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The research project report has been prepared on the basis of the appraisal and evaluation of the contemporary accounting issues that were identified. It includes the discussions relating to the relevant theories, research methodology and literature review that were previously done (Beattie 2014). This report focuses on the empirical research using the selected issues on the 10 ASX listed companies. It includes the analysis of the annual reports on the related information for the 10 ASX listed companies. The accounting policies of the selected companies relating to the social, economic and ethical in nature has also been evaluated and highlighted as the framework of research (Bebbington, Unerman and O’DWYER 2014). A discussion on the main findings of the companies has been provided along with the justified conclusions.
The company has committed itself towards operating responsibly and sustainably in their business activities. The integration of social as well as environmental commitments of the company has been created into new Group Social and Environmental Policy. The policies include commitment by the company for assisting the responsible global changes into zero emissions by them (Brown and Jones 2015). It also aims to reduce the exposures to coal fired power generation and thermal coal mining with the objective of exiting the industry by 2030 subjected to the country possessing a secured platform of energy. It also incorporates biodiversity and human rights commitments along with the approach for lending to its consumers in the fisheries, defence, agriculture and forestry sectors.
The company has selected Talis Consultants Pty Ltd for progressing with its Community and Environment matters for study. The studies of environmental aspects have currently began with its fieldwork being estimated to begin in the early duration of spring season (Gray, Brennan and Malpas 2014). They have also been subjected as the regulation of environmental study regarding its exploration of mining along with full compliance of all its requirements regarding the rehabilitation of the exploration sites.
The company has forecasted the prices of phosphate rock to continue increasing till the year 2023 as the supply started to tighten and the costs of production increased in China upon the execution of new practices relating to environmental management. They were aware of their responsibilities for affecting the environment and the disturbances relating to the rehabilitation sites (Hopper, Lassou and Soobaroyen 2017). The major works which were being carried out were following the procedures and objectives in accordance to the requirements that was published by the specific regulators of Environment and Science.
The operations of the company are not regulated by the significant laws of the Territory or State or Commonwealth that relate to its environment (Kyriakidou et al. 2016). The practices of corporate governance are detailed in their statements about its complying with the Principles as has been disclosed in their statements.
The company has complied itself with the relevant ethical regulations relating to the independence and communication of its relationship with the matters that bear independence in the applicable safeguarding situations. The company has been confident regarding its ability for navigating itself in the rapidly changing business environment (Malik 2015). Therefore, the strategies adopted by them have been grow, strong organisation and perform as their foundation. The present themes that help the sector to shape themselves include the opportunities and trends in the demands of the consumers. The themes are value, innovation in reformulation and packaging, social and environmental sustainability, healthier choices, growth in its brands, convenience and technology. The sustainability strategy has been committed towards making a positive and distinct contribution to the environment (Schaltegger and Burritt 2017). The sustainability framework has laid focus on the consumer wellbeing, human rights, climate change and sustainable packaging being their priority. The progress of the report towards its sustainability goals has been made in 2018 but the report will be released in the year 2019. The subject of its pillar of environment include biodiversity, responsible sourcing, low carbon energy and climate change, water replenishment and stewardship along with sustainable packaging.
The environmental regulations have not been adhered by the company under the law requirements (Thomson 2014). The ethical requirements have been complied in situations of significant deficiency in its internal control which gets identified during the process of audit.
The company continued holding its objectives and responsibilities as a big bank in 2018. They promoted their development of high quality social and economic benefits. The complete implementation of the three strategies for driving growth from development and innovation were aimed to boost the process of the development of its social and economic development (Walker 2016). The opening, sharing along with giving back to its society completely are the social responsibilities identified by the bank. They bank fulfilled its part of social responsibility being a state owned bank by the adopting of customers, organizations and staff for charity as its approach. The company made a huge amount of donation for the welfare of the public. It implemented several long term projects for the welfare of public including schools and financial aid plans. The operational capability, level of service along with the comprehensive strength continued being recognized by the market and its consumers. The beginning of 2019 marked the founding and securing victory in creating an all-round society that is well-off. The economic situation was complex and included challenges as well as opportunities. The mission of serving the consumers for living and working in peace along with building a beautiful and modern life was continued to be followed (Watson 2015). The perseverance and patience of the bank has helped it to use the financial prowess in reliving the difficulties of society and economy. The enhancements of capacity for serving the country, guarding against the financial risks and increasing the international competitiveness. It further aims to take on greater social responsibilities and make it contributions to the social and economic development.
The company started a scoping study on the Opuwo Project and made its contributions by SLR Consulting in its water, social and environmental aspects. The materiality exposure to social and environmental sustainability risks for disclosures and its manner of managing the risks has been listed. They have not adopted any sustainability policy. On the other hand, they have the policies regarding environment, community engagement and occupational safety and health. The operations of the company have not been regulated by any particular environmental regulation as per the law of State or Commonwealth or Territory. It has been considered by the directors for enacting the National Greenhouse and Energy Reporting Act 2007 (the NGER Act) for introducing an individual national reporting framework for dissemination and reporting of information regarding the greenhouse gas projects, energy use, production of corporations and greenhouse gas emissions. The NGER Act has been determined by the directors to have negligible impact on the company for the subsequent accounting year. The company has been recognised to operate globally.
The operations and activities of the company are not complied by any specific environmental regulation as per the law of Territory or State or Commonwealth. The ethical standards have been aimed to be ensured by the Directors with objectivity, integrity and endeavour for enhancing the image of the company. The ethical responsibilities have been fulfilled by complying with the APES 110 Code of Ethics for Professional Accountants. The ethical requirements relating to the independence and communicate the relationship with other aspects for bearing the independence.
The activities relating to exploration are subjected to the environmental regulations that have been imposed by regulatory authorities especially the ones that relate to the disturbance of ground and protection of endangered and rare fauna and flora. The environmental safety and health audit was done on the Plomosas mine project and concluded that it had no issues regarding environment which demanded attention. The financial reports have not been adjusted for the enacted environment legislation that has been believed to be appropriate and reasonable.
The 10 ASX listed companies have complied with the ethical standards. The social issues have not been complied by Clime Investment Management Limited, CML Group Limited and Cadence Capital Limited. The other companies have more or less adopted one out of the three standards as their contemporary standards. The sustainability reports were prepared by the companies. Coca Cola Amatil Limited had not yet prepared its sustainability report and would issue it for the first time in 2019. Consolidated Zinc Limited adopted environmental issues in its activities.
The findings of the reports has helped to identify the risk and relevance of appropriate governance for the board and the management team of the companies. The management adopts a casual attitude towards complying with the correct auditing and accounting policies which leads to creation of issues. The sustainability reports of the companies helps its users to obtain an understanding on the social responsibility roles performed by them. The management holds the responsibility of disclosure, assurance and proper measurement of the accounting data. The problems and issues identified attribute to the non-quantifiable nature of the sustainable and social accounting of the companies. The nature of accounting framework of the firms are subjective on the basis of their sustainability accounting. Most of the companies lack uniformity in maintaining their sustainability standards and performances. The management plays the role of maintaining the relationship with its stakeholders for promoting proper sustainability in the system. This ensures equal treatment of its stakeholders irrespective of the circumstances and conditions. The firms have to contribute to the economy by building a sustainable relation between the society and its economy. There exists an interdependency between the ecological and societal environment. The stakeholder theory has also been identified as one of the major elements used by almost all the companies where there is engagement of the stakeholders. It helps to define the sustainability, environmental and social approaches of the companies. The appropriate managing of its stakeholders help the firms to achieve its corporate objectives. The theory also describes the instrumental as well as the descriptive aspects of the corporate objectives. The ethical issues prevailing in the companies is the existence of conflicting interests of the employees and the levels of management. The issues may also arise on the part of the accountant when they fail to take into account the contemporary factors of the statements.
The rapid and significant changes in the rules of accounting impact the financial analysis and its reporting that managements use in making their business decisions. The contemporary accounting issues faced by the professionals at workplace have been discussed. The need for them to adopt the changes as required by the companies for using, reporting, analysing and interpreting the financial data are highlighted. The topics that are covered under the research report include Fair Value Measurements, Revenue Recognition, International Financial Reporting Standards and related accounting policies for contemporary issues. The issues provide a deeper insight into the complexities of the business environment. It shows how reluctant the companies get in integrating their environmental, social and ethical issues with their information’s on accounting. The element of Corporate Social Responsibility is also essential for the companies.
Beattie, V., 2014. Accounting narratives and the narrative turn in accounting research: Issues, theory, methodology, methods and a research framework. The British Accounting Review, 46(2), pp.111-134.
Bebbington, J., Unerman, J. and O’DWYER, B.R.E.N.D.A.N., 2014. Introduction to sustainability accounting and accountability. In Sustainability accounting and accountability (pp. 21-32). Routledge.
Brown, R. and Jones, M., 2015. Mapping and exploring the topography of contemporary financial accounting research. The British Accounting Review, 47(3), pp.237-261.
Gray, R., Brennan, A. and Malpas, J., 2014, December. New accounts: Towards a reframing of social accounting. In Accounting Forum (Vol. 38, No. 4, pp. 258-273). Taylor & Francis.
Hopper, T., Lassou, P. and Soobaroyen, T., 2017. Globalisation, accounting and developing countries. Critical Perspectives on Accounting, 43, pp.125-148.
Kyriakidou, O., Kyriacou, O., Özbilgin, M. and Dedoulis, E., 2016. Equality, diversity and inclusion in accounting. Critical perspectives on accounting, 35, pp.1-12.
Malik, M., 2015. Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127(2), pp.419-438.
Schaltegger, S. and Burritt, R., 2017. Contemporary environmental accounting: issues, concepts and practice. Routledge.
Thomson, I., 2014. Mapping the terrain of sustainability and accounting for sustainability. In Sustainability accounting and accountability (pp. 33-47). Routledge.
Walker, S.P., 2016. Revisiting the roles of accounting in society. Accounting, Organizations and Society, 49, pp.41-50.
Watson, L., 2015. Corporate social responsibility research in accounting. Journal of Accounting Literature, 34, pp.1-16.
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