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Advanced Issues in Accounting - PDF

   

Added on  2021-06-15

8 Pages1955 Words61 Views
Political Science
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ADVANCED ISSUES IN ACCOUNTING1
Advanced Issues in Accounting - PDF_1

ContentsINTRODUCTION......................................................................................................................3SUSTAINIBILITY REPORTING.............................................................................................4FULL COST REPORTING.......................................................................................................5CONCLUSION..........................................................................................................................7Bibliography...............................................................................................................................82
Advanced Issues in Accounting - PDF_2

INTRODUCTION It was before the disastrous deep water horizon drilling rig explosion when BP was popularfor its sustainability reporting. It was in 2010 when there was an explosion which wasfollowed by fire that resulted in sink of deep water horizon. This explosion had a huge impacton the human lives – 11 workers were dead while 17 were badly injured [ CITATION Don12 \l1033 ]. Also, there was an oil spill in the Gulf of Mexico and the cause for it was same as theexplosion. BP committed of developing energy, setting up efficient management systems and also ofdeveloping the community as a whole through its reports. However, this disaster of oil spillcreated a true corporate social responsibility issues [ CITATION Fre11 \l 1033 ]. It was easy tocompare between the commitment made and the actual situation after the occurrence of suchan accident.All the companies prepare CSR reports in order to provide transparency about the companies’actions and the affect that it might have on the stakeholders. The question that comes in themind is that how is this explosion related to the social responsibility. The main objective ofpreparing the CSR report is for highlighting the issues that might affect the society in anymanner[ CITATION Hub13 \l 1033 ]. Therefore, all the companies must make a true and fair CSRreport so that it is reliable. In the case provided to us it is clear that there was a requirement ofsafety that was visible before the accident took place. However, this matter was overlooked.Such incidents have proved the importance of the CSR reports, and therefore it has becomevery important to prepare the CSR reports according to proper accounting approaches andrelated standards. There are various approaches and standards for accounting the same so thatpublic is provided with clear, truthful and reliable information.3
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