Environmental and Social Aspects of Westpac Limited's Operation

The study assignment deals with the environmental and social aspects related to Westpac Limited’s operation. On the other hand a comparison have been made related to the environmental and social performance of Westpac with other organisations. The GRI reporting standards have also played an important role towards the company investors, and current potential stakeholders overall. In the second part the study is focused over the costing of jerry private limited where the cost behaviour of the company is implemented to measure the effective financial and non-financial technique.

Running head: ACCOUNTING AND FINANCIAL STATEMENT
Accounting and financial statement
Name of the student
Name of the university
Authors note

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ACCOUNTING AND FINANCIAL STATEMENT
Executive summary
The study assignment deals with the environmental and social aspects related to Westpac
Limited’s operation. On the other hand a comparison have been made related to the
environmental and social performance of Westpac with other organisations. The GRI
reporting standards have also played an important role towards the company investors, and
current potential stakeholders overall. On the second part the study is focused over the
costing of jerry private limited where the cost behaviour of the company is implemented to
measure the effective financial and non-financial technique.

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Table of Contents
Introduction....................................................................................................................3
Discussion......................................................................................................................3
Part A (CRITICAL ANALYSIS)...............................................................................3
Waste disposals..........................................................................................................3
Climate change...........................................................................................................4
Social impact of Westpac in business operation........................................................4
Comparison related to the environmental and social performance of the sector.......5
Comparison on environmental factors of Westpac with other farms.........................5
Comparison on social factors of Westpac with other farms......................................5
A discussion of the key challenges faced by the firm when complying with the GRI
Reporting Standards...............................................................................................................6
Use of GRI framework in Westpac............................................................................6
Benefits of GRI reporting techniques to the investors and shareholders...................8
Benefits of GRI reporting to the stakeholders of Westpac........................................8
GRI reporting benefits related to the potential investors of Westpac........................8
References....................................................................................................................17

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Introduction
The study assignment discusses and analyses the external reporting of Westpac group.
The assignment contains an overview of environmental and social impacts relating to the
overall operation of the Westpac group. On the other hand the environmental and social
performance have been compared with relation to other organisations. The firms operations
are also enlightened by key and effective challenges related to the GRI discussions and
reporting standards and how the same process could benefit the investors and stakeholders
have also defined. In the second part the major cost related to jerry private limited is
highlighted with the help of “balance scorecard” technique.
Discussion
Part A (CRITICAL ANALYSIS)
Environmental impact of Westpac group firm’s operation
Westpac group always focuses on maintaining an effective balance in the
environment by meeting the key environmental issues. These issues includes the following
aspects-
Waste disposals
As the populations grow in numbers, so does the number of industries. Hence the
amount of wastages also increases. Today the current problem which the company deals with
is related to the waste disposals. The communities accumulate so much garbage that properly
disposing the garbage’s. For example landfill sites or incinerated garbage’s are harmful to the
environment. Decomposition of those garbage’s will contribute towards air pollution. Hence
Westpac group will be looking to implement certain techniques to the environment.

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Climate change
It is also another environmental factor which is initially looked forward by Westpac.
Due to increase in globalization there is a high demand of energy. As the climate gets warmer
more electricity is consumed. It means high operating cost for business. On the other hand
increase in the energy consumption will be increasing the use of natural resources. Hence it is
important for Westpac to mitigate extreme use of those resources which are highly effective
to the environment.
Social impact of Westpac in business operation
Green and ecological products
Due to extreme globalisation the environment is highly polluted, hence it is important
that the company looks to produce green and ecological products which are mostly safe and
useful to the business context. Similarly by keeping in mind the environmental sustainability
the Westpac group will look to focus on manufacturing the green and ecological products
which could be effective for the society.
Educational level
The Westpac group needs to contribute towards educational for all. Hence in this way
all these social initiatives will be effective towards implementing high social impact overall.
Lifestyles
The company needs to lay emphasis over the lifestyles of the employees as well as to
the society overall. On the other hand the company could take initiatives like clean water,
food and shelter for all, effective educational systems etc.

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Comparison related to the environmental and social performance of the sector
Comparison on environmental factors of Westpac with other farms
Westpac monitors, reduces and reports to the energy stage, greenhouse gas emission,
paper consumption waste and water usages. Hence it directly affects the biodiversity towards
the investment and lending activities. On the other hand the suppliers of Westpac are very
much aware of the specific environmental, social and ethical issues. Thus the risk and
opportunities will be used towards the performance management. The company have applied
the initial credit risk process through ESG programme in order to mitigate the risk in
monitoring the management operation. The external standards to which the company have
committed includes equator principles and new principles of responsive investment.
Moreover the company looks to develop the environmental aspects in manufacturing
environment friendly products. On the other hand the other companies do not look towards
implementing effective environmental sustainability aspects rather than they look for
increasing productivity and business perspectives. This is why Westpac is much ahead than
the other organisations.
Comparison on social factors of Westpac with other farms
Westpac group emphasizes on investing over making leaders of tomorrow. The main
focus of the company is to drive towards social changes and implementing those changes
towards the benefit of society. In this way they meet all the desired goals. On the other hand
the company focuses on driving an effective and individual outcomes towards addressing the
broader community. Further this company drives towards implementing long term business
solutions related to the beneficiary of society. Moreover the company also looks to
implement in making an active role towards driving more social and economic reformation in
Australia particularly for the indigenous people. On the other hand the other companies look

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to just invest more and more towards the growth of the business rather than looking towards
the effective social context.
A discussion of the key challenges faced by the firm when complying with the GRI
Reporting Standards.
The extractives sector is vital for driving the economic growth globally, and
specifically in the Asia –pacific region. These sectors also provide some social,
environmental and economic aspects as a whole. Hence in light of this issue GRI took a
closer look on how to increase the valuation of the stakeholders through the research and
state of practise. On the other hand the GRI had partnered with the Westpac of Australia
especially in Australian extractives sector towards the practise of ASEAN region. The aim of
this process is to look after the material sustainability issues and addressing the stakeholders.
Hence these options looks to increase the number of reporters affected by the reporting.
However there are certain key risk which are associated with this aspect and these are directly
related to Westpac. These are as follows –
Use of GRI framework in Westpac
The EY research had suggested that the GRI framework offers a useful tool to the
company which are used comparatively across the whole sector and it provides a way for the
companies to manage the issues efficiently. On the other hand the research process helps to
identify the effective issues which are very much challenging and effective at the same time.
These are as follows-
 Climate changing financial risk (Finge et al.,2018).
 Human rights which are particularly related to the company workforce and suppliers,
 Transparency in taxation.
 Methodologies for meeting the community impact.

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Hence the process helps to draw the analysis in the reporting standard of Westpac and
it embraces the leadership quality
On the other hand the research had also found that the effective sustainability
reporting process in Australia will continue to increase but requires some modification.
Hence the reporting standard will be helpful to ensure sustainability and implement the
developmental technique. In this way the reporting standard highlights the current and
effective standard towards this sector which have been highlighted by Westpac itself. These
are as follows-
There is a need to address the overall barrier in order to implement the reporting
techniques of GRI support.
Since this technique is globally accepted the disclosure related to the effective
management approach will go beyond the reporting policies and enforce management
efficiency (Herbohn et al.,2019).
On the other hand the mapping boundaries will be providing the stakeholders of
Westpac with greater amount of transparency regarding the effective impact of the process
and the way the process could be managed.
Furthermore the developmental process of the material will be required In the
ASEAN extractives sector including Westpac. The researchers conducted in this regard have
found that sustainability reporting, policy and regulation, government incentives have also
been implemented within the organisation (Dumay & Hossain 2019)..
Thus these are the possible risk factors which are likely to be implemented by
Westpac in lieu of GRI reporting standards as a whole.

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Benefits of GRI reporting techniques to the investors and shareholders
Benefits of GRI reporting to the stakeholders of Westpac
The government reporting initiatives are an effective tools which help the
stakeholders of Westpac. The participants had agreed that it injects discipline and helps the
company to think about the long term vision and raises awareness of the sustainability
programme in Westpac. The vast majority of the participants felt that the reporting technique
could be helpful to serve over long term benefits of the company. Therefore the biggest
benefit which will be impactful to the company could be related to the cost reduction towards
operational process of Westpac. Hence these areas are very much effective to increase the
momentum of the company towards the organisation and drive external band impact. These
benefits could be related towards the stakeholder’s point of view also. The process of data
gathering and strategically reporting technique could also be considered as an effective tool
to communicate with the company stakeholders. Apart from this the technique is also
considered to be very much useful to the business and local communities as a whole.
GRI reporting benefits related to the potential investors of Westpac
Since the financial markets had got much more globalized than the other sectors,
hence the trends are considered to be effective to the investors of Westpac. The investors
could diversify the portfolio in order to support the industry.
Hence the benefits related to the GRI reporting to the investors are as follows-
 Increase in the social investment to $25 trillion in the current financial year.
 The investors have options to trade in other stock exchanges or indexes like S&P 500
or down jones industrial average overall (Graetz & Franks 2016).

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Part – B
In response to Question 1
There is various cost which is associated with the business which are mainly
the fixed and variable cost of the company along with the other factors which may be
semi-variable cost of the business. The allocation of cost depends on the unit of
production of the company. The cost which is associated with the business changes
with the change in the unit of production along with the production capacity of the
company. In case of any kind of upgradation it is needed by the company to take care
of the systematic approach needed to be undertaken by the company. The company in
that case needs to adopt the changes in the system so that the management of the
company in this case can reduce or rather minimize the cost of the business. Each
business main motive is to reduce the cost of the business along with the other factors
which are associated in that case. The certain factors in that case must be taken into
consideration where the top-level management of the company takes the significant
steps which are involved in the business of the company (Noe et al., 2017).
The cost of the business must be considered by the company as at the time of
the value addition of the company it is needed to understand the total fixed and
variable cost which is involved while producing the goods of the company. The
business of the company will far be profitable if the company actually follows the
rules and regulation regarding reducing the variable cost which is associated with the
company.
In response to Question 2
The balance scorecard of the company is basically the strategic management
tool which is utilized the company at the time of accomplishing the main objectives which

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are associated with the company. The strategic targets in that case are one of the significant
business processes which is used by the company at the time of decision making or rather
taking up some of important projects in the business of the company (Ansoff et al., 2018).
The balance scorecard of the company includes some of the significant parameters of the
business which are the financial, customers, internal business process and learning growth.
In case of the ‘financial parameters which is made in order to understand the financial
performance of the company based on the short or rather long term objective of the firm. The
financial prospects of the business actually plays some f the significant business role as it can
enhance the business prospects of the company based on certain parameters of the company.
There are various financial measures in the business of the company along with the non
financial measures which are also associated with the business. This are some of the
significant business aspects which must be taken into consideration by the company along
with the other facets of it.
The customers of the business are the other parameters where it is quite
important for the business of the company to understand the importance of the customers in
the business. If the customers of the business are interested with the product of the company

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then it will quite be easier for the business of the company to grow accordingly. The
customers are basically the main source of the business of the company. The internal business
prospects of the company on the other refers to the internal management system of the
company which must be taken into consideration. The effectiveness in the internal
management system of the company will further help the company to attract the potential
business stakeholders pf the company along with the other parameters involved in ths case.
The goodwill and the other intangible assets of the company also plays significant role in the
business. The learning and growth of the company on the other hand plays significant role in
the business of the company where the research and development of the company actually
plays the most important business goals along with the other parameters which are associated
in that case.
In response to question 3
The break even analysis of the company actually helps the business of the company to
understand the particular time the company needs in order to meet the expected outcome in
the business of the company. This are some of the significant business aspects which is need
to underline by the management system of the company in order to accomplish the main
objectives in that case. The breakeven analysis is that point which norther shows the profit or
loss in the business in the company (Ginter, Duncan & Swayne, 2018). It is quite important
for each and every business in the origination to meet the desired goal which is the break
even point of the company and after that the company tries to enhance the business growth
based on the long or rather short term goals of the company. Pursing this initiative will
definitely help the business of the company to grow based on the significant facts which is
associate with the business along with the other aspects which are associated with it.

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In response to question 4

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20 30 40 50 60 70 80
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
Brea k Ev en P o int
Revenue Fixed Total Expenses
Conclusion
From the above discussion it can be concluded that the business aspects of the
company must be enhanced in order to built effectiveness in the strategy. This will further
help the business to expand based on the production capacity along with the other factors
which are also associated in that case. The performance metrics tools in this case must be
utilized by the company on order to enhance the overall business growth based on the long
term objective of the firm.

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