BROWN:
The ECONOMIC piece … Man Built Capital (MBC)
GREEN:
NATURE, ENVIRONMENT … Natural Capital (NC)
MULTI DIMENSION IMPACT ACCOUNTING
COLOR KEY
MULTI DIMENSION IMPACT ACCOUNTING
Hum
an
Capital
Man
Built Capital
Natural Capital
MULTI DIMENSION IMPACT ACCOUNTING
Hum
an
Capital
Man
Built Capital
Natural Capital
MULTI DIMENSION IMPACT ACCOUNTING
Hum
an
Capital
Man
Built Capital
Natural Capital
MULTI DIMENSION IMPACT ACCOUNTING
Hum
an
Capital
Man
Built Capital
Natural Capital
MULTI DIMENSION IMPACT ACCOUNTING
Hum
an
Capital
Man
Built Capital
Natural Capital
MULTI DIMENSION IMPACT ACCOUNTING
Hum
an
Capital
Man
Built Capital
Natural Capital
Trajectory to disaster!
This must be changed
to this …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Hum
an
Capital
Man
Built Capital
Natural Capital
PEOPLE progressing
MBC* efficient
PLANET healthy
MULTI DIMENSION IMPACT ACCOUNTING
* Man Built Capital … Man Built Structures and Systems
SO …
How do we go from an economy where there is
a singular focus on PROFIT to something that
embraces ALL the dimensions of the global
complex socio-enviro-economic system?
How do these all come together as a single
coherent system?
MULTI DIMENSION IMPACT ACCOUNTING
SO …
What is the PEOPLE perspective?
What is the ORGANIZATION perspective?
What is the PRODUCT perspective?
What is the PROCESS perspective?
What is the PLACE perspective?
How do these all come together as a
single coherent system?
MULTI DIMENSION IMPACT ACCOUNTING
How must the components of MBC be
changed to get best possible results?
How can people in organizations
collectively make better decisions?
MULTI DIMENSION IMPACT ACCOUNTING
How can PEOPLE make better decisions?
MULTI DIMENSION IMPACT ACCOUNTING
Part of the answer is
BETTER METRICS
MULTI DIMENSION IMPACT ACCOUNTING
Multi Dimension
Impact Accounting
(MDIA)
MULTI DIMENSION IMPACT ACCOUNTING
MDIA tracks impact on
ALL* the components of
the system …
MULTI DIMENSION IMPACT ACCOUNTING
* Not just the money based financial metrics
MULTI DIMENSION IMPACT ACCOUNTING
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
SunSunSun
Man Built
Capital
Natural
Capital
Sun
Human
Capital
Add Sun … the
source of all energy
Split out Financial
Capital from other
components of
Man Built Capital
Reorder because
Financial Capital
metrics exist
Making MDIA coherent with Socio-Enviro-Economic System
Human
Capital
Note that FINANCIAL CAPITAL
has been separated out from the
other parts of the MBC segment
Note also the addition of SUN to
enable metrics about renewables
MULTI DIMENSION IMPACT ACCOUNTING
The next slide shows the elements
of the system by segment …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
MoneyFood Government Nature (life)
Sun
Nature (life)
Capital Market
Value
Water
Laws. Rules Nature (life)Land
Shelter
Infrastructure WaterClothes
Industry Nature (life)Air
Health
Mining Ecoservices
Education
EnergySkills
Waste
Recreation Retail
Culture
LogisticsReligion
Knowledge
Technology
Security
Energy
Mobility
Profit
More Elements of the MDIA Framework
Things change over time …
STATE* changes
MULTI DIMENSION IMPACT ACCOUNTING
* Think the 'State of the Union' message that the President
of the United States delivers each year to Congress
MULTI DIMENSION IMPACT ACCOUNTING
These 3 slides explain the concept of
STATE and FLOW …
or in accounting terms:
BALANCE SHEET and PROFIT AND LOSS
MULTI DIMENSION IMPACT ACCOUNTING
STEADY STATE
MULTI DIMENSION IMPACT ACCOUNTING
POSITIVE PROGRESS
MULTI DIMENSION IMPACT ACCOUNTING
DETERIORATION OF STATE
Integrate this idea into the multi
capital MDIA framework …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
Economic Activity
or
Process
Transformation --->
Practically every organization on the
planet has financial accounts that
record money transactions and
report money related performance …
MULTI DIMENSION IMPACT ACCOUNTING
Financial accounts describe
economic activity in money or
financial terms while completely
ignoring impact on everything else
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
FINANCIAL
P&L ACCOUNT
Financial Accounts describe Economic Activity
REVENUES
Products Sold X Price
Products Bought X Price
BOP EOP
Energy Bought X Price
Employee Benefits
Employee Payroll
Other expenditures
Asset use costs
Depreciation
Financial expenses
Pro-good expenditures
Taxation
PROFITSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
COSTS
The next slides show how IMPACT
must be incorporated into the data
architecture …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
ADD positive impact not accounted forBOP EOP
REVENUES
Products Sold X Price
VALUE to buyer
Equals
HUMAN CAPITAL ADD
Wages and benefits
What value to
employee?
Pro-good expenditures
What value to society?
Taxation
What value to society?
POSITIVE
IMPACT NOT
ACCOUNTED
FOR
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
FINANCIAL
P&L ACCOUNT
REVENUES
Products Sold X Price
Products Bought X Price
Energy Bought X Price
Employee Benefits
Employee Payroll
Other expenditures
Asset use costs
Depreciation
Financial expenses
Pro-good expenditures
Taxation
PROFIT
COSTS
MULTI DIMENSION IMPACT ACCOUNTING
Sun
DEDUCT negative impact not accounted forBOP EOP
For products and
energy bought
and this process
Free use of the
commons and
public services
& infrastructure
Degradation
of land
Water scarcity
and degradation
Air pollution:
Impact on people
Air pollution:
Impact on climate
Air pollution:
Impact on people
Solid waste
Resource
depletion
Environmental
Degradation
Negative
impact
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
FINANCIAL
P&L ACCOUNT
REVENUES
Products Sold X Price
Products Bought X Price
Energy Bought X Price
Employee Benefits
Employee Payroll
Other expenditures
Asset use costs
Depreciation
Financial expenses
Pro-good expenditures
Taxation
PROFIT
COSTS
MULTI DIMENSION IMPACT ACCOUNTING
Sun
ACCOUNTING FOR EVERYTHINGBOP EOP
REVENUES
Products Sold X Price
VALUE to buyer
Equals
HUMAN CAPITAL ADD
Wages and benefits
What value to
employee?
Pro-good expenditures
What value to society?
Taxation
What value to society?
For products and
energy bought
and this process
Free use of the
commons and
public services
& infrastructure
Degradation
of land
Water scarcity
and degradation
Air pollution:
Impact on people
Air pollution:
Impact on climate
Air pollution:
Impact on people
Solid waste
Resource
depletion
Environmental
Degradation
POSITIVE
IMPACT NOT
ACCOUNTED
FOR
Negative
impact
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
FINANCIAL
P&L ACCOUNT
REVENUES
Products Sold X Price
Products Bought X Price
Energy Bought X Price
Employee Benefits
Employee Payroll
Other expenditures
Asset use costs
Depreciation
Financial expenses
Pro-good expenditures
Taxation
PROFIT
COSTS
Because of the way double entry
accounting works … the operating
accounts (P&L) for an economic
activity or process result in changes
to the Balance Sheet of the entity …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
Financial Accounts describe Economic Activity
Financial Costs
Financial Profit
Financial Revenues
Financial
Balance
Sheet
BOP
Financial
Balance
Sheet
EOP
Economic operations also have
IMPACTS on human capital (people),
on man built capital (MBC) and
natural capital (environment / planet)
… but these are outside the
'reporting boundary' for the entity.
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
Financial Accounts describe Financial Impact
Financial Costs
Financial Profit
Financial Revenues
Financial
Balance
Sheet
BOP
Financial
Balance
Sheet
EOP
Impact Accounts reflect Externalities
Balance
Sheet
Changes
Impact on Institutions
Impact on People
Impact on Society
Impact on Physical
Impact on Knowledge
Impact on Resources
Impact on Environment
Impact on EcoSystem
Balance
Sheet
Changes
Balance
Sheet
Changes
Balance
Sheet
Changes
Integrated accounting for IMPACT
requires the reporting boundary to
extend to all the extremities of the
system in one coherent system.
MULTI DIMENSION IMPACT ACCOUNTING
This represents how Integrated
Impact Accounting will work for a
reporting entity …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
Financial Accounts describe Financial Impact
Financial Costs
Financial Profit
Financial Revenues
Financial
Balance
Sheet
BOP
Financial
Balance
Sheet
EOP
Impact Accounts reflect Externalities
Balance
Sheet
Changes
Impact on Institutions
Impact on People
Impact on Society
Impact on Physical
Impact on Knowledge
Impact on Resources
Impact on Environment
Impact on EcoSystem
Balance
Sheet
Changes
Balance
Sheet
Changes
Balance
Sheet
Changes
The ORGANIZATION perspective ...
The operations of an organization are the
aggregation of all the economic activities or
operations of the organization. For money
accounting there are established rules how this
consolidation is done. Similar rules are needed
for the aggregation of impact for the organization.
MULTI DIMENSION IMPACT ACCOUNTING
A world with no economic activity is
represented by this …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
A world with just one economic
activity will look like this …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
Every single PROCESS has IMPACT on EVERYTHINGBOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
MULTI DIMENSION IMPACT ACCOUNTING
Financial Accounts describe Financial Impact
Financial Costs
Financial Profit
Financial Revenues
Financial
Balance
Sheet
BOP
Financial
Balance
Sheet
EOP
Impact Accounts reflect Externalities
Balance
Sheet
Changes
Impact on Institutions
Impact on People
Impact on Society
Impact on Physical
Impact on Knowledge
Impact on Resources
Impact on Environment
Impact on EcoSystem
Balance
Sheet
Changes
Balance
Sheet
Changes
Balance
Sheet
Changes
Where this ... represents this ...
SO …
the ORGANIZATION is represented in
this way …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
ORGANIZATION
with one operation
An organization with many
operations looks like this …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
ORGANIZATION
with many operations
And a PRODUCT aggregates in a
very similar way …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
PRODUCT made by one PROCESSBOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
PRODUCT
PRODUCT … the result of a SUPPLY CHAIN … with
series of PROCESSES
The money accounting presentation
of the SUPPLY CHAIN may have this
form …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
MBC
Natural
Capital
Human
Capital
PRODUCT … the SUPPLY CHAIN
EXTERNALITIES IGNORED
Zero to start
Costs this stage
Profit this stage
Price this stage
Zero to start
Costs this stage
Profit this stage
Price Stage 1
FINANCIAL ACCOUNTS EACH STEP OF THE SUPPLY CHAIN
Cost =
Price stage 1
Costs Stage 2
Profit Stage 2
Cum Costs
Cum Profit
Price Stage 2
Cost =
Price stage 2
Costs Stage 3
Profit Stage 3
Cum Costs
Cum Profit
Price Stage 3
Financial
Dimension
ETC...
The supply chain optimizes through the interaction of
price for the buyer and profit for the seller … impact
on externalities is not part of the equation.
… and the IMPACT ACCOUNTING for
the SUPPLY CHAIN needs to look
something like this …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
MBSS
Natural
Capital
Human
Capital
PRODUCT … the SUPPLY CHAIN
ADJUSTMENTS TO REFLECT IMPACT (EXTERNALITIES)
Zero to start
Costs this stage
Profit this stage
Price this stage
Zero to start
Costs this stage
Profit this stage
Price Stage 1
FINANCIAL ACCOUNTS EACH STEP OF THE SUPPLY CHAIN
Cost =
Price stage 1
Costs Stage 2
Profit Stage 2
Impact
Stage 1
Impact
Stage 1
Impact
Stage 1
Cum Costs
Cum Profit
Price Stage 2
Impact
Stage 2
Impact
Stage 2
Impact
Stage 2
Cum
Impact
Cum
Impact
Cum
Impact
Cost =
Price stage 2
Costs Stage 3
Profit Stage 3
Cum Costs
Cum Profit
Price Stage 3
Impact
Stage 3
Impact
Stage 3
Impact
Stage 3
Cum
Impact
Cum
Impact
Cum
Impact
Financial
Dimension
The progress and performance of a
PLACE is also a result of the
aggregation of many economic
activities …
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
PLACE
with many economic activities
Quality of Life for PEOPLE is
determined by:
Everything that is in the PLACE.
The availability and flow of PRODUCTS.
Access to OPPORTUNITIES (typically
associated with an ORGANIZATION and
availability jobs).
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
BOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
PLACE
with many economic activities
PEOPLE
Quality of Life
PLACE is
important
PRODUCTS
are important
to satisfy needs
and for quality
of life
ORGANIZATION
for jobs is
important
ORGANIZATION
with one operation
Small decisions by people make all
the difference
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
Small decisions by people make all the differenceBOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
Product
Place
Supply Chain
Process
Organization
Enabling
environment
Society
MULTI DIMENSION IMPACT ACCOUNTING
Sun
Small decisions by people make all the differenceBOP EOP
Sun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
PEOPLE need easy access to data
that will improve the decisions they
make …
● for themselves;
● for society; and
● for the environment.
MULTI DIMENSION IMPACT ACCOUNTING
This is very different from most of
the data that is easily accessible for
PEOPLE that only has the corporate
purpose of selling more product ...
… no matter what the impact on
PEOPLE, PLANET or PLACE
MULTI DIMENSION IMPACT ACCOUNTING
FINAL WORD
There are more dimensions than just
money!
There are more perspectives than
just the corporate organization!
MULTI DIMENSION IMPACT ACCOUNTING
MULTI DIMENSION IMPACT ACCOUNTING
Sun
PERSPECTIVE
Sun
BOP
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun SunSun
EOP
Financial
Capital
Human
Capital
Man Built
Capital
Natural
Capital
Sun
REMINDER
This slideset is A WORK-IN-PROGRESS. It will be
upgraded periodically. It is part of a series of more than
100 slidesets. Navigation to these is available here:
FEEDBACK is welcome. Please email to Peter Burgess …
peterbnyc@gmail.com … with a catchy phrase in the
subject line so that it gets attention, and please identify
the specific slideset(s) involved.
http://www.truevaluemetrics.org/DBadmin/DBtxt001.php?vv1=N1-Slidesets-p3
TRUE VALUE ACCOUNTING
THANK YOU
Some links and contact information:
Email Peter Burgess … peterbnyc@gmail.com
Peter Burgess LinkedIn profile
https://www.linkedin.com/in/peterburgess1
Link to TrueValueMetrics.org website
http://www.truevaluemetrics.org/
Link to navigation to other resources:
http://www.truevaluemetrics.org/DBadmin/DBtxt001.php?vv1=list0100-MainNav#1
TRUE VALUE ACCOUNTING

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TVA p3 00 PERSPECTIVES 151005

  • 1. TVA-p3-00-PERSPECTIVES-151005.odp Peter Burgess (c) All rights reserved PERSPECTIVESMEASURING PROGRESS AND PERFORMANCE OF THE SOCIO-ENVIO-ECONOMIC SYSTEM FROM EVERY POINT OF VIEW TRUE VALUE ACCOUNTING
  • 2. CONTEXT This slideset is a Work-in-Progress and will be updated from time to time. It is part of a series that aims to describe the extremely complex socio-enviro-economic system that we live in, and how this system can be made to work better. TRUE VALUE ACCOUNTING
  • 3. PERSPECTIVE ... An object looks very different depending on the position of the observer. But it is the same object nevertheless. MULTI DIMENSION IMPACT ACCOUNTING
  • 4. MULTI DIMENSION IMPACT ACCOUNTING PERSPECTIVE
  • 5. In the complex global socio-enviro- economic system, multiple PERSPECTIVES are essential ... One perspective … that of the business organization … is not enough, but that is really all there is. MULTI DIMENSION IMPACT ACCOUNTING
  • 6. Multiple PERSPECTIVES are essential ... ● an ORGANIZATION perspective (which already exists for money transactions) ● a PEOPLE perspective; ● a PROCESS perspective; ● a PRODUCT perspective; and, ● a PLACE perspective. MULTI DIMENSION IMPACT ACCOUNTING
  • 7. TRIPLE BOTTOM LINE (TBL) The idea of the Triple Bottom Line … PROFIT, PEOPLE and PLANET has been around since the 1990s*. This is good, but while it broadens the scope of the metrics it is limited to the single perspective, that of the ORGANIZATION. MULTI DIMENSION IMPACT ACCOUNTING * When it was first described by John Elkington
  • 8. THE CHALLENGE The challenge is to have a data system that is meaningful from every perspective of the socio-enviro-economic-system. Hence, the need for a data framework that has Multi Dimensions and enables Multi Perspectives MULTI DIMENSION IMPACT ACCOUNTING
  • 9. THE TVM-MDIA SOLUTION ... MDIA uses concepts from conventional double entry accounting where there are both Balance Sheet and Profit and Loss Accounts. The building block for MDIA is similar … State1 → Flow → Process → Flow → State2 … a scheme that can be applied to every economic activity in any setting anywhere. MULTI DIMENSION IMPACT ACCOUNTING
  • 10. This MDIA building block will: ● Aggregate to enable summary reporting; and ● Enable drill down to activities that are relevant at every subsidiary level down to the individual level. MULTI DIMENSION IMPACT ACCOUNTING
  • 11. SOCIO-ENVIRO-ECONOMIC ● SOCIO is the PEOPLE dimension. Everything should result in people progressing. ● ENVIRO is about NATURE and the ultimate source of everything that people can ever have. ● ECONOMIC is the Man Built Structures and Systems (Man Built Capital) that have been built to enable progress. MULTI DIMENSION IMPACT ACCOUNTING
  • 12. HISTORY … HOW THE THREE SEGMENTS HAVE CHANGED OVER TIME MULTI DIMENSION IMPACT ACCOUNTING
  • 13. YELLOW: The PEOPLE piece … Human Capital (HC) DIRTY BROWN: The ECONOMIC piece … Man Built Capital (MBC) GREEN: NATURE, ENVIRONMENT … Natural Capital (NC) MULTI DIMENSION IMPACT ACCOUNTING COLOR KEY
  • 14. MULTI DIMENSION IMPACT ACCOUNTING Hum an Capital Man Built Capital Natural Capital
  • 15. MULTI DIMENSION IMPACT ACCOUNTING Hum an Capital Man Built Capital Natural Capital
  • 16. MULTI DIMENSION IMPACT ACCOUNTING Hum an Capital Man Built Capital Natural Capital
  • 17. MULTI DIMENSION IMPACT ACCOUNTING Hum an Capital Man Built Capital Natural Capital
  • 18. MULTI DIMENSION IMPACT ACCOUNTING Hum an Capital Man Built Capital Natural Capital
  • 19. MULTI DIMENSION IMPACT ACCOUNTING Hum an Capital Man Built Capital Natural Capital
  • 20. Trajectory to disaster! This must be changed to this … MULTI DIMENSION IMPACT ACCOUNTING
  • 21. MULTI DIMENSION IMPACT ACCOUNTING Hum an Capital Man Built Capital Natural Capital
  • 22. PEOPLE progressing MBC* efficient PLANET healthy MULTI DIMENSION IMPACT ACCOUNTING * Man Built Capital … Man Built Structures and Systems
  • 23. SO … How do we go from an economy where there is a singular focus on PROFIT to something that embraces ALL the dimensions of the global complex socio-enviro-economic system? How do these all come together as a single coherent system? MULTI DIMENSION IMPACT ACCOUNTING
  • 24. SO … What is the PEOPLE perspective? What is the ORGANIZATION perspective? What is the PRODUCT perspective? What is the PROCESS perspective? What is the PLACE perspective? How do these all come together as a single coherent system? MULTI DIMENSION IMPACT ACCOUNTING
  • 25. How must the components of MBC be changed to get best possible results? How can people in organizations collectively make better decisions? MULTI DIMENSION IMPACT ACCOUNTING
  • 26. How can PEOPLE make better decisions? MULTI DIMENSION IMPACT ACCOUNTING
  • 27. Part of the answer is BETTER METRICS MULTI DIMENSION IMPACT ACCOUNTING
  • 28. Multi Dimension Impact Accounting (MDIA) MULTI DIMENSION IMPACT ACCOUNTING
  • 29. MDIA tracks impact on ALL* the components of the system … MULTI DIMENSION IMPACT ACCOUNTING * Not just the money based financial metrics
  • 30. MULTI DIMENSION IMPACT ACCOUNTING Financial Capital Human Capital Man Built Capital Natural Capital SunSun Financial Capital Human Capital Man Built Capital Natural Capital SunSunSun Man Built Capital Natural Capital Sun Human Capital Add Sun … the source of all energy Split out Financial Capital from other components of Man Built Capital Reorder because Financial Capital metrics exist Making MDIA coherent with Socio-Enviro-Economic System Human Capital
  • 31. Note that FINANCIAL CAPITAL has been separated out from the other parts of the MBC segment Note also the addition of SUN to enable metrics about renewables MULTI DIMENSION IMPACT ACCOUNTING
  • 32. The next slide shows the elements of the system by segment … MULTI DIMENSION IMPACT ACCOUNTING
  • 33. MULTI DIMENSION IMPACT ACCOUNTING Financial Capital Human Capital Man Built Capital Natural Capital Sun Financial Capital Human Capital Man Built Capital Natural Capital MoneyFood Government Nature (life) Sun Nature (life) Capital Market Value Water Laws. Rules Nature (life)Land Shelter Infrastructure WaterClothes Industry Nature (life)Air Health Mining Ecoservices Education EnergySkills Waste Recreation Retail Culture LogisticsReligion Knowledge Technology Security Energy Mobility Profit More Elements of the MDIA Framework
  • 34. Things change over time … STATE* changes MULTI DIMENSION IMPACT ACCOUNTING * Think the 'State of the Union' message that the President of the United States delivers each year to Congress
  • 35. MULTI DIMENSION IMPACT ACCOUNTING These 3 slides explain the concept of STATE and FLOW … or in accounting terms: BALANCE SHEET and PROFIT AND LOSS
  • 36. MULTI DIMENSION IMPACT ACCOUNTING STEADY STATE
  • 37. MULTI DIMENSION IMPACT ACCOUNTING POSITIVE PROGRESS
  • 38. MULTI DIMENSION IMPACT ACCOUNTING DETERIORATION OF STATE
  • 39. Integrate this idea into the multi capital MDIA framework … MULTI DIMENSION IMPACT ACCOUNTING
  • 40. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun Economic Activity or Process Transformation --->
  • 41. Practically every organization on the planet has financial accounts that record money transactions and report money related performance … MULTI DIMENSION IMPACT ACCOUNTING
  • 42. Financial accounts describe economic activity in money or financial terms while completely ignoring impact on everything else MULTI DIMENSION IMPACT ACCOUNTING
  • 43. MULTI DIMENSION IMPACT ACCOUNTING Sun FINANCIAL P&L ACCOUNT Financial Accounts describe Economic Activity REVENUES Products Sold X Price Products Bought X Price BOP EOP Energy Bought X Price Employee Benefits Employee Payroll Other expenditures Asset use costs Depreciation Financial expenses Pro-good expenditures Taxation PROFITSun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun COSTS
  • 44. The next slides show how IMPACT must be incorporated into the data architecture … MULTI DIMENSION IMPACT ACCOUNTING
  • 45. MULTI DIMENSION IMPACT ACCOUNTING Sun ADD positive impact not accounted forBOP EOP REVENUES Products Sold X Price VALUE to buyer Equals HUMAN CAPITAL ADD Wages and benefits What value to employee? Pro-good expenditures What value to society? Taxation What value to society? POSITIVE IMPACT NOT ACCOUNTED FOR Financial Capital Human Capital Man Built Capital Natural Capital Sun Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun FINANCIAL P&L ACCOUNT REVENUES Products Sold X Price Products Bought X Price Energy Bought X Price Employee Benefits Employee Payroll Other expenditures Asset use costs Depreciation Financial expenses Pro-good expenditures Taxation PROFIT COSTS
  • 46. MULTI DIMENSION IMPACT ACCOUNTING Sun DEDUCT negative impact not accounted forBOP EOP For products and energy bought and this process Free use of the commons and public services & infrastructure Degradation of land Water scarcity and degradation Air pollution: Impact on people Air pollution: Impact on climate Air pollution: Impact on people Solid waste Resource depletion Environmental Degradation Negative impact Financial Capital Human Capital Man Built Capital Natural Capital Sun Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun FINANCIAL P&L ACCOUNT REVENUES Products Sold X Price Products Bought X Price Energy Bought X Price Employee Benefits Employee Payroll Other expenditures Asset use costs Depreciation Financial expenses Pro-good expenditures Taxation PROFIT COSTS
  • 47. MULTI DIMENSION IMPACT ACCOUNTING Sun ACCOUNTING FOR EVERYTHINGBOP EOP REVENUES Products Sold X Price VALUE to buyer Equals HUMAN CAPITAL ADD Wages and benefits What value to employee? Pro-good expenditures What value to society? Taxation What value to society? For products and energy bought and this process Free use of the commons and public services & infrastructure Degradation of land Water scarcity and degradation Air pollution: Impact on people Air pollution: Impact on climate Air pollution: Impact on people Solid waste Resource depletion Environmental Degradation POSITIVE IMPACT NOT ACCOUNTED FOR Negative impact Financial Capital Human Capital Man Built Capital Natural Capital Sun Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun FINANCIAL P&L ACCOUNT REVENUES Products Sold X Price Products Bought X Price Energy Bought X Price Employee Benefits Employee Payroll Other expenditures Asset use costs Depreciation Financial expenses Pro-good expenditures Taxation PROFIT COSTS
  • 48. Because of the way double entry accounting works … the operating accounts (P&L) for an economic activity or process result in changes to the Balance Sheet of the entity … MULTI DIMENSION IMPACT ACCOUNTING
  • 49. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun Financial Accounts describe Economic Activity Financial Costs Financial Profit Financial Revenues Financial Balance Sheet BOP Financial Balance Sheet EOP
  • 50. Economic operations also have IMPACTS on human capital (people), on man built capital (MBC) and natural capital (environment / planet) … but these are outside the 'reporting boundary' for the entity. MULTI DIMENSION IMPACT ACCOUNTING
  • 51. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun Financial Accounts describe Financial Impact Financial Costs Financial Profit Financial Revenues Financial Balance Sheet BOP Financial Balance Sheet EOP Impact Accounts reflect Externalities Balance Sheet Changes Impact on Institutions Impact on People Impact on Society Impact on Physical Impact on Knowledge Impact on Resources Impact on Environment Impact on EcoSystem Balance Sheet Changes Balance Sheet Changes Balance Sheet Changes
  • 52. Integrated accounting for IMPACT requires the reporting boundary to extend to all the extremities of the system in one coherent system. MULTI DIMENSION IMPACT ACCOUNTING
  • 53. This represents how Integrated Impact Accounting will work for a reporting entity … MULTI DIMENSION IMPACT ACCOUNTING
  • 54. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun Financial Accounts describe Financial Impact Financial Costs Financial Profit Financial Revenues Financial Balance Sheet BOP Financial Balance Sheet EOP Impact Accounts reflect Externalities Balance Sheet Changes Impact on Institutions Impact on People Impact on Society Impact on Physical Impact on Knowledge Impact on Resources Impact on Environment Impact on EcoSystem Balance Sheet Changes Balance Sheet Changes Balance Sheet Changes
  • 55. The ORGANIZATION perspective ... The operations of an organization are the aggregation of all the economic activities or operations of the organization. For money accounting there are established rules how this consolidation is done. Similar rules are needed for the aggregation of impact for the organization. MULTI DIMENSION IMPACT ACCOUNTING
  • 56. A world with no economic activity is represented by this … MULTI DIMENSION IMPACT ACCOUNTING
  • 57. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun
  • 58. A world with just one economic activity will look like this … MULTI DIMENSION IMPACT ACCOUNTING
  • 59. MULTI DIMENSION IMPACT ACCOUNTING Sun Every single PROCESS has IMPACT on EVERYTHINGBOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun
  • 60. MULTI DIMENSION IMPACT ACCOUNTING Financial Accounts describe Financial Impact Financial Costs Financial Profit Financial Revenues Financial Balance Sheet BOP Financial Balance Sheet EOP Impact Accounts reflect Externalities Balance Sheet Changes Impact on Institutions Impact on People Impact on Society Impact on Physical Impact on Knowledge Impact on Resources Impact on Environment Impact on EcoSystem Balance Sheet Changes Balance Sheet Changes Balance Sheet Changes Where this ... represents this ...
  • 61. SO … the ORGANIZATION is represented in this way … MULTI DIMENSION IMPACT ACCOUNTING
  • 62. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun ORGANIZATION with one operation
  • 63. An organization with many operations looks like this … MULTI DIMENSION IMPACT ACCOUNTING
  • 64. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun ORGANIZATION with many operations
  • 65. And a PRODUCT aggregates in a very similar way … MULTI DIMENSION IMPACT ACCOUNTING
  • 66. MULTI DIMENSION IMPACT ACCOUNTING Sun PRODUCT made by one PROCESSBOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun
  • 67. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun PRODUCT PRODUCT … the result of a SUPPLY CHAIN … with series of PROCESSES
  • 68. The money accounting presentation of the SUPPLY CHAIN may have this form … MULTI DIMENSION IMPACT ACCOUNTING
  • 69. MULTI DIMENSION IMPACT ACCOUNTING MBC Natural Capital Human Capital PRODUCT … the SUPPLY CHAIN EXTERNALITIES IGNORED Zero to start Costs this stage Profit this stage Price this stage Zero to start Costs this stage Profit this stage Price Stage 1 FINANCIAL ACCOUNTS EACH STEP OF THE SUPPLY CHAIN Cost = Price stage 1 Costs Stage 2 Profit Stage 2 Cum Costs Cum Profit Price Stage 2 Cost = Price stage 2 Costs Stage 3 Profit Stage 3 Cum Costs Cum Profit Price Stage 3 Financial Dimension ETC... The supply chain optimizes through the interaction of price for the buyer and profit for the seller … impact on externalities is not part of the equation.
  • 70. … and the IMPACT ACCOUNTING for the SUPPLY CHAIN needs to look something like this … MULTI DIMENSION IMPACT ACCOUNTING
  • 71. MULTI DIMENSION IMPACT ACCOUNTING MBSS Natural Capital Human Capital PRODUCT … the SUPPLY CHAIN ADJUSTMENTS TO REFLECT IMPACT (EXTERNALITIES) Zero to start Costs this stage Profit this stage Price this stage Zero to start Costs this stage Profit this stage Price Stage 1 FINANCIAL ACCOUNTS EACH STEP OF THE SUPPLY CHAIN Cost = Price stage 1 Costs Stage 2 Profit Stage 2 Impact Stage 1 Impact Stage 1 Impact Stage 1 Cum Costs Cum Profit Price Stage 2 Impact Stage 2 Impact Stage 2 Impact Stage 2 Cum Impact Cum Impact Cum Impact Cost = Price stage 2 Costs Stage 3 Profit Stage 3 Cum Costs Cum Profit Price Stage 3 Impact Stage 3 Impact Stage 3 Impact Stage 3 Cum Impact Cum Impact Cum Impact Financial Dimension
  • 72. The progress and performance of a PLACE is also a result of the aggregation of many economic activities … MULTI DIMENSION IMPACT ACCOUNTING
  • 73. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun PLACE with many economic activities
  • 74. Quality of Life for PEOPLE is determined by: Everything that is in the PLACE. The availability and flow of PRODUCTS. Access to OPPORTUNITIES (typically associated with an ORGANIZATION and availability jobs). MULTI DIMENSION IMPACT ACCOUNTING
  • 75. MULTI DIMENSION IMPACT ACCOUNTING Sun BOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun PLACE with many economic activities PEOPLE Quality of Life PLACE is important PRODUCTS are important to satisfy needs and for quality of life ORGANIZATION for jobs is important ORGANIZATION with one operation
  • 76. Small decisions by people make all the difference MULTI DIMENSION IMPACT ACCOUNTING
  • 77. MULTI DIMENSION IMPACT ACCOUNTING Sun Small decisions by people make all the differenceBOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun Product Place Supply Chain Process Organization Enabling environment Society
  • 78. MULTI DIMENSION IMPACT ACCOUNTING Sun Small decisions by people make all the differenceBOP EOP Sun Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun Financial Capital Human Capital Man Built Capital Natural Capital Sun
  • 79. PEOPLE need easy access to data that will improve the decisions they make … ● for themselves; ● for society; and ● for the environment. MULTI DIMENSION IMPACT ACCOUNTING
  • 80. This is very different from most of the data that is easily accessible for PEOPLE that only has the corporate purpose of selling more product ... … no matter what the impact on PEOPLE, PLANET or PLACE MULTI DIMENSION IMPACT ACCOUNTING
  • 81. FINAL WORD There are more dimensions than just money! There are more perspectives than just the corporate organization! MULTI DIMENSION IMPACT ACCOUNTING
  • 82. MULTI DIMENSION IMPACT ACCOUNTING Sun PERSPECTIVE Sun BOP Financial Capital Human Capital Man Built Capital Natural Capital Sun SunSun EOP Financial Capital Human Capital Man Built Capital Natural Capital Sun
  • 83. REMINDER This slideset is A WORK-IN-PROGRESS. It will be upgraded periodically. It is part of a series of more than 100 slidesets. Navigation to these is available here: FEEDBACK is welcome. Please email to Peter Burgess … peterbnyc@gmail.com … with a catchy phrase in the subject line so that it gets attention, and please identify the specific slideset(s) involved. http://www.truevaluemetrics.org/DBadmin/DBtxt001.php?vv1=N1-Slidesets-p3 TRUE VALUE ACCOUNTING
  • 84. THANK YOU Some links and contact information: Email Peter Burgess … peterbnyc@gmail.com Peter Burgess LinkedIn profile https://www.linkedin.com/in/peterburgess1 Link to TrueValueMetrics.org website http://www.truevaluemetrics.org/ Link to navigation to other resources: http://www.truevaluemetrics.org/DBadmin/DBtxt001.php?vv1=list0100-MainNav#1 TRUE VALUE ACCOUNTING